Real Estate Insights

Manhattan Residential Market Report | November 2025​​​

The Manhattan market saw mixed performance in November. Average sale prices increased 3.1% month-over-month, though they remain 5.0% lower year-over-year. The median sale price declined 7.4% from October and is down 1.0% from last year, indicating more activity in lower price brackets.

​

Price per square foot held stable, rising 1.2% month-over-month and dipping only 0.6% year-over-year.

 

Homes spent slightly longer on the market, with average days on market increasing from 104 to 111 days. Discounts also widened from 7% to 8%, reflecting buyers’ increased leverage.

​

Inventory tightened by 9.0% month-over-month, though it is effectively flat compared to last year. Contract activity slowed: 742 contracts were signed, a 13.1% decline from October and 2.6% below last year, signaling softer demand heading into year-end.

​​

National Report | November 2025

With Sales Data through October​​​​

U.S. housing prices continued to edge up: the median single-family home price rose 2.2% year over year to $420,600, while the median condo/co-op price increased 0.9% to $363,700. Existing-home sales were slightly higher than September and about 3% above October 2024. Inventory levels were flat month over month but 11% higher than a year ago, and months of supply decreased for the second straight month, suggesting improving buyer demand.

​

About 19% of homes sold above asking price, the median time on market increased to 34 days, and cash buyers made up 29% of purchases. First-time buyers represented 32% of sales, distressed sales remained low at 2%, and price reductions—though down from their June peak—were still up 20% year over year. Contract cancellations rose to 7% over the past three months, compared to 5% a year earlier.

​

Mortgage rates dipped to a 12-month low in late October before rising slightly in November. Inflation ticked up to 3%, and the Fed issued its second rate cut of 2025 but signaled uncertainty about another in December. Despite debates around a potential AI bubble, the S&P 500 and Nasdaq fell 5–6% in the weeks after their late-October highs. Consumer confidence dropped near a 45-year low, though wealthier households remained more optimistic. Cryptocurrency values declined more than 25% over six weeks.​

​

New listings and sales activity typically reach their lowest point in December.​

​

Manhattan Residential Market Report | Q3 2025​​

Manhattan’s residential market demonstrated notable resilience in Q3 2025, with 2,931 closed sales, a 9% year-over-year increase. Buyers acted quickly amid slightly easing mortgage rates and growing competition, driving condo sales up 11.6% and co-op sales up 6.9%. Demand remained focused on prime locations and lifestyle amenities, supported by generational wealth transfers and lifestyle-driven purchases.

​

The luxury sector continued to outperform, with sales at or above $5 million rising nearly 15%, fueled by strong equity markets. The $3–5 million co-op segment surged 47.7%, and condos above $3 million accounted for a record 25% of all sales, reflecting buyers’ preference for flexible, investment-grade assets. Many investors are reallocating capital into high-end real estate as a hedge and diversification strategy.

​

Contract activity increased 4% year-over-year, reversing earlier slowdowns, as average contract prices fell 8.7%, giving buyers greater leverage. Larger residences led the rebound, with three-bedroom co-op contracts up 15.7%, driven by wealth transfers and millennial families trading up for space.

​

Inventory dipped 1.4% overall, with co-op listings down 9.4%, while condo supply rose 5.7% amid a 10% price decline, creating opportunities for buyers. Ultra-luxury listings ($10–20M) contracted sharply, down 22.6% year-over-year.

​

As Q4 begins, the market is characterized by measured optimism and selective strength. Buyers and sellers continue to adjust expectations, but Manhattan’s enduring appeal, limited inventory, and lifestyle-driven demand—combined with the return of international buyers and millennial upscaling—reinforce its standing as one of the world’s most competitive and resilient real estate markets.​
 

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.