Manhattan Real Estate Market Analysis – Q4 2025

Manhattan Real Estate Market Analysis – Q4 2025

According to the Q4 2025 report issued by Douglas Elliman Real Estate the Manhattan real estate market demonstrated price resilience year-over-year despite a quarterly slowdown in transactions. Below is a full breakdown of sales metrics, pricing by segment, inventory trends, and cost dynamics — with year-over-year (YoY) comparisons throughout — critical for condo, co-op, luxury, and townhouse property appraisal analysis.

Sales and Pricing Overview

• Number of Sales: 2,682 closed sales (−17.0% QoQ, +5.4% YoY).  
• Average Sales Price: $2,182,334 (+2.8% QoQ, +0.9% YoY).  
• Median Sales Price: $1,150,000 (−4.2% QoQ, +3.1% YoY).  
• Average Price Per Square Foot: $1,746 (+1.8% YoY).  
• Total Sales Volume: $5.85 Billion (−14.7% QoQ, +6.4% YoY).  
• Manhattan Market Share of NYC Dollar Volume: 47.6% (+1.2 percentage points YoY).  

The rising average price alongside a declining quarterly median suggests that luxury and high-end condo closings elevated the mean, while mid-market activity remained more price sensitive. On a year-over-year basis, pricing remains stable to moderately positive.

New Development vs. Resale

• Median Price – New Development: $2,395,000 (+4.6% YoY).  
• Median Price – Resale: $1,025,000 (+2.1% YoY).  
• New Development Market Share: 13.8% of total sales (−0.5 percentage points YoY).  

New development pricing continues to outperform resale, largely due to larger unit sizes and luxury positioning. Even as market share slightly declined year-over-year, pricing in the segment remained firm.

For appraisal purposes, separating sponsor sales from resale comparables remains essential when analyzing value trends.

Inventory and Market Dynamics

• Listing Inventory: 6,257 units (−23.4% QoQ, −5.2% YoY).  
• Months of Supply: 7.0 months (−6.7% YoY).  
• Listing Discount: 8.9% (+0.8 percentage points YoY).  
• Price Adjustments: 29% of listings reduced price at least once (+3 percentage points YoY); 3% increased asking price (−1 percentage point YoY).  

Inventory contraction year-over-year signals supply discipline, while slightly wider listing discounts confirm continued buyer leverage in negotiations.

Co-op Properties

• Co-op Median Sales Price: $820,000 (+1.5% YoY).  
• Average Monthly Maintenance: $2,810 (+2.3% YoY).  

Co-ops remain more rate-sensitive than condos. Maintenance increases directly affect affordability ratios and appraised value conclusions.

Co-op appraisal analysis requires review of:

• Building financials
• Underlying mortgage
• Owner-occupancy ratios
• Sublet policies

Condos

• Condo Median Sales Price: $1,690,000 (+2.4% YoY).  
• Average Monthly Common Charges: $4,890 (+6.1% YoY).  

Condos continue to command higher price-per-square-foot values. Rising common charges must be incorporated into valuation modeling and affordability analysis.

Luxury Properties

• Luxury Threshold (Top 10% of Sales): Approximately $4,200,000 (+3.8% YoY).  
• Luxury Median Price: $6,480,000 (+5.2% YoY).  
• Luxury Inventory: 1,310 units (−4.9% YoY).  

Luxury transactions continued to influence Manhattan’s overall average pricing. Year-over-year gains indicate continued demand in the upper-tier segment despite broader market normalization.

Luxury appraisal requires adjustments for:

• Floor premiums
• View corridors
• Amenity packages
• Outdoor space
• Block-level demand

Townhouse & 1–3 Family Properties

Townhouses remain one of Manhattan’s most supply-constrained asset classes.

With inventory tightening year-over-year and stable luxury demand, townhouse pricing remains supported. Valuation must consider:

• Lot size and zoning potential
• Historic district designation
• Renovation quality
• Income-producing layouts

Townhouse appraisal methodology differs fundamentally from apartment valuation and requires highly specific comparable selection.

Conclusion

The Q4 2025 Manhattan real estate market reflects a stable year-over-year pricing environment with moderated transaction volume:

• Sales activity increased compared to Q4 2024 but declined quarter-over-quarter.
• Pricing remained positive across most segments on a YoY basis.
• Inventory tightened both quarterly and annually.
• Luxury and condo segments continued to support average pricing.
• Negotiability persists through listing discounts and price adjustments.

For accurate Manhattan property appraisal, segmentation by property type remains critical. Co-ops, condos, luxury units, and townhouses each exhibit distinct pricing behavior under current market conditions.

Urban Appraisals New York specializes in:

• Condo appraisal Manhattan
• Co-op appraisal NYC
• Luxury property valuation
• Townhouse and 1–4 family appraisal
• Estate, divorce, bankruptcy, and litigation appraisals

With over 20 years of experience, we deliver defensible, data-driven valuation reports grounded in current Manhattan market conditions.

Explore our services or request a quote today.