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Q2 2023 Manhattan Market Report

The Manhattan real estate market underwent headwinds driven by economic uncertainty and heightened borrowing costs that tested the resolve of buyers and sellers. Despite these challenges, Manhattan remains a highly sought-after destination, prompting buyers and sellers to recalibrate their expectations in line with current market conditions. 

 

Amidst the economic climate's uncertainty, buyers anticipate favorable deals, while sellers are not under immediate pressure to sell. This dynamic has primarily contributed to the decline in market activity. Nonetheless, life events and the undeniable appeal of the heart of New York City will continue to propel the real estate market forward. You can review the entire report here. 

 

Here are the highlights:
Closed Sales

  • Down 33% from Q2 2022

  • Up 32% from Q1 2023

     

 

Contracts Signed

  • Down 22% from Q2 2022

  • Up 23% from Q1 2023

 

 

Days On Market

  • 187 average days in Q2 2023

 

Average Negotiation

  • 7%

 

Active Inventory

  • Down 6.7% from Q2 2022

  • Up 9.5% from Q1 2023

  • Two Bedrooms: 32%

  • One Bedrooms: 30%

  • Three Bedrooms: 18% 

  • Four Bedrooms: 10%

  • Studios: 10% 

 

Luxury Market: ($5M - $10M)

 

  • Up 17% from Q2 2022 due to an increase in all cash deals

 

 

 

Closed Condos

 

  • Average Price Down 4% from Q2 2022

 

  • Average price per square foot: $1731 - Down 1.6% from Q2 2022

 

Closed Coops

  • # of sales down 31% from Q2 2022

  • # of sales up 25% from Q1 2023

  • Average Price up 2.7% from Q2 2022

  • Average Price up 11% from Q1 2023

There are many segments of the Manhattan market and prices vary greatly between neighborhoods. This report breaks down the neighborhood data as well. We are here to explain how this data pertains to your individual home. Call anytime for a complimentary market valuation. 

 

 

Warm regards,

Stacey Froelich 

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