Q3 2025 Manhattan Market Report: Sales Rise as Rates Ease

Helped by a booming stock market and easing mortgage rates, Manhattan’s housing market stayed resilient through the third quarter of 2025. Sales activity climbed, prices held steady year-over-year, and confidence remained strong heading into the final stretch of the year.

Key Takeaways

• Sales rose 7% year-over-year as lower mortgage rates and strong financial markets fueled buyer demand.
• Average and median prices for all apartments were 4% higher than last year, even though they dipped slightly from Q2.
• Co-op prices climbed 9% from a year ago, while condo averages edged lower due to fewer new-development closings.
• Resale strength: The average resale price hit $1.87M, up 9% year-over-year, with larger apartments leading the way.
• Co-ops averaged $1.51M, a 10% gain from 2024’s third quarter.
• Sellers are pricing competitively: Homes spent an average of 100 days on market (8% faster than last year) and sold for 97% of their last asking price.
• Mortgage rates hit an 11-month low in mid-September, expected to continue easing following recent Fed rate cuts.
• Wall Street bonuses are projected to top last year’s record $47.5B, sustaining luxury market demand.
• Inventory fell to a 5.7-month supply, tightening conditions and favoring well-priced listings.

What This Means for Sellers and Buyers

With rates trending lower and financial markets healthy, Manhattan enters the final quarter of 2025 with solid momentum. Demand remains strong, particularly for larger resale apartments, while inventory constraints are supporting stable prices. As Brown Harris Stevens CEO Bess Freedman notes, “After a solid third quarter, the Manhattan market is poised for a very active end of 2025.”