Currently, the contract activity reached 1,077 signed contracts in March, increasing 29.8% from the previous month but remaining 3.3% below last year’s level. The median sale price stood at $1.24M, up 4.3% year over year. Manhattan supply currently stands at 6,295 listings, down 8.1% compared to the same period last year. Pending sales total 3,021 units, slightly down 1.6% year over year. As a result, based on the ratio between pending sales and supply, the Market Pulse stands at 0.48, placing the market in the neutral zone.

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

Luxury Segment

During the week ended April 19, Manhattan’s luxury market held steady, with 39 contracts signed at $4M+, one more than the previous week. The median asking price reached $7,650,000, while the average discount from the original asking price was 9%.

The key story is the continued strength of the trophy segment: 10 contracts were signed above $10M, bringing the year-to-date total to 126, well above 90 in the same period of 2025 and approaching 2021’s record pace. Leading the week was PH76 at 111 West 57th Street, asking $45M.

Rental Market

In March, the inventory remained extremely tight, with just 5,049 units available for rent, the lowest level in four years. Median rent held at $5,000, matching the record high reached in previous months. A total of 3,906 leases were signed, up 5% year over year, although still about 9% below the historical March average. The vacancy rate edged slightly higher both month over month and year over year, as affordability constraints slowed absorption.

(Data source: UrbanDigs, Olshan, Gary Malin, Picture: Fung Martin)