“Despite all that’s happening in the world, Manhattan proved its staying power in second quarter. Sales climbed to multi-year highs, with over 3,250 closings, more than $7 billion in sales volume, and a fifth consecutive annual increase in signed contracts. At the same time, inventory tightened, with fewer listings and new developments hitting the market. In all, it was clear this quarter that buyers remained largely confident about purchasing in Manhattan.

To that end and given the supply crunch, median prices rose to record highs while marketing times fell to a three-year low. Despite ongoing economic uncertainty and political noise, the results of the quarter highlight the enduring strength and resilience of the Manhattan market, which now enters the second half of the year with real momentum.”

– Pamela Liebman, Corcoran President & CEO

Manhattan sales surged, setting multi-year highs.

• Closed sales rose 5% year-over-year to 3,257, the best second quarter since 2022.
• Signed contracts climbed for the fifth straight quarter, up 3% annually, marking one of the longest growth streaks since 2009.
• Sales volume increased 12% to $7.09 billion thanks to a combination of stronger demand and rising prices.

Inventory tightened for a fourth consecutive quarter.

• Active listings declined 2% year-over-year to 7,362, marking a full year of shrinking supply.
• Fewer new developments launched, and more listings were pulled from the market, reducing inventory.
• This ongoing shortage is driving competition and supporting price growth.

Prices continued to rise, reaching post-pandemic highs.

• Median price rose 3% year-over-year to $1.240M, the second highest on record, just below 2Q 2019’s tax-driven spike.
• Average price per square foot climbed to $1,856, nearly matching the post-COVID peak set in 2022.

Marketing times fell to a three-year low.

• Days on market dropped 8% year-over-year to 120 days, the lowest since 2022.
• Faster transaction pace reflects a more competitive market and confident buyers.