The most recent Q2’2025 data from Miller Samuel shows average price per square foot for a Manhattan condo at $2,045. This is a 3.2 percent increase compared to prior year. Number of sales was at 1,419, a 23.2 percent increase from a year ago. Median sales price was at $1.667 million, or 3.8 percent lower than a year ago.
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Key points of this Manhattan Property Market Update
Sales volume: Condo sales volume was 47.6 percent higher than prior year. This is positive as we are still experiencing limited inventory and high mortgage rates.
Cash buyers: The market share of cash buyers in Q1’2025 was at 58 percent, higher than the historical average of 50 percent.
Price per sqft and median price: In the condo market, price per sqft is at $2,130 while median price at $1.725 million. After a few years of slowdown, price per sqft is now close to 2017’s peak of $2,149.
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Manhattan property market update - The most recent Q4’2024 data from Miller Samuel shows average price per square foot for a Manhattan condo at $2,127. This is a 4 percent increase compared to prior quarter. Number of sales was at 1,131, a 14.4 percent increase from a year ago. Median sales price was at $1.665 million, or 0.5 percent higher than a year ago.
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Sales volume in Q2’2024 increased by 48.3 percent compared to prior quarter and 5.7 percent compared to prior year. This is the first annual increase after eight quarters.
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Q2'2023 data from Miller Samuel reveals that the average price per square foot for a Manhattan condo is now $2,025, marking a 5% drop from last year. The number of sales also decreased significantly, with a 38.3% decline compared to the previous year, mainly due to the interest rate hikes by the Federal Reserve. Consequently, mortgage rates have more than doubled since 2021/early 2022, making it considerably costlier for buyers seeking financing. The median sales price currently stands at $1.675 million, representing an 11% decrease from last year.
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The Manhattan property market is one of the most prized property markets in the world. Our clients invest in Manhattan property for asset diversification and price stability. Manhattan is a prime market where prices are high, appreciation is stable and rental yields are low but predictable.
Know more about the Manhattan property market key metrics and historical price trends, insights on current property prices and whether now is a good time to buy in this article: Manhattan Property Market Update
