MANHATTAN MARKET UPDATE
SEPTEMBER 2025
Q3-2025
Manhattan, NY Sales
“Manhattan sales have consistently outpaced gains in listing inventory throughout the year, resulting in upward price pressure.”
Throughout 2025, the median sales price has risen each quarter. In this report, the median sales price was $1,180,000, reflecting a 5.8% increase from the same period last year. The main reason for higher prices, despite increasing inventory, is the strong demand. The impact of the more than 50-basispoint rise in mortgage rates since early August has not yet been fully felt in demand. If mortgage rates stabilize or decrease by year’s end, a rise in sales next quarter seems likely. There were 3,158 sales, up 13.4% year over year, marking the third straight quarter of gains. Compared to the overall U.S. housing market, Manhattan’s current sales level remains
above the long-term average. The sales total for this quarter was 4.3% higher than the decade average for the third quarter, which was 3,029 sales. Over the past three quarters, listing inventory has grown at a slower pace than sales, which has boosted market activity. There were 7,733 listings at quarter’s end, up 7% from the same time last year, consistent with the trend throughout 2025. The months of supply, which shows how long it takes to sell all listings at current sales rates, was 7.3 months, or 6.4% faster than the same quarter last year and slightly quicker than the decade average of 8.2 months.
New York
September 2025 New Signed Contracts
Manhattan
"The number of new signed contracts across all three property types combined returned to its upward trend on a year over year basis this month, aided by falling mortgage rates. Both co-ops and one to three-family homes experienced an annual sales increase, while condos saw a decline over the same period. Each of the three property types also saw an annual rise in new listings, as sellers were motivated by improving affordability. Additionally, there was a continued yearly surge in new signed contracts, exceeding the $4 million mark, which maintained a consistent pattern in the luxury market over the past year."
Brooklyn
"The number of new signed contracts across all three property types combined returned to its upward trend on a year over year basis this month, supported by falling mortgage rates. Both condos and one to three-family homes experienced an annual sales increase, while co-ops saw a decline over the same period. New condo listings decreased from the same period last year, while new listings for co-ops and one- to three-family homes increased. Additionally, there was a surge in new signed contracts exceeding the $2 million mark as the high-end market outperformed the rest."
Brooklyn (continued)
New York City
MARKET OVERVIEW
CONDO, CO-OP AND SINGLE-FAMILY HOMES
DAYS ON MARKET
Contracts signed this September show a slight increase, rising from 1,026 to 1,048, with days on market remaining stable around 95-101 days. This suggests ongoing buyer interest with similar timeframes to previous year. Recorded sales prices edged higher from $795.9K to $811.1K, indicating steady or slightly rising property values for sold homes.
Prices for recorded sales have increased marginally, with median prices up from $796K to $811K, while price per square foot decreased slightly due to a small shift in property sizes or offerings.
New York City
AND RESALE CONDOS Date Range Sep 2024 vs Sep 2025
Condo contracts signed increased marginally from 486 to 511, with a stable median DOM of around 92-92 days. The market remains active with a consistent pace, and the median price per square foot has remained relatively flat at around $1,540.
Condo sale prices declined from a median of nearly $1.17M to $1.03M, but the ppsf stayed nearly the same, suggesting some softness or more entry-level options in the market.
New York City
Coop contract signings grew slightly from 470 to 500, with DOM hovering around 107 days, indicating steady demand. The price per square foot dropped from roughly $926 to $865, possibly reflecting more affordable coop options or changes in unit sizes.
Median sale prices increased from $563K to $600K, with a minor decrease in ppsf from 626 to 625, showing mild price appreciation but relatively stable unit pricing.
New York City
SINGLE-FAMILY
TOWNHOUSES AND DETACHED SINGLE-FAMILY HOMES
DAYS ON MARKET
The number of signed contracts for single-family homes halved from 66 to 33, and DOM increased from 85 to 99 days, pointing to a slowdown or greater market hesitation for these properties.
Median sale prices moved up slightly from $800K to $847K, with ppsf decreasing from 723 to around 555, suggesting some softness in price per square foot or larger, more expensive properties taking longer to sell.
New York City
NEW DEVELOPMENT
NEW DEVELOPMENT CONDO & CO-OP
Contracts signed in September 2025 decreased by approximately 20% compared to September 2024, with the current count at 195 contracts reflecting a slowdown in new development activity. The average days on market for these contracts have not been specified.
Current unsold inventory stands at roughly 9,956 units, with 1457 actively on the market, which is a decrease from 286 units a year prior, signaling a tightening supply and potentially higher market competition for buyers.
