MANHATTAN MARKET UPDATE
MAY 2025
New York
May 2025 New Signed Contracts
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$1
CO-OP
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$3
$4
Brooklyn
"The market for newly signed contracts declined annually for the first time this year, with condos recording the only overall annual gain. Newly signed contracts exceeding the $2 million threshold outperformed the rest of the market, achieving a modest increase. However, the annual growth rate for new listings above the luxury threshold was higher than that of the overall market."
$3.99M
Brooklyn (continued)
NEW YORK CITY MARKET OVERVIEW
CONDO, CO-OP AND SINGLE-FAMILY HOMES Date
May 2024 vs. May 2025
In May 2025, the residential sales saw a slight increase in contracts signed compared to the previous year, with 1,457 contracts, up from 1,412. The median days on market (DOM) rose to 64 from about 60, indicating a slightly slower market pace.
The median price for recorded sales increased from approximately $778K to $814K, showing a progressive rise. The cost per square foot (PPSF) slightly increased as well from $831 to $847, reflecting stronger pricing dynamics.
NEW YORK CITY CONDO
NEW AND RESALE CONDOS
Date Range May 2024 vs. May 2025
Condo contracts signed in May 2025 rose to 633 from 607 a year prior, with the median DOM extending from about 64 to 70 days. This suggests a moderate slowdown in transaction speed despite the increased activity.
Condo recorded sales show a price increase, with the median price rising to $1.2M from $1.17M. The PPSF inched upwards from $1,266 to $1,308, indicating an uptrend in value.
NEW YORK CITY CO-OP
NEW AND RESALE CO-OPS
Date Range May 2024 vs. May 2025
Co-op contracts signed increased to 759 from 730, with DOM rising slightly to 59 days from 56. The PPSF remained stable, showing minimal change at about $978.
For co-ops, the median sale price rose slightly to around $530K from $516K, while the PPSF saw a notable decrease from $620 to $560, hinting at possible market adjustments.
NEW YORK CITY
SINGLE-FAMILY
TOWNHOUSES AND DETACHED SINGLE-FAMILY HOMES Date Range May 2024 vs. May 2025
Single-family homes reported a reduction in contracts signed, dropping from 73 to 64, and experienced a longer DOM at 78 days compared to 51 previously, indicating slowed market activity.
The median sale price for single-family homes increased slightly from $790K to $808K, while PPSF improved from $527 to $571, reflecting a healthy demand for this segment.
MANHATTAN MONTHLY REAL ESTATE MARKET OVERVIEW
Overall Market Summary
In May 2025, the Manhattan real estate market demonstrated mixed performance Overall, the market saw a modest decrease in contracts signed by 3.07%, yet recorded sales increased significantly by 16 06% The market's average price rose by 11 06%, reaching $2.35M, while the average price per square foot adjusted slightly upward by 4 41%
New Development
The new development sector experienced a notable contraction in contracts signed, declining by 32 86% Despite this, recorded sales ascended by 6 08% A strong appreciation in average price was observed, escalating by 54 62% to $4 84M, highlighting increased high-end activity in this sector
Luxury ($4M+)
The luxury market saw a vigorous increase in contracts signed, rising by 28.80%. The dollar volume similarly expanded by 28 55% However, the new
listings pulled back significantly, with a decrease of 19 14% Average price showed a minor dip of 0 19%, while average price per square foot grew by 16 16%
Resale Condo
In the resale condo sector, contracts signed had a marginal rise of 0.65%. Average pricing corrected downward by 3 41%, yet recorded sales went up by 9.83%. New listings fell significantly, dropping by 22 05%
Resale Co-op
The resale co-op segment observed an incremental 0.36% increase in contracts signed. Recorded sales surged by 20 52%, and the average price witnessed a substantial rise of 21.10%, reinforcing strong demand for co-op units
Overall, the market exhibited resilience in certain niches, particularly within recorded sales and luxury segments, with robust activity evident despite challenges in new development contracts and listing volumes.
Data by | 6/4/2025
1,011
New Listings
1,528
Sales
1,055
MANHATTAN NEW DEVELOPMENT
The contracts signed for new developments have decreased by 33% compared to the prior year, with 94 contracts in May 2025, and a quicker turnover reflected in shorter days on the market compared to last year.
Manhattan's unsold new development inventory currently stands at 4,339 units, of which 810 are actively listed, suggesting a substantial supply available to meet demand.
