10/02/2026
• Closings reached a four-year high, even as contract activity moderated. Closed sales rose 9% YOY to 3,625, the strongest third quarter since 2022 and 8% above the ten-year third-quarter average.
• Limited supply remains the tightest constraint on the Manhattan market. New listings fell 6% to 3,469, the third straight annual decline, as sellers pulled back alongside buyers.
• Prices have now risen year over year for seven straight quarters. The median sale price rose 4% annually to a third-quarter record high of $1.250M.
• The high end is driving the market. Closings above $3M jumped 25% YOY, led by a 40% surge from $3M to $5M. Closings below $3M rose 6%.
Manhattan’s third quarter results show a market with real underlying strength, even as buyers contend with higher borrowing costs and new policy headwinds like the pied-à-terre tax.