CLOSINGS
Date Range Sep 2024 vs Sep 2025
9,956
Total New Units
1,457 8,499 UNITS
85% of new inventory is unlisted
Median sale prices for recorded sales declined from about $1.49M in 2024 to $1.36M in 2025, while the price per square foot remained steady at approximately $1,500, indicating a slight softening in sale prices year-over-year.
New York City
LUXURY MARKET REPORT
$4M+ PROPERTIES
In September 2025, luxury market contracts signed count dropped to 84 from 103 a year ago, while the average days on market slightly increased to 130 days from 128.5 days.
New York City
$4M - $10M
Contracts signed in the $4M-$10M range decreased to 74 from 78 last year, and properties took longer to sell at 151 days on average, up from 123 days.
New York City
- $10M+ PROPERTIES Date Range Sep 2024 vs Sep 2025
For properties priced over $10M, contracts signed sharply declined to 10 from 25, although the median days on market improved to 127 from 145. CLOSINGS This segment saw a decrease in
New York City
CONDO MARKET REPORT
Date Range Sep 2024 vs Sep 2025
Contract signing activity for condos slightly increased from 486 to 511, with the median days on market remaining steady at around 91 days, indicating stable buyer interest and quick sales cycles year-over-year.
Median prices for condo sales dropped from about $1.17M to $1.03M, with price per square foot also decreasing slightly, suggesting some softening in condo values compared to last year.
New York City
CONDO MARKET - STUDIOS Date Range Sep 2024 vs Sep 2025
Studio contract signings grew marginally from 40 to 42 contracts, but days on market decreased from 98 to 71 days, pointing to a more competitive environment and faster transactions.
Median sale prices held steady at around $615K, though price per square foot slightly declined, reflecting stable studio values but less upward momentum.
New York City
ONE BEDROOMS
CONDO MARKET - 1 BEDROOMS
1-bedroom contracts signed increased slightly from 149 to 171, with days on market increasing from 87 to 91 days, indicating moderate buyer activity coupled with slightly longer sale periods.
Median prices declined from approximately $884K to $835K, with a marginal decrease in price per square foot, suggesting some softening in 1-bed condo values.
New York City
TWO BEDROOMS
CONDO MARKET - 2 BEDROOMS
2-bedroom contract signings remained stable around 198 to 197, with days on market steady at about 88-90 days, reflecting consistent demand in this segment.
Median sale prices inched up from roughly $1.39M to $1.40M, with slight decreases in price per square foot, indicating steady pricing amidst slight market moderation.
New York City
THREE BEDROOMS
CONDO MARKET - 3 BEDROOMS Date Range Sep 2024 vs Sep 2025
3-bedroom activity increased from 71 to 76 contracts, with days on market decreasing slightly from 112 to 106 days, signaling healthy interest and faster sales.
Median prices dipped marginally from $2.65M to $2.63M, with a small decrease in price per square foot, hinting at minor softness in highend family-sized condos.
New York City
FOUR+ BEDROOMS
CONDO MARKET - 4 BEDROOMS
4-bedroom contracts signed saw a minor decrease from 28 to 25, but days on market increased from 98 to 162 days, suggesting slightly longer sale timelines in this premium segment.
Median sale prices remained high at around $5.2M, with a notable decline in price per square foot from over 2,080 to 1,736, indicating some softening in ultra-luxury condo values.
New York City
CO-OP MARKET REPORT
Date Range Sep 2024 vs Sep 2025
Overall, the co-op market has seen a modest increase in contracts signed, rising from 470 to 500, with a slight increase in median days on market from 102 to 107 days, indicating slightly longer times to close. Recorded sales prices have increased from $563K to $600K, showing continued appreciation in sale prices compared to last year.
The median sale price across all co-ops has risen by approximately 6%, from $563K to $600K, with prices per square foot remaining stable around $621-$626, suggesting steady value growth in the market.
New York City
CO-OP MARKET - STUDIOS Date Range Sep 2024 vs Sep 2025
Contracts for studios increased from 63 to 79, with days on market decreasing from 104 to 86 days, meaning demand for studios has grown and listings are moving faster. Sale prices have also risen from $380K to $395K, reflecting slightly higher market value.
The median sale price for studios increased by about 4%, from $380K to $395K, though price per square foot slightly decreased, indicating stable or slightly less expensive per square foot despite higher overall prices.
New York City
ONE BEDROOMS
CO-OP MARKET - 1 BEDROOMS Date Range Sep 2024 vs Sep 2025
One-bedroom contracts held steady at around 195, with a slight increase in median DOM from 95 to 102 days. Sale prices grew from $535K to $550K, signaling sustained demand and ongoing appreciation.
