Manhattan demonstrates resilience in Q3

• The Manhattan market saw a 22 percent decline in sales in the third quarter, largely due to a surge in mortgage rates that began in May. However, the number of closings was still higher than in the third quarters of 2019 and 2018.

• Despite the drop in sales, average and median resale prices in Manhattan increased compared to the previous year, with a notable rise in the average price for three-bedroom and larger condominiums.

• Positive trends include a 16 percent reduction in days on the market compared to the second quarter of 2023, although it remained 21 percent higher than a year ago. Sellers also received 97.8 percent of their last asking price in the third quarter—the highest level since the fourth quarter of 2022.

Overall, we’re continuing to see positive quarterly improvements albeit market activity isn’t as favorable as the previous year. The encouraging news is that Manhattan's resilience remains steadfast. You can access the complete 2023 Manhattan Apartment Market Report by clicking the link below.

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