Contract activity, or the number of signed contracts, is up 10.8% from last year and down 3.6% from the monthly historical average. The median sales price for a Manhattan apartment is $1.19 million, reflecting a 13.4% increase compared to the same time last year. The supply, or the number of units available on the market, is essentially the same as last year, having decreased by just 0.3% annually. Meanwhile, the number of pending sales in Manhattan has risen 28.4% year-over-year. The Market Pulse, which represents the pending-to-active ratio, stands at 0.46, indicating a neutral market.

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

Luxury Segment

A total of 29 contracts were signed for units priced at $4 million and above, two more than the previous week. Condos dominated the market with 22 contracts, compared to just 3 for co-ops, while 4 townhouses were also included. The total weekly asking price sales volume reached $213,160,000, with a median asking price of $6,350,000. The average discount from the original to the last asking price was 13%.

Rental market

In March 2025, new lease signings continued their upward trend, rising 9.3% yearly, marking the twelfth consecutive annual increase. However, the listing inventory grew faster, jumping 23%.

The median rent dipped slightly by $5 from the previous month’s record, landing at $4,495, which is the second-highest in history.

The share of bidding wars also increased to 21.7%, meaning that more than one in five rentals were leased above the asking price, with an average premium of 10%.

(data source: urbandigs.com, olshan.com, millersamuel.com, picture: Nelson Ndongala)