That said, this is not a market where everything works just because inventory is low. It is still very price dependent, product dependent, and neighborhood dependent. The right listing, in the right location, at the right price, can still get real attention. But anything that is overpriced, awkward, or not presented well can still sit. In other words, this is not a rising-tide-lifts-all-boats market. It is a market where better listings are being rewarded, and buyers are still selective.
Q2 Recap: A Stronger Spring, But Still a Selective Market
The Q2 Manhattan Market Report confirmed what the weekly data had been pointing to: after a slower start, the spring market found its footing. Prices improved, inventory remained below last year, and sellers held a bit firmer, with the median sale price rising to $1.29M and sellers retaining 96% of their asking price.
The bigger takeaway, though, is that the strength was not universal. Well-priced listings moved faster, while overpriced or more difficult properties continued to sit. Both condos and co-ops improved year-over-year, and luxury also showed strength, but the message is the same across the board: Manhattan had a healthier spring, but pricing, presentation, and product quality are still doing a lot of the heavy lifting.
Weekly Manhattan Update: Summer Seasonality Is Starting to Show Up
Shifting from the Q2 report to the current weekly numbers, the market is starting to look and feel more like July. Active supply is now at 6,270 listings, down 1.7% week-over-week and 8.0% below last year. That post-July 4th drift lower is pretty normal, but the key point is that supply is already starting from a tight level. We are not just below last year. We are also sitting well below the broader five-year range.
Courtesy of UrbanDigs.com
For sellers, that means less competition heading into the slower summer months. For buyers, it means the search may feel a little thinner before the next real listing wave, which usually comes after Labor Day. One-bedrooms make up the largest share of current inventory at 32%, followed by two-bedrooms at 28%, while studios and larger apartments remain more limited parts of the supply mix.
New Listings: A Holiday Bounce, But Not a Flood of Supply
New listings did bounce after the July 4th slowdown, with 211 new listings coming to market over the last seven days. That was up from the prior week, but still almost 25% below last year’s pace. So while we did get some fresh inventory, this is not exactly a flood of new options.
Courtesy of UrbanDigs.com
Most of this week’s new supply came in below $2M, with 44% under $1M and another 28% between $1M and $2M. Only 10% of new listings were above $4M. That matters because it shows where the market is actually getting new inventory right now, and where buyers may have fewer fresh choices as summer continues.
Demand: Cooling, But Still Above Last Year
On the demand side, the 30-day contract pace is now 1,005, down 6.9% from last week, but still 3.5% above last year. That feels like the right read on the market at the moment: the spring push is fading, but demand has not disappeared. We are moving from a strong late-spring pace into a more normal summer rhythm.
Courtesy of UrbanDigs.com
The bulk of the action is still below $2M, which accounts for about 69% of pending contracts. That is where the market continues to have the most depth. At the higher end, the $4M+ segment has the longest median days on market, which suggests buyers there may still have more room to negotiate.
Weekly Contracts: The First Real Summer Pullback
Weekly contracts pulled back to 178, down 23.9% from the prior week and 6.3% below last year. One week does not make a trend, especially around a holiday, but this is the first clear sign that seasonal gravity is starting to pull activity lower.
Courtesy of UrbanDigs.com
This is the number to watch most closely over the next few weeks. A summer slowdown is expected. The question is whether we stay near last year’s pace or start to slide more meaningfully below it. For now, it looks like a normal seasonal cooling, not a market reversal.
Manhattan Enters Summer With a Seller Lean
Compared with June 2025, all five major signals moved more seller-side in June 2026: supply, market pulse, listing discount, contract activity, and listing climate. The chart gives Manhattan a 5 out of 5 seller-lean verdict, which is a notable improvement from the more balanced setup we had last year.
Courtesy of UrbanDigs.com
That said, “seller lean” does not mean every seller has leverage. It means the overall market backdrop has improved. The individual listing still has to make sense. Good product is getting rewarded. Overpriced product is not. That is the difference between a market with momentum and a market where sellers can simply name their price.
Bottom Line
Q2 gave Manhattan a real lift. Prices improved, days on market came down, sellers held firmer, and tight supply helped move the market into a more constructive place.
Now summer is starting to take over. Supply is thinning, new listings remain light, weekly contracts are pulling back, and rates are still elevated. That is all pretty normal for July, but it also means the market becomes more tactical.
For sellers: The backdrop is better than it was a year ago, but pricing and presentation still matter.
For buyers: Fresh inventory may be limited, but there may be more room to negotiate in slower-moving listings or in segments where demand is thinner.
Overall, Manhattan is healthier than it was last summer, but it is still a selective market. As always, if real estate is on your mind, feel free to reach out any time.