Real Estate Insights

Manhattan Residential Market Report | July 2026​​​

The Manhattan residential market continued to demonstrate strong pricing fundamentals despite a moderation in transaction activity. Inventory declined to 5,714 active listings, representing a 19.1% decrease compared to July 2025 and reinforcing the ongoing supply constraints across the borough. This limited inventory has continued to support pricing, with the average sale price rising 11.7% year-over-year to approximately $2.26 million, while the average price per square foot increased 4.2% to $1,553. Although the median sale price remained relatively flat year-over-year, these figures indicate continued strength in higher-end transactions and overall property values.

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Buyer activity moderated during the month as higher interest rates and economic uncertainty weighed on purchasing decisions. Contracts signed declined 15.9% from June and 6.8% compared to the same period last year, suggesting buyers have become more selective. However, closed sales increased 3.0% year-over-year, indicating that well-positioned properties continue to attract committed buyers and successfully reach closing. At the same time, average days on market improved from 115 days in June to 103 days in July, reflecting relatively efficient transaction timelines for properly priced listings.

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Market conditions varied across property types. Condominiums continued to outperform co-ops in overall pricing, posting double-digit annual growth in average sale price and increased sales activity. Co-ops experienced softer pricing but saw meaningful gains in price per square foot, while townhouses recorded exceptionally strong average sale prices due to several high-value transactions, despite representing a relatively small portion of overall market activity. Across all property types, average discounts remained stable between 5% and 6%, suggesting sellers have largely adjusted pricing expectations to current market conditions. Overall, Manhattan remains a fundamentally healthy, inventory-constrained market where quality properties continue to command strong values despite a more cautious buyer environment.

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National Report | July 2026​​​​

The national housing market remained fundamentally stable in July 2026, although conditions became more challenging as mortgage rates moved back into the upper 6% range. Markets entered the month focused on the Federal Reserve, with investors assigning roughly a 40% probability of another rate hike. Higher borrowing costs have begun to slow buyer activity after a relatively strong first half of the year, during which home sales were running approximately 4% ahead of 2025. While affordability remains a constraint, elevated rates have not significantly weakened the overall market due to the continued strength of homeowners' financial positions.

 

The broader U.S. economy continues to provide support for housing demand. Unemployment remains historically low, hiring activity has shown signs of improvement, and household balance sheets remain healthy. Many existing homeowners continue to benefit from low fixed-rate mortgages and substantial home equity, reducing the likelihood of distressed sales and limiting the amount of inventory coming to market. As a result, inventory levels remain well below historical norms and are expected to stay relatively stable through the remainder of the year unless mortgage rates increase further.

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Home prices have remained resilient despite softer demand, with modest year-over-year appreciation supported by limited supply. Market activity has become increasingly localized, with certain regions significantly outperforming others. One notable example highlighted in the report is San Francisco, where AI-driven wealth has fueled aggressive competition for luxury properties, leading to numerous transactions closing more than $1 million above asking price. Overall, the national market continues to demonstrate resilience, balancing higher financing costs against strong consumer balance sheets, constrained inventory, and steady underlying demand.

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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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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.