Inhabit by Corcoran

“Once again, Manhattan has proven its resilience, showing remarkable strength this quarter. Sales hit a three-year high, contract activity marked the sixth consecutive quarter of annual growth, and for the third quarter in a row, all major price metrics climbed – a streak not seen since 2022. The fundamentals of this market remain solid, fueled by strong demand and a very active luxury segment. As we head into the final quarter of 2025 and look to 2026, we remain confident in Manhattan’s strength and long-term appeal.”

– Pamela Liebman, Corcoran President & CEO

The Manhattan market showed remarkable strength this quarter, despite ongoing economic and political uncertainties – from labor market shifts to a contentious mayoral race.

• Fundamentals remain solid, with sales, pricing, and contract activity all trending positively, especially in the luxury segment.

Sales & Contract Activity

• Closings rose 5% year-over-year to 3,281 – the highest Q3 total since 2022.
• Sales Volume rose 10% annually to $6.56 billion, reflecting both higher prices and sustained demand.
• Nearly 2,600 contracts were signed, marking the sixth consecutive quarter of annual growth – tied for the longest streak since before 2009.
• Days on Market fell to 103 days, a one-week annual improvement and the second-lowest level since 2018.

Inventory

• Active listings totaled 6,536, up just 1% year-over-year but down 11% from last quarter.
• While new listings rose for the second straight quarter (+5% annually), strong deal activity has kept overall supply steady.

Pricing

• For the third consecutive quarter, all major price metrics rose – a streak not seen since 2022.
• Median price hit a post-pandemic record high of $1.225M, up 7% annually.
• Average price per square foot climbed 5% year-over-year to $1,792, matching the 10-year average.
• Appreciation was fueled by an active luxury market and the growing share of condominium sales, alongside tight inventory in prime locations.

Looking Ahead

• Q3 demonstrated Manhattan’s resilience, with the market proving its ability to overcome economic and political headwinds.
• While Q4 will bring new challenges – including the mayoral election and broader political distractions – the outlook for the rest of 2025 and into 2026 remains optimistic.