Real Estate Insights

Manhattan Residential Market Report | February 2026​​​

In February 2026, the market showed a mix of strengthening prices and tightening supply. The average sale price rose to $2.73M, increasing 14.1% from January and 7.0% year-over-year, while the median sale price was $1.335M, down 1.1% month-over-month but up 2.7% compared to February 2025. The average price per square foot was $1,553, a slight 1.1% decline from January but 1.0% higher year-over-year, reflecting relatively stable pricing overall.

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Homes spent an average of 117 days on market, 11.4% longer than in January but 5.6% faster than a year ago. The average discount widened slightly to 8%, up from 7% in January, though still below the 9% average seen last year, indicating moderate negotiation between buyers and sellers.

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Supply continued to tighten, with inventory declining to 5,529 listings, down 0.8% month-over-month and 6.4% year-over-year. At the same time, demand showed signs of improvement, with 758 contracts signed, representing a 17.0% increase from January, though 3.9% lower than February 2025.

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Meanwhile, 775 sales closed, down 14.9% from January but essentially flat year-over-year (-0.3%), reflecting the typical lag between contract activity and closings. Overall, the data suggests a market with stable pricing, improving contract activity, and gradually tightening inventory.

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National Report | February 2026

With Sales Data through January​​​​

January 2026 reflected the typical slow start to the year, a result of the weak holiday market and early January negotiations. As a result, sales volume and standard demand measures were low, making January data a limited predictor of the year ahead. A clearer picture of the 2026 market is expected in the next month or two. Last year’s spring market was negatively affected by tariff shocks, but barring new economic issues, this spring is expected to be stronger.

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Median house prices rose slightly year-over-year, while existing-home sales declined about 7%, possibly influenced by winter weather. The supply of listings increased roughly 3.4%, with the median time on market rising to 46 days from 41 in January 2025. Properties received an average of 2.2 offers, down from 2.6, and approximately 16% sold above the list price. About 27% of sales were all-cash transactions, 3% were for vacation use, 5% of contracts were terminated before closing, and 14% experienced delays.

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As of mid-February, interest rates remain near multi-year lows, though stock markets have been volatile, with both the S&P 500 and Nasdaq down from recent highs. Inflation declined in January to its lowest level since May, but consumer confidence remains low amid ongoing concerns about prices and employment. Net foreign immigration has dropped sharply in the past year and may currently be negative, meaning more people are leaving the U.S. than arriving.​

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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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Manhattan Residential Market Report | Q4 2025​​

The Manhattan residential market remained resilient in the fourth quarter of 2025, recording 2,611 sales—an 8.6% year-over-year increase and a notable improvement over both 2024 and 2023, despite mixed performance across property types. While local elections and shifting federal economic conditions briefly slowed activity, buyer and seller confidence returned later in the year, driving a strong finish. Both condos and co-ops contributed evenly to quarterly gains, with closings rising 8.4% and 8.7%, respectively. Pricing remained firm, as condominium average prices reached a record $3.03 million, and co-ops achieved their second-highest fourth-quarter pricing on record. Although the spring market showed signs of softness, renewed momentum in the latter half of the year exceeded expectations, underscoring sustained demand as 2025 closed on a positive note.

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Buyer demand continued to vary significantly by location, creating distinct pockets of strength and weakness across Manhattan. Downtown neighborhoods—including SoHo, Tribeca, Chinatown, and Little Italy—experienced the greatest divergence, with condo sales declining more than 15% while co-op closings surged nearly 23%. Conversely, value-driven condo buyers gravitated toward Lower Manhattan, particularly the Financial District and Battery Park City, where sales jumped 77.3% year-over-year. Midtown East also emerged as a condo standout, capturing the third-largest market share and posting its highest median price in a decade, supported by its central location and relative value.

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The ultra-luxury segment demonstrated notable resilience, especially among condominiums priced above $20 million, which saw a 12.5% increase in contract activity. This strength was driven by high-net-worth buyers acquiring trophy assets and capitalizing on pricing opportunities. The $3 million to $5 million range proved to be the market’s “sweet spot” across both property types, recording double-digit contract growth and highlighting the continued insulation of cash-rich buyers from broader economic pressures.

Active inventory remained essentially flat at just under 5,400 listings. Condominium inventory rose 6.3%, offering buyers increased leverage and contributing to a modest decline in price per square foot, while co-op inventory tightened by 6.8%, sustaining competitive conditions. New listings declined 4.1%, signaling ongoing seller caution.

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Looking ahead, Manhattan’s residential market is expected to remain steady, with healthy competition on both sides. While limited supply continues to challenge buyers, demand for well-positioned properties shows no signs of slowing. Market conditions and evolving buyer expectations are likely to encourage sellers—particularly in the co-op segment—to align more closely with the market through pricing strategies or targeted renovations. Overall, Manhattan remains a stable and highly active market, well-positioned for continued strength in the year ahead.

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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.