Is Manhattan, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Manhattan has remained a Buyer's Market.
Housing Prices in Manhattan, NY
How much do homes in Manhattan, NY cost?
Median Sold Price
$1,350,826
$1,403/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Manhattan was $1,350,826 in May 2024, down 1.8% from last year, and the median price per square foot was $1,403.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $828K | $802K | -3.1% |
2 Bedrooms | $1.6M | $1.5M | -4.3% |
3 Bedrooms | $2.9M | $2.9M | -0.8% |
4 Bedrooms | $4.9M | $5.1M | +4.1% |
5+ Bedrooms | $7.9M | $6.8M | -13.6% |
Summary: Manhattan housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.1%, 2 bedroom homes decreased by 4.3%, 3 bedroom homes decreased by 0.8%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes decreased by 13.6%.
Housing Supply in Manhattan, NY
How many homes are available in Manhattan, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
7,547 | 7,329 | -2.9% |
Summary: The Manhattan real estate market had 7,329 homes for sale in May 2024, a 2.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2,528 | 2,420 | -4.3% |
2 Bedrooms | 2,465 | 2,357 | -4.4% |
3 Bedrooms | 1,421 | 1,389 | -2.3% |
4 Bedrooms | 613 | 625 | +2.0% |
5+ Bedrooms | 520 | 538 | +3.5% |
Summary: The Manhattan housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.3%, 2 bedroom homes decreased by 4.4%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes increased by 2%, and 5+ bedroom homes increased by 3.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
566 | 558 | -1.4% |
Asking Price vs. Sold Price
75 Homes Were Sold
Under Asking
468 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 558 homes were sold or pending in Manhattan in May 2024, down by 1.4% month-over-month. Of the 558 sold homes, 13% were sold under asking, 84% were sold at asking, and 3% were sold over asking.
Days on Market for Manhattan, NY
How long does it take to sell a home in Manhattan, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
82 Days | 142 Days | +72.3% |
Summary: Homes in Manhattan had an average of 142 days on market in May 2024, up by 72.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During May 2024, 558 homes were sold in Manhattan; 0% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.