Real Estate Insights

National Report | April 2026

With Sales Data through March​​​​

In March 2026, the housing market continued to show steady but measured price growth. Median single-family home prices increased about 1.3% year over year, while condo and co-op prices rose roughly 2.3%. Existing-home sales also picked up meaningfully, jumping 26% from February due to typical seasonal trends and increasing about 4% compared to March 2025.

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On the supply side, inventory inched higher, rising 3% from the prior month and 2.3% year over year. While this points to a gradual loosening in available listings, conditions remain relatively balanced rather than oversupplied.

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Market pace showed signs of cooling. Median days on market increased to 41 days from 36 a year ago, and the share of homes selling above asking price declined from 21% to 18%. This suggests slightly less aggressive bidding and more negotiating room for buyers compared to last year.

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Buyer composition and transaction dynamics remained notable. All-cash buyers accounted for about 27% of purchases, while 5% of deals were completed without an in-person showing. Vacation or second-home purchases made up about 6% of activity. At the same time, 13% of contracts experienced closing delays and 5% were ultimately terminated, reflecting some increased friction in deal execution.

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The broader economic environment continues to influence the market. Mortgage rates have risen to around 6.41% after briefly dipping below 6%, while inflation has moved higher to 3.3% driven in part by rising energy costs. Consumer confidence has weakened significantly, though financial markets have rebounded following recent geopolitical developments. Despite this volatility, housing activity has remained relatively resilient so far, without a sharp demand drop.

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Manhattan Residential Market Report | Q1 2026​​

The Manhattan market in Q1 2026 showed a modest slowdown in activity, but importantly, this was driven more by external factors than any fundamental weakness. Severe winter weather, ongoing economic uncertainty, and a sharp drop in new listings led to slightly fewer transactions, with sales down about 3% year-over-year and contracts down roughly 7%. That said, this type of pause is not unusual given the conditions, and it reflects timing more than a shift in underlying demand.

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What’s particularly notable is that pricing remained strong across the board. The median sale price increased to $1.275M, up over 8% from last year, and average prices also rose. This tells us that while some buyers were more selective, those who were active were still willing to pay for quality. At the same time, inventory remains constrained—down over 5% year-over-year—which continues to support pricing and limits downside risk. Sellers, for the most part, are holding firm rather than discounting aggressively.

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At the higher end, the market continues to perform exceptionally well. We saw a significant increase in activity between $10M and $20M, and strong momentum in ultra-luxury sales as well. This segment continues to attract confident, well-capitalized buyers who view Manhattan as a long-term store of value, even in more uncertain macro environments.

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Looking ahead, the expectation is for a more active spring market as conditions normalize and more inventory comes online. As always, real estate decisions tend to be driven by life events more than short-term market fluctuations, and demand for well-priced properties remains steady. Overall, Manhattan continues to show resilience and long-term strength, particularly for properly positioned homes.

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Manhattan Residential Market Report | March 2026​​​

In March 2026, the market showed improving momentum alongside some mixed pricing signals. The average sale price declined to $2,268,872, down 16.9% from February ($2,729,529) and 11.8% from March 2025 ($2,573,350), largely reflecting a slowdown in high-end closings. However, the median sale price was $1,295,000, only 3.0% lower than February ($1,335,000) and still 5.7% higher than last year ($1,225,000), suggesting steady underlying demand.

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On a more granular level, price per square foot rose to $1,610, up 3.7% month-over-month ($1,553) and 2.0% year-over-year ($1,579), indicating that values remain firm when adjusted for size. Market pace also improved slightly, with average days on market decreasing to 115 days, down from 117 days in February (-1.7%) and 124 days last year (-7.3%). At the same time, the average discount narrowed to 7%, compared to 8% in February, signaling stronger pricing power.

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Inventory increased to 5,942 units, up 7.5% from February (5,529), giving buyers more options in the short term. However, supply is still 7.8% lower than March 2025 (6,444), which continues to support pricing. Demand also rebounded meaningfully, with 918 contracts signed, a 21.1% increase from February (758), though still 7.2% below last year (989).

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Closed sales followed a similar trend, rising to 895 transactions, up 15.5% from February (775) and 4.7% higher than March 2025 (855). Overall, the market is regaining traction, with stronger activity and stable fundamentals, even as headline prices fluctuate due to shifts in the luxury segment.​

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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.