Real Estate Insights

Manhattan Residential Market Report | August 2026​​​

Manhattan’s residential market showed a seasonal slowdown in August, with activity and pricing generally moderating from July. The average sale price fell 10.9% month-over-month to approximately $2.01 million, while the median declined 3.5% to $1.24 million. Average price per square foot also decreased 4.7% to $1,480. Despite softer pricing, closed sales remained relatively resilient: 1,153 sales were recorded, down 7.5% from July but 3.6% higher than August 2025.

​

The most notable shift was the significant reduction in available inventory. Manhattan inventory fell to 4,946 listings, down 13.4% from July and 23.5% year-over-year. Contract activity also slowed, with 746 contracts signed, representing a 19.4% monthly decline and a 12.3% decrease from last August. Properties entering contract had spent an average of 98 days on market, essentially unchanged from a year ago, while the average discount from initial asking price was 6%, compared with 7% last August. Overall, the combination of lower inventory and relatively stable sales suggests that while buyer activity slowed during the summer, available supply has tightened considerably.

​

Performance differed notably between condos and co-ops. The condo market softened, with an average sale price of $2.52 million, down 13.3% year-over-year, and average pricing of $1,694 per square foot, down 5.2%. Condo inventory was also 21.3% lower than a year ago. In contrast, co-ops demonstrated stronger pricing, with the average sale price rising 9.1% year-over-year to $1.46 million, the median increasing 8.2% to approximately $898,000, and average price per square foot climbing 7.5% to $1,155. Co-op inventory was down an even more substantial 27% from last August.

​

The townhouse segment remained slower and more volatile, reflecting its smaller transaction volume. August recorded only 11 townhouse sales, with an average price of $9.72 million and median of $6.2 million. Average days on market increased substantially to 172 days, while the average discount was 14%. Year-to-date results are more encouraging: the average townhouse sale price is approximately $10.99 million, up 19.5% from 2025, although transaction volume remains slightly lower and average marketing time has increased.

​

Overall, August reflected a quieter late-summer market rather than a broad deterioration in fundamentals. Pricing and contract activity softened, particularly for condos, but closed sales remained above last year and Manhattan entered the fall with substantially less inventory than a year ago. That reduced supply—combined with comparatively strong co-op pricing—creates a market that remains selective and price-sensitive, but with relatively limited competition for well-positioned properties.​

​

National Report | August 2026​​​​

The national housing market remains resilient, although elevated borrowing costs continue to keep buyers selective. Mortgage rates reached a one-year high of 6.85% in July before easing to approximately 6.74%, while inflation has also shown signs of improvement, with core CPI at approximately 2.47%. If inflation continues to moderate and the spread between mortgage rates and Treasury yields narrows, there is potential for mortgage rates to move into the low-6% range, which could provide a meaningful boost to buyer demand.

​

Transaction activity has softened modestly, with pending sales over the last four weeks running approximately 1% below the same period in 2025. Existing-home sales are currently tracking at an annualized pace of roughly 4.1 million, consistent with the relatively subdued levels seen since 2023. Inventory, however, remains constrained—national supply is roughly unchanged from last year and approximately 10% below 2019 levels. This limited supply continues to provide support for pricing, with national home values still approximately 1% above last year despite slower overall activity.

​

The higher end of the market continues to be a relative bright spot. The report shows the top 25% of listings generating approximately 13% more pending sales year-over-year, compared with roughly 5% fewer sales among the lowest-priced segment. Strong financial markets are also providing support, with the S&P 500 up approximately 19% over the past year, creating a positive wealth effect that has been particularly beneficial for luxury markets.

​

Overall, the market remains selective rather than distressed. Mortgage delinquencies remain around 1%, foreclosures are historically low, and homeowners continue to hold significant equity and available credit. The combination of limited inventory, financially healthy homeowners, and continued strength at the luxury end provides a solid foundation for the market. Looking ahead, interest rates remain the key variable—any meaningful decline in borrowing costs could help unlock additional demand and improve transaction volume.​

​

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.

​

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.

​

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.

​

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.

​

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.

​

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.

​

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.​

​​

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.