Hello friends, clients, and colleagues,
I hope you’re having a happy and safe Fourth of July. As we celebrate summer in the city or perhaps take a break in cooler, quieter places, I wanted to bring you up to speed on the Manhattan real estate market. June delivered some interesting developments. Whether you're thinking about buying, selling, or simply staying informed, here’s what you should know as we head deeper into the season.
After a lively spring, prices across Manhattan pulled back slightly in June. The average sale price was $2.18 million, which was nearly 7 percent lower than in May. The median price settled at $1.22 million. These numbers reflect a typical early-summer slowdown, when many buyers pause and sellers wait until the fall to list. This isn’t a sign of distress, but rather a seasonal adjustment. Condos experienced a larger median price drop of over 10 percent, while co-ops declined by about 3 percent.
One of the most striking figures from the quarter is that 69 percent of all Manhattan purchases were made entirely in cash. That is the highest percentage ever recorded. Despite rising interest rates, global unrest, shifting trade policies, and upcoming political uncertainty here in the U.S., New York real estate continues to attract capital. All-cash buyers are sending a clear message that they view Manhattan properties as a safe and enduring investment.
Buyer activity did slow down in June. The number of contracts signed dropped by 8.6 percent compared to May. But for serious buyers, this cooling trend presents an opportunity. With less competition and more room to negotiate, well-prepared purchasers may find favorable terms. Discounts at closing averaged around 6 percent, the lowest we’ve seen in several months, which is another encouraging sign for those looking to make a smart move.
Townhouses showed renewed strength as well. Although the average sale price declined in June, the number of contracts signed jumped 23 percent from the previous month and soared 61 percent compared to last year. Looking at the broader year-to-date figures, median townhouse prices have risen by 10 percent and price per square foot is up more than 8 percent. Buyers are clearly recognizing the long-term value and uniqueness of these properties.
Inventory held steady in June with just under 6,900 active listings. Homes also spent less time on the market, averaging 185 days compared to 227 in May. This suggests that well-priced properties are moving more quickly. If you’re considering selling after Labor Day, now is a great time to prepare. We can evaluate comps, line up staging and marketing, and position your property thoughtfully while inventory levels remain manageable. If you’re buying, summer might be your moment to get ahead of the fall market.
As always, I’m here to help you think strategically, navigate the data, and make confident decisions. You can access the full June report for more detailed insights.
NYC Cultural Inspiration
Highlights from Living in the City
NYC’s Best and Most Beautiful Outdoor Dining This Summer 2025
Outdoor dining in New York is not a new concept, but its variety has become a lot more common, prompting us to take notice of who does it right (and who does it oh! so wrong.) When it comes to keeping the set up beautiful and clean, and the design interesting and safe, we have a few favorites. If you seek a sultry summer outdoor experience that will leave you wanting more, follow this list of places that make dining alfresco a real pleasure.
Bastille Day Celebrations
Join our Bastille Day celebration on Sunday, July 13, 2025, from 12pm to 5pm — a festive day of French culture, food, music, and more on Madison Avenue!
L’Alliance’s popular Madison Avenue street fair celebrating the Fête Nationale Française—commemorating the storming of the Bastille on July 14, 1789, which birthed the modern French nation—is New York City’s largest public celebration of Bastille Day, drawing crowds in excess of 30,000 people for more than 20 years.
Macy’s 4th of July Fireworks® show
We’re hosting the summer’s ultimate watch party for the 49th annual Macy’s 4th of July Fireworks® show. Get ready to experience unforgettable performances & electrifying effectsfrom NYC’s iconic Brooklyn Bridge!
Bryant Park Picnic Performances
Bryant Park Picnic Performances presented by Bank of America is a free outdoor festival that welcomes all New Yorkers to experience the city’s vibrant arts and culture. This summer, enjoy extraordinary artists and events in collaboration with a wide array of New York's cultural institutions.
Real Estate News
What Do We Buy Into When We Buy a Home?
Turning New York Offices Into Homes Finally Works. Now There’s a Rent-Freeze Catch
Turning Manhattan’s unloved offices into apartments is becoming a profitable venture. That potentially unlocks a new source of supply for New York City’s crunched housing market. It also presents more opportunities for the private-equity firms and family offices who typically invest in these projects.
New York’s garment industry is under threat
In New York’s Garment District, you can finish a product from start to finish within a few-block radius. Designer Cindy Castro has her own atelier where her team sews in-house, and works with surrounding manufacturers (one pattern-maker is two blocks away; another is in the same building). “You’re able to make things within days because you have everything here,” she says.
Inside the plan for a new Hudson Yards with thousands of apartments, offices — but no casino
The New York City Council unanimously signed off Wednesday on a rezoning plan to supercharge Hudson Yards with thousands of new apartments, office towers and a sprawling park — after booting the controversial casino that once threatened to roll in.
Wynn Resort backed out of the $12 billion project last month citing “persistent opposition” during the rezoning process.
Manhattan’s Luxury Housing Market Just Had One of the Best Junes on Record—Led by $20M Condo Deal in Billionaires Row Skyscraper
The housing market might have experienced a lackluster season hampered by stubbornly high mortgage interest rates and affordability hurdles, but Manhattan’s luxury market just had one of its best Junes in nearly 20 years. The Big Apple's high-end condominiums, co-ops, and townhouses were in high demand in June 2025, with 153 deals valued at $4 million and up signed as of Sunday, according to the latest Olshan Luxury Market Report.
Love homes that wow?
Get the inside scoop on luxury listings, design inspiration, exclusive events, and market insights—delivered straight to your inbox.
🖋️ Join our VIP list—because your inbox deserves something beautiful.
Click here to Subscribe!
All best--Gerald Germany
