Manhattan luxury contracts dip as inventory declines.

Days on market fell versus 2024 while average price per square foot remained level.

May 2025 saw 95 contracts over $5M, down 1% year-over-year.

• This was the second month in a row without a reported sale over $30M, which hasn’t happened since May 2023.

Active listings fell 17% year-over-year.

• Year-over-year declines were seen across all submarkets, product types, and price ranges versus 2024.

Days on market increased 19% year-over-year.

• New developments fueled the overall year-over-year increase in average marketing time.

Average asking price per square foot was level versus 2024 at $2,864 but rose 3% versus April.

• The monthly gain was the result of a 7% increase in the market share of contracts asking over $3,000 per square foot.