Hello friends, clients, and colleagues,
As we step into June, I wanted to take a moment to share a snapshot of what happened in the Manhattan real estate market this past May. It’s been a fascinating month with some subtle shifts that give us a lot to think about!
Overall, average sale prices in Manhattan softened slightly from April, with the average price dipping by about 7.7% to $2.3 million, while the median price came in at $1.32 million—a modest 2.2% decline from the previous month. Interestingly, despite this slight pullback, the market still showed year-over-year growth in average prices, up 7.6% from May 2024.
Inventory also saw a slight boost, with a 3.5% increase over April. This means more options are available for buyers who’ve been waiting on the sidelines. However, the number of contracts signed dipped nearly 9% from the prior month, a reminder that many buyers are still cautiously weighing their options.
The co-op and condo markets told their own stories. Condo median prices pulled back 9.9% from April but stayed 4.1% above where they were a year ago. Co-op median prices actually rose 6.2% month-over-month, hinting that more affordable segments remain attractive in this shifting market. For townhouses, we saw some eye-popping year-over-year gains: average sale prices jumped 57% from last May, while the median price rose nearly 15%. Although that segment saw a 26% drop in average days on market compared to April, inventory remained tight, signaling strong demand.
As always, these market shifts open doors for both buyers and sellers, depending on your timing and goals. If you’re curious about how these numbers play into your real estate plans—or just want to chat about what’s driving the changes—I’m here and happy to help.
On a lighter note, here are 3 fun things to keep in mind this June:
🌞 1. Book early, travel smart! Whether you’re heading to the beach, the mountains, or abroad, early bookings help you snag the best deals.
🧳2. Don’t forget your real estate “passport.” Just like travel plans, having your property paperwork and financial readiness sorted can make buying or selling in the city a smoother journey.
✈️ 3. Embrace the “travel mindset” locally. Explore your own city like a tourist—check out new neighborhoods, stroll unfamiliar blocks, or pop into an open house you’d normally skip!
If you’d like a personal update on how your real estate goals fit into this summer’s market, let’s schedule a quick chat. I’d love to hear what you’re up to and help you navigate the perfect path forward. This last point is important if you plan to list your apartment for sale or begin your search after Labor Day—it’s never too early to plan and strategize!
NYC Cultural Inspiration
Highlights from Living in the City
A refreshed Rockefeller Wing reopens with a bang at The Met in New York
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The 100 Best Restaurants In New York City2025
Diners in New York City are spoiled for choice. On a single block, you might find a pizzeria, a noodle shop and a fine-dining institution, all of them stellar. How did we ever narrow more than 20,000 restaurants down to the 100 best? It was a daunting task.
4th Annual Blue Note Jazz Festival NYC
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Well into their 60s, Bill and Lori always believed that when the time came, they would leave an inheritance to their children. Nothing extravagant—just a modest suburban home and savings accumulated over a lifetime.
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