Median 1-bed prices increased by approximately 3%, from $535K to $550K, though price per square foot slightly declined, which suggests a modest price growth while per square foot values remain stable.
New York City
TWO BEDROOMS
CO-OP MARKET - 2 BEDROOMS Date Range Sep 2024 vs Sep 2025
Contracts for 2-bed units decreased slightly from 147 to 145, but median DOM increased from 99 to 112 days, indicating a small slowdown in sales velocity. Sale prices rose significantly from $705K to $939K, showcasing strong price appreciation.
Median sale prices increased by about 33%, from $705K to nearly $939K, reflecting ongoing high demand for larger units, with price per square foot rising from $516 to $560.
New York City
THREE BEDROOMS
CO-OP MARKET - 3 BEDROOMS Date Range Sep 2024 vs Sep 2025
3-bedroom contracts increased from 49 to 64, with median DOM decreasing slightly from 128.5 to 115 days, pointing to improving market activity. Sale prices moved up from $1.725M to $1.815M, confirming steady appreciation.
Prices grew by approximately 5%, from $1.725M to $1.815M, with a slight dip in median price per square foot from $968 to $874, suggesting overall value growth despite minor per square foot fluctuations.
New York City
FOUR+ BEDROOMS
CO-OP MARKET - 4 BEDROOMS Date Range Sep 2024 vs Sep 2025
DAYS ON MARKET
Contracts for 4-bed units rose from 16 to 19, with median DOM decreasing from 134 to 123 days, indicating a healthy, active market for larger homes. Sale prices increased from $3.415M to $4.05M, reflecting strong demand.
Median prices for 4-bed co-ops jumped by about 19%, from $3.415M to $4.05M, with price per square foot also rising significantly, supporting robust growth in luxury co-op markets.
New York City
TOWNHOUSE MARKET REPORT
Compared to September 2024, townhouse contracts signed in September 2025 decreased by about 19%, with a decline from 105 to 85. The average days on market increased slightly from 78 to 82 days, indicating a modest slowdown in signing speed. Price per square foot also softened from $662 to $583, reflecting slightly less aggressive pricing in the current period.
The median recorded sale price for townhouses rose modestly from $929K in September 2024 to $961K in September 2025, while price per square foot increased from $516 to $531, suggesting slight appreciation in the value of recorded sales.
MANHATTAN REAL ESTATE MONTHLY OVERVIEW
In September 2025, Manhattan's real estate market demonstrated varied trends across different segments, impacting overall market dynamics
Marketwide
The contracts signed decreased by 4.69%, while the average price dropped by 7 18% Interestingly, new listings surged by 137 83%, reflecting a shift towards increased supply The recorded sales increased by 24 20%, indicating solid demand amidst a changing market landscape.
New Development
The contracts signed in the new development sector saw a rise of 12.79%. However, the average price fell by 25.30%. The market witnessed a significant increase in new listings at 90 11% This suggests an effort to draw attention to available properties despite lower individual prices
Luxury ($4M+) Market
Luxury contracts dropped by 10 84%, and the average price also declined by 12.22%. Yet, new listings skyrocketed by 197 87%, hinting at increased interest in high-end properties, albeit with price adjustments.
Resale Condo
In the resale condo market, contracts dipped by 7 85%, though prices rose by 5 85% New listings more than doubled at 113 09%, demonstrating a responsive market to buyer interest despite slight contract slowdowns
Resale Co-op
Resale co-op contracts experienced a slight dip at 2 05%, with average prices rising by 9 54% New listings grew by 169.64%, potentially facilitating varied buyer preferences.
Multi-Family
Multi-family contracts fell sharply by 85 71%, yet the average price increased by 83.76%. New listings increased significantly, suggesting a rebalancing of supply despite reduced sales figures
Sales
Market Pulse
Showing Market Pulse for any bedroom configuration in All Manhattan for all prices
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Liquidity Pace Chart
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Optimal Time To List
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Monthly Contract Activity
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Monthly New Supply
Showing Monthly New Supply for any bedroom configuration in All Manhattan for all prices
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Monthly Price Cuts
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Showing Supply for any bedroom configuration in All Manhattan for all prices
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Pending Sales
Showing Pending Sales for any bedroom configuration in All Manhattan for all prices
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Days On Market
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Pricing Penalty
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Monthly Closed Sales
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Median Sale Price
Showing Median Sale Price for any bedroom configuration in All Manhattan for all prices
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Price Per Square Foot
Showing Price Per Square Foot for any bedroom configuration in All Manhattan for all prices
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