Real Estate Insights

Manhattan Residential Market Report | June 2026​​​

June 2026 marked another month of resilience for the Manhattan residential market. Inventory continued to tighten, declining 7.9% year-over-year to 6,728 listings, while buyer demand remained steady with 1,101 contracts signed (+6.3% YoY) and 1,182 closed sales (+3.1% YoY). Limited supply continues to support pricing despite elevated interest rates.

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Pricing remained strong on an annual basis. The average sale price reached $2.25 million (+6.5% YoY), while the median sale price rose to $1.325 million (+15.2% YoY). Average price per square foot held essentially flat at $1,512, indicating stable property values. Properties spent an average of 115 days on market, and sellers negotiated an average 6% discount from their original asking price.

 

The co-op market continued to drive transaction activity, accounting for 57% of signed contracts. Co-op pricing strengthened, with the median sale price increasing 12.9% year-over-year to $987,500, supported by declining inventory and rising sales volume. Condos remained the premium asset class, posting a $1.825 million median sale price (+13.8% YoY) and an average sale price of $2.97 million, although contract activity moderated slightly from the previous month.

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Activity remained concentrated in core Manhattan neighborhoods. Downtown represented the largest share of signed contracts (30%) and inventory (25%), followed by the Upper East Side and Upper West Side, reinforcing continued demand in Manhattan's established residential markets.

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Manhattan Residential Market Report | Q2 2026​​

Manhattan's housing market remained resilient in the second quarter despite elevated mortgage rates, inflation, geopolitical uncertainty, and the introduction of New York City's pied-à-terre tax. Buyer demand remained healthy, with contracts signed increasing 3.0% year-over-year, even as closed sales declined 3.5% due largely to limited inventory rather than weakening demand. The luxury market continued to outperform, fueled by affluent buyers benefiting from strong equity markets, IPO liquidity, and generational wealth transfers.

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Inventory remained the market's primary constraint. Active listings declined 8.2% year-over-year to 6,616 properties, while new listings fell 13.0%, extending a nearly three-year trend of constrained supply. The shortage was particularly evident in the $1 million to $3 million price range, where demand continues to outpace available inventory. An exception was the ultra-luxury segment, where listings above $20 million increased significantly, supporting heightened transaction activity.

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Pricing remained stable to higher despite tighter inventory. The average sale price increased 4.5% year-over-year to $2.21 million, while the median sale price rose 6.3% to $1.275 million. Average price per square foot climbed 2.3% to $1,540, while sellers negotiated an average 7% discount from their original asking price. Properties spent an average of 122 days on the market, with 28% taking more than six months to enter contract, reflecting a more selective buyer environment.

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The luxury market remained the strongest-performing segment. Contracts for $20 million-plus properties increased 25.0%, while the $10 million to $20 million segment surged 38.6%, demonstrating continued demand from high-net-worth buyers. Demand also broadened geographically, with contract activity rising 24.5% in Lower Manhattan and 15.6% in Upper Manhattan, signaling strength beyond the traditional luxury core.

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National Report | June 2026​​​​

Housing market activity in June is showing modest improvement versus 2025, with pending home sales up about 4.2% year over year. Even though mortgage rates are still elevated, they’re slightly better than last summer by roughly 30–40 basis points, which is helping some buyers re-enter the market—especially alongside strong stock market performance that’s boosting overall household wealth.

 

On the macro side, sentiment has shifted from inflation and labor-market concerns toward a more stable growth outlook. Lower oil prices (driven in part by easing geopolitical tensions), softening tariff pressures, and signs of a gradual labor-market recovery are all contributing to a more supportive environment for housing demand. If hiring continues to improve, relocation-driven buying could pick up further.

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That said, the market is still far from “normal” historical levels. Existing home sales remain constrained at roughly 4.2 million annualized, largely due to the lingering mortgage rate lock-in effect. Prices overall are relatively flat: national prices are about unchanged year over year, with list prices down ~3% while realized sales prices are slightly up (~1%).

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Inventory dynamics are mixed. New construction and new home sales are weaker than existing-home activity, and inventory relative to current sales pace has climbed above 10 months—its highest level since mid-2022—signaling continued softness in parts of the new-build segment.

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Overall takeaway: the market is stabilizing and slightly improving, but still structurally constrained, with demand slowly recovering while affordability and inventory dynamics remain uneven.​

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Manhattan Ultra-Luxury Market Report | 2025

New York City continues to attract renewed interest from both domestic and international buyers, driven by factors that extend well beyond traditional market fundamentals. At the ultra-luxury level, ownership is increasingly viewed as a long-term, emotional investment—an opportunity to secure a lasting stake in the city itself. Developers are responding with once-in-a-generation residences such as 80 Clarkson, 140 Jane, 125 Perry, and the Flatiron Building, many of which are achieving record-setting pricing. Despite political shifts, market volatility, and broader global uncertainty, New York City remains one of the most resilient and enduring luxury assets in the world.

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The 2025 market underscored a clear trend within Manhattan’s $10 million-plus segment: when a property is truly best-in-class and introduced with disciplined, thoughtful positioning, buyers respond decisively. While local political developments contributed to a brief slowdown in the third quarter following a strong first half, activity rebounded toward year-end and is carrying momentum into 2026. Demand has been especially strong among domestic buyers seeking top-tier product across luxury condominiums, prime prewar cooperatives, and trophy townhouses—reflecting sustained confidence in the long-term strength of the city’s real estate market.

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Throughout 2025, the ultra-luxury sector also navigated heightened geopolitical uncertainty alongside an increase in tax-motivated sellers. Even so, transactions above $10 million accelerated, particularly in the latter half of the year, as ultra-high-net-worth buyers continued to view trophy properties in iconic, collector-grade buildings as strategic acquisitions. For these buyers, value extends beyond square footage to include privacy, security, wealth preservation, and exceptional amenities—factors that drove standout performance in both premier resales and top-tier new developments.​

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Please be aware that reports provide broad generalizations summarizing conditions and trends across numerous local markets. While the data is sourced from reputable institutions, there may be occasional inaccuracies. National reports represent a generalized view of values, conditions, and trends across diverse markets, and data from reliable sources may contain errors and are subject to revision. Additionally, figures from previous periods may be labeled as preliminary. All numerical data should be considered approximate.