Contract activity, or the number of signed contracts, is down 3.7% from last year and 9.7% from the monthly historical average. The median sales price for a Manhattan apartment is $1.19M, reflecting a 16.4% increase compared to a year ago. The supply, or the number of units available on the market, has decreased by 0.6% annually. Meanwhile, the number of pending sales in Manhattan has risen 14.3% 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 36 contracts were signed for units priced at $4 million and above, which is one more than the previous week. Eleven properties were sold for $10 million or higher, representing the most significant number of trophy deals since the week of December 9-15, 2024, when the same number of contracts was signed.

A New Record: Recently, an off-market transaction for 9A at 150 Charles Street closed at $60 million, setting a new record price for a Downtown condominium. The unit was bought from the sponsor in March 2016 for around $30 million.

Rental market

In February 2025, New lease signings increased by 0.6%, while listing inventory rose by 12.2%.

For the first time since summer 2023, the median rent hit a historic $4,500, increasing by 6.4% from the previous year. Meanwhile, the market share of bidding wars climbed to 26.8%, more than one out of four rentals, the highest ever recorded.

The market has tightened as tenants delay homeownership decisions amid economic uncertainty. Although mortgage rates have decreased since the election, unpredictable policy choices have clouded market forecasts.

(data source: urbandigs.com, olshan.com, millersamuel.com)