Contract activity — the number of signed contracts — is up 10.8% year-over-year, though still 7.2% below the monthly historical average, indicating a market performing slightly below seasonal norms.

The median sales price for a Manhattan apartment stands at $1.1 million, marking a 3.5% annual decline.

Active listings have increased 1.9% compared to last year, while pending sales rose 15.3% year-over-year.

As a result, the Market Pulse is at 0.4, which remains in the neutral zone.

*Currently, above 0.5 is considered favorable to the seller, and below 0.3 is favorable to the buyer

A Broader Look

Manhattan’s housing market continued to outperform the rest of the country in the third quarter, with sales surging 13.4% year-over-year — the highest level in over two years. Median prices climbed 5.8% to $1.18 million, while average prices reached $2.09 million. Despite an 18% drop in median price for new developments, that segment captured its largest market share in six years.

Inventory tightened as listings fell 7%, with both luxury and new development supply shrinking. The momentum is driven by realistic pricing and high-end buyers chasing “trophy” properties in the $10–$20 million range. With mortgage rates easing and Wall Street bonuses boosting confidence, experts expect the positive trend to continue through year-end. Contract activity has now logged six straight quarters of annual growth, one of Manhattan’s longest winning streaks since before 2009.

Luxury Segment

During the week ending October 12th, 25 contracts were signed at $4 million and above, 4 fewer than the previous week.
The total weekly asking-price sales volume reached $217,240,000, with a median asking price of $6,500,000.
The average discount from original to last asking price was 9%.
The top contract was 6-8 East 82nd Street—two adjoining townhouses owned by the Metropolitan Museum of Art—asking $28 million.

Rental Market

Median rent increased 8.3% year-over-year in September to $4,550, marking the twelfth consecutive annual gain.
The number of new leases declined 1% annually to 6,112.
Listing inventory dropped 7.9% to 9,244 units, and the vacancy rate tightened to 2.11%, down from 2.74% a year ago.
Bidding wars accounted for 22.1% of all rentals, with tenants paying an average premium of 11.7% above the asking price.

(Data source: UrbanDigs, Olshan, Miller Samuel, BrickUnderground, picture: Fabien Bellanger)