“While housing demand appears to be cooling across the US market, Manhattan’s second quarter metrics remained relatively firm.”
Sales increased as the median sales price edged higher. About half of the second quarter sales were believed to have been signed before the controversial US tariff policy took effect in early April. Otherwise, sales might have been higher due to the expected lower mortgage rates and increased economic certainty among buyers. There were 3,042 closings, a 16.6% rise from the same quarter last year and 8.4% above the decade average of 2,806. Listing inventory was outpaced by sales growth, which rose by 3.1% to 8,296. With sales growing faster than listings, market activity accelerated. The months of supply, how long it takes to sell all listings at the current sales rate, stood at 8.2 months, 10.9% faster than the previous year’s quarter and slightly quicker than the decade average of 8.3 months.
MANHATTAN MARKET OVERVIEW
CONDO, CO-OP AND SINGLE-FAMILY HOMES
In Q2 2025, residential contract signings rose modestly to 2,871 from 2,697 in Q2 2024, with a slight increase in days on market to 71 days from 65 days.
MANHATTAN CONDO
Condo contracts grew to 1,204 in Q2 2025 from 1,136 the previous year, though the days on market increased to 81 from 70.
MANHATTAN CO-OP
Co-op contract signings increased to 1,618 from 1,530 year-over-year, with days on the market remaining relatively stable at about 65 days from 61 days earlier.
Co-op median prices edged slightly lower to $837K from $842K, while the price per square foot declined to $983 from $1,000.
MANHATTAN
TOWNHOUSES AND DETACHED SINGLE-FAMILY HOMES
Single-family contracts signed rose significantly to 46 from 30, though days on the market fell sharply to 120 from 183.
MANHATTAN NEW DEVELOPMENT
Total New Units
In Q2 2025, Manhattan saw 334 new development contracts signed, down from 434 in Q2 2024, with a slight reduction in days on market.
Manhattan's new development unsold inventory includes 4,164 units spread across 200 buildings, with 785 actively on the market.
Units
of new inventory is unlisted
Recorded sales showed a median price increase to $2.3M from approximately $2.2M, and price per square foot increased marginally to $1,908 from $1,893.
LUXURY MARKET REPORT
$4M+ PROPERTIES
In Q2 2025, luxury contracts increased by 27% compared to Q2 2024, with a shorter market time as median DOM improved to 96 days from 109 days.
Luxury recorded sales saw the median price increase to $6.25M in Q2 2025 from $6.02M in Q2 2024, with PPSF climbing to $2,466 indicating stronger market prices.
MANHATTAN
$4M - $10M
LUXURY MARKET - $4M TO $10M PROPERTIES
Contracts in the $4M-$10M range rose by roughly 29% year-over-year in Q2 2025, with properties selling faster as DOM decreased from 105 to 94 days. CLOSINGS
Median sale prices for properties recorded between $4M and $10M reached $5.7M versus $5.5M last year, alongside PPSF increases reflecting a solid upper mid-market.
MANHATTAN
LUXURY MARKET - $10M+ PROPERTIES
Contracts above $10M saw a 16% increase from last year, with the market time reducing significantly from 139 to 104 days, suggesting higher demand in this segment. CLOSINGS
Despite a decline in median prices from $14.5M in Q2 2024 to $13.4M in Q2 2025, the luxury segment above $10M shows robust performance with elevated PPSF at $3,271.
MARKET REPORT
The current period shows a total of 1,204 contracts signed compared to 1,136 from the previous year, with a notable increase in median days on market from 70 to 81 days, suggesting a slower pace in sales.
Median sales prices have remained relatively stable at $1.731M compared to $1.73M last year, while price per square foot has increased slightly from $1,559 to $1,608, indicating stronger value appreciation.
MANHATTAN STUDIOS
CONDO MARKET - STUDIOS
Studio contracts signed have risen from 74 to 106, with days on market increasing from 59 to 73, reflecting heightened demand but slower sales activity.
The median price for studios increased from $615K to $715K, and the price per square foot rose from $1,285 to $1,367, showing strong appreciation in the sector.
ONE BEDROOMS
CONDO MARKET - 1 BEDROOMS
Contracts for one-bedroom units climbed slightly, with 379 signed compared to 372 last year, and days on market moving up from 61 to 68, suggesting more time to close deals.
Median sales price remains stable at around $1.1M, with a minor uptick in price per square foot from $1,412 to $1,419, reflecting steady market value.
TWO BEDROOMS
CONDO MARKET - 2 BEDROOMS
Two-bedroom units saw a rise in contracts signed from 393 to 401, with a significant increase in median days on market from 65 to 84, indicating a more competitive environment.
Median price decreased from $2.154M to $2.044M, but price per square foot grew from $1,573 to $1,620, hinting at a mixed value trend.
CONDO MARKET - 3 BEDROOMS
Contracts for three-bedroom units increased from 206 to 214 with a slight rise in days on market from 87 to 92, suggesting sustained interest but slower turnovers.
Median price decreased slightly from $3.945M to $3.83M, while price per square foot heightened from $1,869 to $1,936, indicating resilient demand despite lower prices.
CONDO MARKET - 4 BEDROOMS
Contracts signed for four-bedroom units jumped from 91 to 104, with an increase in median days on market from 128 to 142, pointing to robust activity but more negotiation.
