The second quarter of 2025, as a whole, delivered solid results across Manhattan’s sales market. Median and average prices continued to rise, time on market dropped, and sellers retained solid pricing power. But it’s important to note that, due to the length of the co-op/condo purchase process in NYC, much of that strength reflects contracts signed through March (i.e. the first quarter of 2025)—before the spring’s macro volatility took hold.
As we reach mid-July, the pace has shifted. Weekly data now points to a cooling market entering its summer slowdown. With deal volume softening and supply set to tighten through August, buyers and sellers alike will need to recalibrate as we move toward the fall.
Q2 Snapshot: Solid Pricing, Quicker Sales
Q2 data showed momentum carrying over from Q1, especially in pricing:
- Median sale price rose to $1.23M, up 2.9% from Q1 and 2.1% year-over-year.
- Average sale price climbed to $2.22M, up 3.4% quarterly and 7.2% annually.
- Median price per square foot hit $1,428, reflecting broad pricing support across segments.
While today’s market may not reflect this strength in real time, these figures show how resilient Manhattan remained through early April 2025.
Also important to note, luxury sales surged in Q2, with a 10.5% annual gain and a 20% drop-in time on market—proof that demand is still out there, especially at the top. Luxury sales account for the top 10% of the market with a typical price threshold around $4 million.
To view the full Manhattan Q2 Market Report, click here.
Sales Happened Faster—But the Window Is Narrowing
The median days on market fell to 63, down nearly 40% from Q1. This marked a return to a more competitive pace, particularly for well-positioned listings.
Courtesy of UrbanDigs
Sellers who acted early in the year clearly benefited—but as we now move deeper into summer, that urgency has tapered. The gap between pricing expectations and buyer sentiment is starting to widen again.
Current Conditions Reflect A Summer Slowdown
As of mid-July, Manhattan inventory sits at 6,816 units, down modestly from earlier weeks. That’s a 2% drop from this time last year, and we expect listings to keep declining until early September—possibly by another 1,000+ units.
Courtesy of UrbanDigs
Contract activity, however, is showing signs of strain. Just 190 contracts were signed last week. Though that is a modest gain of 3.8% from the previous holiday week but on a 30-day rolling basis, Manhattan contracts signed are trending down. They currently stand at 917 signed contracts, or a drop of 18% from the previous 30-day window. At this pace, that’s likely to fall below 800 if current weekly trends continue.
The summer slowdown has officially begun. While demand isn’t collapsing, it’s flattening out—and the next few weeks will determine how steep the seasonal dip becomes.
Courtesy of UrbanDigs
Where the Market Goes from Here
For Sellers
If you’re currently on the market, urgency matters. Pricing realistically—and acting on solid offers quickly—can mean the difference between a swift sale and sluggishly lingering into September. Inventory will tighten in the coming weeks, but buyer volume is thinning too. If you’re planning a post-Labor Day launch, make sure your pricing strategy aligns with current trends, not Q2 highs.
For Buyers:
Summer can offer windows of opportunity. Sellers who missed the spring wave may be more negotiable now, especially if their property has been lingering since May. That said, the market still favors well-priced listings. If you find something that feels right, don’t wait too long—competition tends to pick back up after Labor Day.
Q2 was strong, but those deals were often born months earlier. Today’s market is adjusting—more cautious, more fragmented, and entering a seasonal lull. Whether you’re thinking of buying, selling, or preparing for the fall market, let’s have a conversation now and prepare your strategy based on real-time market conditions.