Date Range
May 2024 vs. May 2025
4,339
Total New Units
3,529 Units
of new inventory is unlisted
Recorded sales prices for new developments show a notable increase with the median price rising to $2 4M, and a minor decrease in median price per square foot to $1,866
LUXURY MARKET REPORT
$4M+ PROPERTIES
Date Range May 2024 vs. May 2025
Contracts signed in May 2025 in Manhattan's luxury market increased to 161, up from 119 in the same period last year, with a notable increase in the median days on market from 92 to 168, indicating longer negotiation times or buyer caution. CLOSINGS
Median prices for luxury recorded sales saw a slight increase to $6.25M from $6.1M last year, with price per square foot appreciating from $2,410 to $2,549, suggesting sustained demand despite longer listing periods.
MANHATTAN
$4M - $10M
LUXURY MARKET - $4M TO $10M PROPERTIES Date Range May 2024 vs. May 2025
For properties priced between $4M to $10M, contract signings rose significantly from 90 to 132 year-overyear, while median days on market also increased from 87 to 125, reflecting a growing buyer interest yet cautious transaction pace.
Sales in the $4M to $10M range saw a minor median price decrease from $5,666,250 to $5.625M, but the price per square foot increased from $2,253 to $2,335, showing a stable market with incremental appreciation.
LUXURY MARKET - $10M+ PROPERTIES
2024 vs. May 2025
The ultra-luxury segment above $10M maintained steady contract activity with 29 signings identical to last year, but exhibited an increase in median days on market from 189.5 to 224, possibly due to more thorough due diligence or negotiation.
There was a decrease in median prices for $10M+ sales, down to $13.852M from $14.425M, and price per square foot fell from $4,035 to $3,407, indicating potential softening in the upper echelons of the market.
CONDO MARKET REPORT
AND RESALE CONDOS
Date Range
May 2024 vs. May 2025
Contract activity for May 2025 shows a slight increase in volume with 388 contracts signed, compared to 371 in May 2024, while properties are spending more time on the market, with a median DOM increase to 80.5 days from 73 days.
Median sale prices decreased to about $1.66M from $1.85M, yet price per square foot increased slightly from $1,585 to $1,627, suggesting a competitive pricing environment.
MANHATTAN STUDIOS
CONDO MARKET - STUDIOS
Date Range
May 2024 vs. May 2025
Studios saw 35 contracts signed compared to 25 last year, with DOM improving significantly from 90 to 61 days.
ONE BEDROOMS
CONDO MARKET - 1 BEDROOMS Date Range May 2024 vs. May 2025
One-bedroom units had steady contract activity with 115 contracts, nearly identical to last year's 116, with a slight increase in DOM from 62 to 68 days.
The median sale price is stable at approximately $1.17M, and the price per square foot shows a small decrease from $1,481 to $1,462.
TWO BEDROOMS
CONDO MARKET - 2 BEDROOMS Date Range May 2024 vs. May 2025
Two-bedroom contract signings decreased to 115 from 123, with a notable increase in DOM from 64 to 83 days.
Median prices fell to $1.996M from $2.162M, while price per square foot rose to $1,630 from $1,576, highlighting possible higher demand for smaller spaces.
CONDO MARKET - 3 BEDROOMS
Date Range May 2024 vs. May 2025
Three-bedroom unit contracts grew to 83 from 75, and the DOM increased from 85 to 102.5 days.
CONDO MARKET - 4 BEDROOMS
May 2024 vs. May 2025
Large four-bed units saw an uptick in contracts to 40 from 32, alongside a slight improvement in DOM from 119 to 111 days.
The segment experienced a rise in median sale prices to $8.25M from $6.972M, with price per square foot increasing significantly from $2,288 to $2,715.
MARKET REPORT
Date Range May 2024 vs. May 2025
Co-op contract signings edged up slightly to 562 from 554 a year ago with days on market up marginally to 63 days from 61, indicating sustained interest but slightly slower pace in the Manhattan market.
Median prices showed a rise to $893,223 from last year's $846,688, while price per square foot increased from $1,000 to $1,091, suggesting stronger valuations for co-ops.
MANHATTAN STUDIOS
CO-OP MARKET - STUDIOS
Date Range
May 2024 vs. May 2025
The studio market saw a small drop in contract activity with 73 signed compared to 78 last year, and median days on market rose to 70 from 54, pointing to potentially longer sales cycles.
Recorded median prices decreased slightly to $425K from $430K, while price per square foot decreased from $933 to $877, reflecting slight pricing pressure.
ONE BEDROOMS
CO-OP MARKET - 1 BEDROOMS
May 2024 vs. May 2025
1-bedroom contracts decreased to 189 from 206, and median days extended to 63 from 56, indicating a slower market activity.
