Inhabit by Corcoran

Manhattan contract activity hit a five-year September high.

Price per square foot declined despite less negotiability.

Manhattan saw 806 signed contracts, up 6% year-over-year and 8% above the 10-year September average. This was the strongest September for signed contracts since 2021. 

• Alongside this increase in demand, buyers inked contracts more quickly than a year ago, with average days on market falling 12% versus both September 2024 and the September ten-year average to 118 days.
• Versus September 2024, condo contracts rose a modest 1%, but co-op sales jumped 11%. All price segments posted annual increases except the market over $5M, in which inventory constraints caused contracts to fall 12% annually (eight fewer sales).
• Nearly all submarkets experienced year-over-year growth in contract activity, except for the Financial District/Battery Park City. Midtown stood out with a 21% annual increase, driven primarily by resales under $2M. Days on market remained level for condos but dropped sharply by 19% for co-ops alongside their sales surge.

Manhattan had just over 6,500 active listings in September, a 1% year-over-year increase and 11% higher than August.

• This was the first annual increase since August 2024.
• Nevertheless, inventory remained historically low, coming in 8% below the 10-year September average.

Average price per square foot was $1,779, down 5% versus a year ago and 2% lower than August.

• This overall annual decline was largely driven by a reduced market share of contracts priced above $2,500 per square foot.
• Interestingly, the three-month moving average for condo price per square foot has declined monthover-month for about nine months. Notably, Eighty Clarkson, which launched in March 2025 with average pricing above $5,000 per square foot, is excluded from this report, as it is not publicly disclosing contracts. 

Negotiability tightened slightly in September.

• Based on Corcoran contracts reported during the month, the average discount off last asking prices was -2.6%, less of a discount than both last year and August.
• Condos averaged -2.4% and co-ops averaged -3.0%. Approximately 60% of contracts were signed below their last asking price, down from just over 65% a year ago.