Luxury deals drove Manhattan’s sales market for many of 2025, however by yr’s finish, the momentum trickled down.
Final quarter, co-op gross sales — typically priced beneath condos — outpaced apartment offers within the borough for the primary time in additional than a yr, powered by a gentle decline in mortgage charges through the again half of the yr, in line with Miller Samuel’s quarterly report for Douglas Elliman.
“As mortgage charges drifted decrease, we noticed an enchancment in gross sales of lower-priced models as a result of these consumers are extra reliant on mortgage charges,” stated report creator Jonathan Miller, who added that mortgage charges had fallen 60 foundation factors for the reason that summer season.
The rise in co-op offers fueled a rise in gross sales throughout each property sorts within the three-month interval, regardless of fears that New York Metropolis’s mayoral election and its victor, Zohran Mamdani, would chill gross sales.
“The housing market proper now could be a Goldilocks market,” Miller stated. “It’s good.”
Manhattan nabbed greater than 2,600 closed gross sales within the fourth quarter, up 5 % from lower than 2,500 in the identical interval in 2024. The median sale worth was $1.13 million, up barely from $1.1 million throughout the identical timeframe.
Roughly 1,500 co-ops traded within the fourth quarter, up 7 % from fewer than 1,400 within the fourth quarter of 2024. Throughout the identical interval, the borough logged 1,200 apartment gross sales, up simply 3 % year-over-year from 1,100. The median sale worth of co-ops was $825,000, whereas the median sale worth of a apartment was $1.7 million.
If charges proceed to dwindle, which Miller stated many economists count on, it’s possible exercise on the decrease finish of the market might proceed to bolster gross sales throughout the borough by the primary quarter of 2026, particularly as a boom in deals for luxury properties all through the primary three quarters of final yr tightened stock ranges on the highest finish of the market.
Listings for luxurious properties — outlined within the report as the highest 10 % of apartment and co-op gross sales — fell 15 % yearly, outpacing the general market, the place stock dropped simply 4 %. Whereas the lower was much less substantial, co-op and apartment stock in Manhattan fell to its lowest degree since 2017.
Final quarter was a departure from the remainder of 2025, which noticed modest will increase in stock within the first three quarters, although development within the variety of gross sales was outpacing listings hitting the marketplace for most of these durations.
“We have now a housing market that isn’t displaying the ‘Mamdani impact,’” Miller stated. “Total, we’re seeing gross sales edge increased, costs edge increased and stock declining, with the largest drop on the high of the market as a result of that phase has been outperforming the steadiness of the market.”
Regardless of a decline in mortgage charges, money gross sales nonetheless dominated within the fourth quarter, with three out of 4 consumers buying their condos in all-cash offers. Money gross sales hit their highest market share in no less than a decade in 2025, with roughly 65 % of purchases made with all money.
Roughly 7.5 % of gross sales closed within the fourth quarter had been the results of bidding wars, marking the best share in three years. Regardless of the rise, Miller stated bidding wars are nonetheless within the vary thought-about regular for Manhattan, the place the document share was 31 % in 2015.
Whereas the decrease finish of the market stole the highlight final quarter, Miller stated the posh market continues to be “in place to fare higher, no matter charges,” thanks to 2 “banner years” for Wall Road.
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