Manhattan $5M+ Luxury Sales: November 2025
Manhattan’s luxury market cools.
Supply declined in November as marketing times and average price per square foot increased versus 2024.
November 2025 saw 70 contracts over $5M, down 22% year-over-year.
This was the fourth annual decline in the past six months for contract activity above $5M.
Active listings fell 5% year-over-year.
$5M+ active listings dropped to 849 — the lowest November total since 2013.
Days on market jumped 19% year-over-year.
- The annual gain was driven by a higher new development average as low supply has buyers choosing from listings that have been on the market for two-plus years.
Average asking price per square foot rose 6% annually to $3,321.
The year-over-year gain was boosted by a resale at 220 Central Park South for over $10,500 per square foot. Excluding that sale, average price per square foot rose 2% annually.