The median sales price surged from $7.198M to $7.75M, with price per square foot rising from $2,284 to $2,487, reflecting significant high-end market strength.
MANHATTAN CO-OP MARKET REPORT
Overall contracts in Manhattan's co-op market increased slightly from 1,530 to 1,618 this year, with the median days on market increasing from 61 to 65 days, indicating a longer selling process.
Median prices for sold co-ops remained fairly stable at $837,361 compared to $841,520 last year, while price per square foot saw a modest decrease from $1,000 to $984.
MANHATTAN STUDIOS
CO-OP MARKET - STUDIOS
Studio co-op contracts held steady with 223 this year versus 224 last year, but saw an increase in median days on market to 72 days from 58 days, reflecting slower movement.
Studio prices marginally rose from $425K to $427K, and price per square foot slightly increased from
MANHATTAN
ONE BEDROOMS
CO-OP MARKET - 1 BEDROOMS
One-bedroom contracts decreased from 589 to 556, while the days on market extended to 65 from 56, suggesting a slower pace in the market.
The median price for sold one-beds dropped from $687K to $663K, yet the price per square foot increased slightly from $908 to $923.
TWO BEDROOMS
CO-OP MARKET - 2 BEDROOMS
Two-bedroom contracts saw a rise to 521 from 434 last year, and days on market reduced slightly from 59 to 57, indicating a faster market.
The median sales price held stable at $1.3M, while price per square foot saw a slight decrease from $1,033 to $1,029.
CO-OP MARKET - 3 BEDROOMS
Three-bedroom contracts rose from 200 to 220, with a decrease in median days on market from 72 to 61, showing quickened sales.
CO-OP MARKET - 4 BEDROOMS
Four-bedroom contracts increased from 83 to 98, though they experienced a reduced days on market from 96 to 88, indicating faster transactions.
Four-bedroom sales saw a significant rise in median prices from $4.1M to $4.7M, despite a decrease in price per square foot from $1,322 to $1,198.
MANHATTAN TOWNHOUSE MARKET REPORT
In Q2 2025, the Manhattan townhouse market saw a notable increase in contracts signed, rising to 71 from 39 in Q2 2024. Days on Market improved significantly, with a median of 112 days compared to 181 days previously, suggesting a quicker pace of sales activity.
Although the median price for townhouses in Q2 2025 decreased to $4.3M from $5.5M in Q2 2024, the market remains strong. The price per square foot (PPSF) also fell from $1,246 to $1,037, indicating a possible value shift towards more attractively priced properties.
Anil Jintoorkar
Associate Real Estate Broker | Douglas Elliman | License
O: 516 669 5615
anil jintoorkar@elliman com
MANHATTAN REAL ESTATE QUARTERLY OVERVIEW
In Q2 2025, the Manhattan real estate market demonstrated varied performance across its segments While some market types experienced growth, others saw declines Below is a summary categorized by market type:
Marketwide Overview
There was robust activity with contracts signed rising by 16.41%, driving the dollar volume up by 9.20%. However, the average price fell by 6 19%, and new listings decreased by 5.87%, reflecting a complex market environment.
New Development
The new development sector experienced a contraction. Contracts signed decreased by 6.44%, alongside a significant drop in average price by 15.51%. Despite increased recorded sales, the dollar volume plummeted by 20.96%, and new listings fell by 15 74%
Luxury ($4M+)
The luxury segment showed mixed trends Contracts signed increased by 21 20%, but the average price decreased by 16 35% New listings declined by 9 75%, yet dollar volume modestly increased by 1 38%, indicating selective growth within the high-value category
Resale Condo
This market showed a positive direction with a 25.03% increase in contracts signed Despite a 9 73% drop in average price, recorded sales rose by 23.40%, boosting dollar volume by 12.87%.
Resale Co-op
The resale co-op market was relatively stable, with contracts signed up by 16.46% and a modest increase in average price at 1 19% Although new listings fell by 7.72%, the overall dollar volume grew by 15.83%.
Single-Family & Multi-Family
Both segments exhibited strong contract growth, particularly multi-family at 127 27% Single-family properties saw a notable price increase of 10 34%, contributing to a 58 61% rise in dollar volume
Source: Marketproof | For informational purposes only, data from entities deemed reliable, but may contain errors, omissions, or changes without notice
Source: Marketproof | For informational purposes only, data from entities deemed reliable, but may contain errors, omissions, or changes without notice
NEW DEVELOPMENT
Source: Marketproof | For informational purposes only, data from entities deemed reliable, but may contain errors, omissions, or changes without notice
Source: Marketproof | For informational purposes only, data from entities deemed reliable, but may contain errors, omissions, or changes without notice
RESALE CONDO
Source: Marketproof | For informational purposes only, data from entities deemed reliable, but may contain errors, omissions, or changes without notice
Source: Marketproof | For informational purposes only, data from entities deemed reliable, but may contain errors, omissions, or changes without notice
SINGLE-FAMILY
Source: Marketproof | For informational purposes only, data from entities deemed reliable, but may contain errors, omissions, or changes without notice
Source: Marketproof | For informational purposes only, data from entities deemed reliable, but may contain errors, omissions, or changes without notice
