Real Estate Insights

​Manhattan Residential Market Report | October 2026​​​

Manhattan’s residential market gained momentum in October 2026, with contract activity rebounding sharply from September while remaining below last year’s pace. A total of 926 contracts were signed, up 44.5% month over month but down 14.7% year over year. Available inventory increased 5.1% from September to 6,540 properties, yet remained 11.2% below October 2025. Closed sales were relatively stable compared with last year, rising 0.7% to 1,004 transactions.

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Overall pricing remained above year-earlier levels. The average sale price reached approximately $2.24 million, and the median sale price was $1.25 million, both up 8.7% annually. Average price per square foot increased a more modest 1.8% to $1,478. Monthly results were mixed: the average sale price rose 7.9% from September, while the median declined 2.7%, suggesting that the mix of properties closing influenced the headline figures. Properties entering contract spent an average of 102 days on the market, and closed sales averaged a 7% discount from their original asking prices.

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Co-ops showed stronger relative contract activity than condominiums. Co-op contracts increased 50.7% from September and declined 7.9% annually, compared with a 34.5% monthly increase and a 22.8% annual decline for condos. The co-op median sale price rose 8% year over year to $896,500, while the condo median increased 1.7% to approximately $1.80 million. Co-ops also moved faster, averaging 94 days on the market versus 116 days for condos. Inventory remained constrained in both segments, falling approximately 10% annually for co-ops and 12% for condos.

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Townhouse results were more volatile, with only seven closings during October. Although the monthly median sale price increased to $8.74 million, year-to-date figures offered a more measured picture: townhouse sales declined 5.6%, signed contracts fell 5.9%, and the median price decreased 3.6% to $7.45 million. Across Manhattan, the combination of lower inventory, uneven demand, and continued negotiation points to a selective market where realistic pricing remains central to attracting buyers.

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National Report | October 2026​​​​

The national housing market is experiencing slower sales activity as elevated borrowing costs and persistent inflation weigh on affordability. The 30-year fixed mortgage rate remains near 7.3%, following a September surge in the 10-year Treasury yield to 5.28% before it eased to approximately 5%. Inflation remains above the Federal Reserve’s 2% target, with consumer prices rising 3.7% annually and oil near $100 per barrel. These conditions suggest continued pressure on borrowing costs, creating a challenging environment for buyers who depend on financing.

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Buyer demand has weakened considerably. Recent pending home sales are approximately 16% below the same period last year, while weekly purchase indicators are down roughly 20%. Fewer homes are going into contract within their first week on the market, and contract cancellations have risen to their highest levels since the market shifted in 2022. Together, these trends suggest buyers are taking more time, evaluating alternatives carefully, and facing greater challenges bringing transactions to closing.

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Housing supply is expanding as sales slow. National inventory has reached approximately 1.15 million homes, an increase of 5% year over year. The Northeast is leading recent inventory growth, although many states in the region still have substantially fewer available homes than before the pandemic. New construction is also slowing, with single-family home completions nearly 20% below last year and builder confidence remaining weak. While buyers have more choices today, reduced construction could constrain the supply of new homes over time.

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Despite weaker demand, home prices have remained relatively resilient. The Case-Shiller national home price index is approximately 2% above last year, while the median sale price across the 30 largest metropolitan areas has increased 1.3%. Results vary significantly by market, with some cities continuing to appreciate and others experiencing declines. The broader picture is one of modest price growth and uneven local performance, with slower sales activity giving buyers more negotiating room.

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Employment and household finances provide additional context. Employers added just 29,000 jobs in September, and slower hiring is contributing to fewer relocations for work. However, layoffs remain limited and mortgage delinquencies are very low, helping prevent widespread distressed selling. Stock market gains have also supported purchasing power, particularly among higher-end buyers, although that support may weaken as equity growth slows.

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For buyers, greater selection and reduced competition can create opportunities to negotiate on price, contingencies, and closing terms, even as financing remains expensive. For sellers, accurate pricing, compelling presentation, and a marketing strategy grounded in current competition are increasingly important. As the market moves toward 2027, outcomes will depend heavily on local inventory, property condition, price point, and the financial position of the buyers each property attracts.

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Manhattan Residential Market Report | Q3 2026​​

Manhattan’s residential market remained resilient in Q3 2026 despite a meaningful decline in available inventory. Closed sales reached 3,183, up 2.7% year over year, even as active inventory fell 10.9% and new listings dropped 28.4%, marking the lowest third-quarter level of new supply in nearly a decade. The median sale price increased 4.6% year over year to $1.25 million, while average price per square foot rose 1.8% to $1,497. Buyers continued to transact despite higher borrowing costs and economic uncertainty, but remained selective, with appropriately priced and move-in-ready properties generally performing better. 

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Activity was particularly strong in the upper end of the market, though performance varied by price point. Sales between $3 million and $5 million jumped 32.2%, while $5 million to $10 million condo sales increased 21.3%. At the very high end, closings above $10 million declined, partly reflecting limited available inventory following strong activity earlier in the year. Contract activity overall softened, with 2,075 contracts signed, down 12.0% from Q3 2025, although year-to-date contract activity remained 3.1% ahead of last year. Larger residences continued to attract demand, with contracts for four-plus-bedroom homes increasing 6.6% and four-plus-bedroom co-op contracts rising 45.8%. 

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The biggest story entering Q4 is constrained supply. Manhattan ended the quarter with just 6,028 active listings, while only 2,251 new listings came to market during Q3. The Upper West Side experienced the sharpest inventory contraction, down 24.7% year over year, while FiDi/Battery Park City was the only major submarket where inventory increased. Downtown was among the strongest areas for transactions, with sales rising 9.9% year over year, its median sale price climbing 21.5% to approximately $1.79 million, and condo sales increasing 26.5%. Midtown East also performed well, with sales increasing 11.3%.

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Overall, the report portrays a Manhattan market with less inventory but persistent buyer demand. Buyers have become increasingly discerning on price, condition and quality, while desirable properties face relatively limited competition from new listings. Average time on market was 99 days, 28% of properties took more than 180 days to enter contract, and the average discount from initial asking price was approximately 6%, reinforcing that pricing remains critical. The combination of limited supply and continued demand creates a potentially favorable environment for well-positioned sellers heading into Q4, while buyers may need to move decisively when compelling inventory becomes available. ​

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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.