While cash sales in Manhattan remained higher than normal, the increase in overall sales was driven by the decline in mortgage rates since the early summer. Median sales price and sales rose year over year for the fifth straight time. Listing inventory fell annually for the first time in four quarters. With rising sales and falling listing inventory, the market felt faster on the ground. One of the drivers of sales growth has been the co-op market, which saw a larger sales increase than the condo market for the first time in more than a year. The decline in mortgage rates by more than 60 basis points since early summer had a greater impact on the lower-priced market, particularly co-ops. While bidding wars were at their highest level in more than a year, they remained within the long-term range. The market share of cash sales for the entire year of 2025 was the highest on record. The months of supply for resales indicated the market was moving at its fastest pace in more than three years. Three out of four buyers purchased their condos with cash, the second-highest market share on record. Luxury median sales price declined year over year for the first time in five quarters. Luxury listing inventory fell to its lowest level in 15 years. The average square footage for luxury resales has been larger than that for new development sales for more than 5 years. New development condo sales surged year over year for the fifth straight time, while listing inventory declined to its lowest level in two years.

https://www.elliman.com/corporate-resources/market-reports/new-york-city/8