If you’ve been asking, “How’s the Manhattan real estate market?”—you’re not alone. As a real estate broker who tracks the data closely, I can tell you: this market is nuanced, price-sensitive, and full of opportunity—if you know where to look.
Here’s what I’m seeing right now based on independent insights from UrbanDigs and recent reporting from Forbes.
Manhattan Condo Prices Are Holding Steady
In February 2025, the average resale condo price per square foot hit $1,543—the highest points in years. This price strength signals that renovated, well-located properties—particularly those in luxury full-service buildings—are still in demand. Sellers who have invested in condition and presentation are being rewarded. Today's buyers' prefer condo's over coops.
Buyer Demand Is Concentrated and Strategic
The market is no longer “hot across the board.” With mortgage rates around 7% it's no surprise the $1M under segment is the weakest, while higher price segments, many all cash buyers, are seeing strong demand.
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$2M–$4M segment: 23% higher than last year
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$4M+ segment: 15% higher than last year
Meanwhile, supply over $4M is down 12% year-over-year. That creates potential for both price resilience and multiple offer situations in select pockets.
The Market Pulse Is Back Toward Neutral
UrbanDigs’ Market Pulse—based on deal volume vs. inventory—shows a cooling trend this spring. While still above pre-pandemic norms, it’s shifted from a mild sellers’ market back toward balance. This means well-priced listings are still moving, but overpricing is leading to longer days on market and price reductions.
Listing Success Rates Are Rising
The listing success ratio—the number of closed sales vs. listings that fail—jumped to 2.82 in March and 2.13 in April. These are strong figures that show that correctly priced listings are getting snapped up. It also means strategic pricing is more important than ever in a market where buyers are doing their homework.
Summer 2025: What This Means for You
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Buyers: If you’re shopping in the $2M+ market, act strategically—especially in buildings where supply is tight. Don’t expect deep discounts on quality homes.
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Sellers: Pricing correctly from day one matters more than ever. The best-performing properties are those that reflect today’s market—not yesterday’s.
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Investors: Manhattan remains a stable long-term market. Look to well-positioned condos in full-service buildings or new development with strong resale value.
The Manhattan real estate market this summer isn’t one-size-fits-all. It’s hyperlocal and driven by product quality, timing, and buyer psychology. If you’re thinking about a move—or simply want to know what’s happening in your building or neighborhood—I’m here to share tailored insights.
Contact me anytime for a personalized analysis or to discuss your goals in today’s evolving market.
Kimberly Jay at Compass
917-861-3617 or [email protected]
