Manhattan Condo and Co-op Market Shows Signs of Revival

Manhattan Condo and Co-op Market Shows Signs of Revival

Lucia Santoro
3 min read

Manhattan Real Estate Market Shows Signs of Revival

In Manhattan's real estate market, condo and co-op sales have surged by 12.2 percent year-over-year, marking a significant turnaround after seven quarters of stagnation. This impressive increase is occurring despite the ongoing prevalence of high mortgage rates, hinting at a notable shift in market dynamics. Additionally, the listing inventory in the area has experienced its first uptick in five quarters, indicating a growing willingness among sellers to be more flexible.

Furthermore, financed sales have taken the lead for the first time in two years, surpassing cash sales, and registering an increase of over 15 percent. Although cash transactions still dominate, comprising 62.3 percent of all sales, they remain well above the usual 50-50 split. Median sales prices have seen a marginal decline of 1.5 percent, settling just under $1.2 million, while co-op and condo prices have seen modest increases of 1.8 percent and 3.4 percent, respectively.

Interestingly, the upscale segment of the market has also reflected similar trends, witnessing a noteworthy 12.4 percent surge in sales and a substantial 22.4 percent rise in inventory. However, the median prices of luxury properties decreased by 10.5 percent. Moreover, new developments have seen a 2.2 percent increase in median sale prices, accompanied by growth in inventory and sales.

Key Takeaways

  • Manhattan condo and co-op sales rose by an impressive 12.2% year-over-year.
  • Listing inventory witnessed an increase for the first time in five quarters.
  • Financed sales have outpaced cash sales, experiencing an annual increase of over 15%.
  • Median sales prices have slightly fallen to $1.2 million, albeit with growth in co-op and condo prices.
  • The luxury market has observed a notable increase of 12.4% in sales and 22.4% in inventory.


The resurgence of the Manhattan real estate market, propelled by the surge in condo and co-op sales and inventory, presents positive implications for lenders and developers alike. Although high mortgage rates initially dampened demand, the rise in financed sales signals a noteworthy adaptability among buyers. In the short term, this surge instills confidence in the market, potentially contributing to price stabilization. Looking ahead, if mortgage rates decrease, a robust market expansion seems likely, bringing benefits to all stakeholders, particularly if the luxury and new development sectors sustain their growth.

Did You Know?

  • Co-op and Condo Sales in Manhattan:
    • Co-op (Cooperative): A type of residential property where residents own shares in a corporation that owns the building, with each shareholder having the right to occupy a specific unit within the building.
    • Condo (Condominium): A type of residential property where individual units are owned separately, while the common areas and amenities are jointly owned and managed by all unit owners through a homeowners' association.
    • Market Dynamics: The increase in co-op and condo sales in Manhattan, despite high mortgage rates, indicates a shift in buyer confidence and potentially more flexible seller expectations.
  • Median Sales Prices:
    • Definition: The median sales price is the middle value in a list of all sales prices, indicating a key market trend.
    • Significance in Manhattan: The slight dip in median sales prices to just under $1.2 million, coupled with modest increases in co-op and condo prices, suggests a balanced market without extreme price fluctuations.
  • Luxury Market Trends:
    • Luxury Market: Refers to high-end properties typically priced significantly above the average market rate, often comprising premium amenities and prime locations.
    • Market Indicators: The substantial increase in both sales and inventory in the luxury market, despite a decrease in median luxury prices, signifies an active segment influenced by broader economic factors.

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