Median prices remained steady at $685K, but price per square foot increased to $991 from $891, highlighting improved valuation metrics.
TWO BEDROOMS
CO-OP MARKET - 2 BEDROOMS
May 2024 vs. May 2025
2-bedroom saw increased contract activity with 190 signed against 158 last year, and days on market dropped to 57 from 63, signaling a brisker pace of sales.
Median prices rose significantly to $1.39M from $1.3M, with a rise in price per square foot from $1,075 to $1,102, reflecting robust demand.
CO-OP MARKET - 3 BEDROOMS Date
May 2024 vs. May 2025
Contracts for 3-bedroom units fell to 68 from 78, with days on market relatively steady at 61 days, indicating a stable yet slower engagement.
Recorded median prices jumped to $2.36M from $2.16M with price per square foot increasing sharply from $1,103 to $1,344, suggesting higher value perception.
CO-OP MARKET - 4 BEDROOMS
May 2024 vs. May 2025
There was an increase in 4-bedroom contracts to 42 from 34 with a rise in days on market to 140 from 92, indicating more activity despite longer selling times.
Median prices slightly increased to $4.93M from $4.82M, while price per square foot declined from $1,234 to $1,198, suggesting a mixed demand scenario.
May 2024 vs. May 2025
In Manhattan's townhouse market, the current period shows a significant increase in contracts signed, up to 22 from 10 last year, though homes are taking longer to sell with a median DOM of 261 days compared to 199 days previously.
Townhouse market prices have risen, with median recorded sold prices jumping from $5.5M last year to $7M this year and PPSF increasing from $1,364 to $1,524.
LUXURY MARKET REPORT
ANIL JINTOORKAR LICENSED ASSOCIATE REAL ESTATE BROKER
Douglas Elliman Real Estate
575 Madison Ave, New York, NY, 10022 516 669 5615
anil jintoorkar@elliman com
LUXURY MARKET REPORT
LUXURY SECTOR LIQUIDITY
LUXURY MARKET REPORT
Negotiability at the time of the deal
Median Listing Discount from Original Ask at the time of Contract Signing.
Closed sales Recent months have lower volume until sales are recorded
Price it right, Sell it fast
Listing Discount from original ask based on days on market
Includes data from recorded sales with contracts signed in the last 6 months
THE GOTHAM GUIDE
Inventory Increases
Over 2,000 new listings were added to the market for the 2nd straight month. The net change over this 2 month period was an increase of almost 1,000 new properties Market demand declined nominally but remained at a high level. The market liquidity remains in 'HOT' territory while the listing climate index took a sharp step backwards Of note, the overall days on market declined dramatically, demonstrating sales happening at a quicker pace.
Listing Climate Index
Ratio of Contracts Signed vs. Listings Going Off Market 2.13 -24 5% from last month 6 0% from last year
April had 1089 Contracts signed -2 3% from last month 13 4% from last year
Building Age Property Type Price Point Demand Matrix Market Demand Across Key Market Segments
Market Liquidity
Listing Discount Schedule
THE GOTHAM GUIDE
Inventory Increases
Brooklyn experienced the same two month supply level increase. Over 2,000 total properties came on the market, during this period, yielding a net supply increase of over 400 new properties Market demand increased in Brooklyn by 6.3% over the last 30 days and the market climate index remained at a high level. The overall Days on Market declined for the third straight month, moving to an average of 43 days which is the lowest point in over a year.
Demand Matrix
Market Demand Across Key Market Segments
April had 625 Contracts signed 6 3% from last month 4 3% from last year
Building Age Property Type Price Point
Listing Climate Index
Ratio of Contracts Signed vs. Listings Going Off Market 2.54 -9 3% from last month 1 2% from last year
Market Liquidity
Listing Discount Schedule
THE GOTHAM GUIDE
Price Per Square Foot Trend Analysis
Closed sale price indices remained flat month over month in April: in Manha an and Brooklyn the Median $/sf for condominiums and Median Sales Price for all properties changes by less than 1%. Leading indicators were negative in both boroughs: Median last asking price/sf dropped by 3 6% in Manha an and 3 9% in Brooklyn These declines do represent a reversal of the trend established over the last several months and are not conrsidered to be statistically significant.
Manhattan
CONTRACT PPSF TREND ANALYSIS
Brooklyn
CONTRACT PPSF TREND ANALYSIS
Median Closed PPSF by CS Date Median Last Asking PPSF in Contract
Median Closed PPSF by CS Date Median Last Asking PPSF in Contract