Manhattan Real Estate in Q2 2026 : Healthier Than The Headlines

Overall Performance

Manhattan’s apartment market posted near-record pricing in Q2 2026, supported by resilient demand, strong co-op performance, and a higher share of sizable new-development closings. The overall average sale price increased 5% year over year to $2.23 million, while the median rose 6% to $1.29 million—both the second-highest levels on record. Transaction volume was essentially unchanged from a year earlier, with 3,209 sales.

New developments were a major contributor to the headline price growth: their average closing price rose 17% annually to $3.91 million, though price per square foot rose a more measured 4% to $2,161. On the resale side, the market was more varied. Resale co-ops strengthened, with average pricing up 9% to $1.55 million, while resale condo pricing declined 5% to $2.38 million, in part reflecting fewer closings above $20 million.

Market conditions remained constructive for sellers. Resale homes spent an average of 112 days on market, 3% less than a year ago, and sellers achieved 97.4% of their last asking price, up from 96.9%.

Key Highlights

- Manhattan prices reached their second-highest levels on record:

- Average sale price: $2,231,819 — up 5% year over year

- Median sale price: $1,290,000 — up 6% year over year

- Sales activity remained steady: 3,209 apartment sales, virtually unchanged from Q2 2025.

- New development lifted overall pricing:

- Average sale price: $3.91 million, up 17% year over year

- Average price per square foot: $2,161, up 4%

- The West Side accounted for the largest share of new-development closings, at 21.9%.

- Resale co-ops outperformed: Average resale co-op price rose 9% to $1.55 million, led by larger apartments.

- Resale condos softened: Average resale condo pricing declined 5% to $2.38 million, with every size category posting a lower average price than a year earlier.

- Seller leverage improved: Homes sold for an average of 97.4% of their last asking price, while average days on market fell to 112 days.

- Neighborhood standouts:

- West Side: Condo price per square foot rose 11% to $1,756.

- East Side: Condo price per square foot rose 6% to $1,578.

- Upper Manhattan: Median prices increased for one-bedrooms (+16%) and two-bedrooms (+22%).

- Midtown and Downtown (34th–14th Streets): Most apartment-size categories saw year-over-year median-price declines.

- Downtown south of 14th Street: Studios gained 9%, while larger apartment categories declined.

Note: Q2 2026 figures are preliminary and may be revised in future reports.