If Q4 had a headline, it wouldn’t be boom or bust — it would be adjustment. After years of volatility, Manhattan’s housing market is settling into something more balanced, more rational, and frankly, more interesting. The latest Q4 2025 data doesn’t tell a single story of highs or lows — it tells a story of selective strength, cautious buyers, and opportunity hiding in plain sight.
Prices Are Holding — But Buyers Are Choosing Carefully
The average Manhattan sale price landed at $2,110,070, while the median price came in at $1,150,000. On the surface, those numbers signal stability — but dig deeper and you’ll see buyers are far more intentional than they were a few years ago.Condos continue to command a premium, with the average condo price reaching $3.03M, up 2.5% year over year and marking peak pricing for Q4. Co-ops, by contrast, averaged $1.34M, reinforcing their role asa more value-driven option in an otherwise expensive market.What’s clear: buyers are willing to pay — but only when the product, pricing, and location align.
Time on Market Tells the Real Story
Homes spent an average of 108 days on the market, and sellers offered an average 7% discount from initial asking prices.This isn’t a sign of weakness — it’s a sign of leverage shifting back toward buyers.In today’s Manhattan market, aspirational pricing is quickly corrected. Well-priced, well-presented listings still move. Everything else waits.
Sales Activity: Quiet Momentum, Not a Frenzy
Closings for both condos and co-ops improved year over year: - Condos: +8.4% in closings - Co-ops: +8.7%in closings
Condos shined in the luxury space overall, but performance varied widely by price bracket. The $20M+segment rose 12.5%, while the $10M–$20M range fell sharply, down 44%.
Co-ops quietly outperformed expectations. While lower-priced co-ops saw slight pullbacks, every other price category posted growth, with the $3M–$5M range surging nearly 50% — one of the strongest signals in the entire report.
Inventory Is Growing — But Not Everywhere
Inventory patterns matter more than raw totals right now.
- 1-bedroom condos saw the largest increase in listings, up 18.6% year over year
- Condo inventory between $500K–$1M jumped 25.1%
- Overall new listings declined 4.1%, driven entirely by fewer condos coming to market
Co-op inventory actually declined in most categories, except for the $3M–$5M range, suggesting a tightening supply in many co-op segments — a dynamic that could support pricing in 2026.
What This Means Heading Into 2026
Manhattan is no longer a market where “everything sells.” It’s a market where the right things sell.For buyers, this is a moment of leverage — more inventory, longer timelines, and real room to negotiate.For sellers, success hinges on precision: pricing correctly, understanding your submarket, and knowing exactly who your buyer is.
And for everyone watching from the sidelines, the takeaway is simple:
This market isn’t slowing down — it’s growing up.
The frenzy has faded, but confidence is quietly returning. And historically, that’s when some of Manhattan’s best opportunities are made.
If you’re curious how these trends are playing out in your specific neighborhood — or what they mean for your plans in 2026 — I’m always happy to share a more tailored perspective.
