Manhattan real estate finished 2025 with its strongest fourth quarter in three years: the market report we shared with clients counted just over 2,800 closings, up 3%, $6 billion in sales volume, up 4%, and just under 3,000 signed contracts, up 5%. The median apartment price reached $1,180,000, up 7%, and the exodus of wealthy buyers many predicted after the mayoral election did not happen. Below, I cover sales, prices, inventory, and luxury activity in the fourth quarter of 2025, how the major brokerage reports compare, and what the quarter meant for Manhattan buyers and sellers.
How Many Manhattan Apartments Sold in Q4 2025?
Manhattan closed just over 2,800 sales in the fourth quarter of 2025, up 3%, with $6 billion in volume, up 4%, and just under 3,000 signed contracts, up 5%. Corcoran, whose figures match ours, called it the fifth straight quarter of annual sales gains. The median rose 7% to $1,180,000, and the average price rose 1% to $2,129,000.
Did Wealthy Buyers Leave New York After the 2025 Mayoral Election?
No. Sales picked up after the election, and the fourth quarter showed no inventory spike that would signal an exodus. Sales above $3 million rose more than any other segment, though there were fewer ultra-luxury sales than a year earlier.
Did Co-ops Outperform Condos in Q4 2025?
Resale co-op closings rose 9% to about 1,600, a four-year high, while resale condo sales fell 6%, their first decline in several years. Every co-op size except studios rose. Douglas Elliman’s report, as covered by Brick Underground, showed co-op deals up 7% against 3.4% for condos, with a co-op median of $825,000, up 3.8%.
How Long Does It Take to Sell an Apartment in Manhattan?
Manhattan apartments spent an average of 108 days on market in the fourth quarter of 2025, more than a week faster than a year earlier and the sixth straight quarterly decline. Active inventory stood at 6,118 listings, up 4%, with three-bedroom-plus inventory down 2%.
How Low Was Manhattan New-Development Supply in Q4 2025?
Corcoran counted just 196 sponsor units launched in the quarter, near decade lows, and new-development sales slipped 1%, limited by inventory. Corcoran attributed lower average price per square foot to the absence of Billionaires’ Row trades this year.
How Do the Brokerage Reports Compare for Q4 2025?
Each brokerage counts sales differently, so the figures in each firm’s Q4 2025 report differ. Year-over-year changes are in parentheses.
| Metric | Corcoran | Douglas Elliman (via Brick Underground) |
|---|---|---|
| Closed sales | About 2,800 (+3% YoY) | +5.4% YoY |
| Sales volume | $6 billion (+4%) | Not reported |
| Median sale price | $1.18 million (+7%) | $1,125,000 (+2.3%) |
| Co-op median | Not reported | $825,000 (+3.8%) |
| Condo median | Not reported | $1,661,000 (-0.2%) |
| Days on market | 108 (more than a week faster) | Not reported |
| Inventory | Just over 6,100 (+4%) | -4.4% YoY |
Was the Top of the Manhattan Market Quieter in Q4 2025?
The very top of the market was quieter than a year earlier, with fewer ultra-luxury sales, and average price per square foot fell 3% to $1,849. Year-over-year comparisons at the high end will depend on a small number of trophy trades.
What Did Q4 2025 Mean for Manhattan Buyers and Sellers?
The exodus everyone predicted after the mayoral election never showed up in the data. Sales picked up, and inventory didn’t spike. 64% of 2025 co-op and condo purchases were all-cash, up from 61% in 2024, and about 90% of deals above $3 million were cash, fueled by Wall Street profits and bonuses.
Numbers tell part of the story. Relationships, trust, and guidance are what give the data meaning, and they are what get a deal from contract to closing.
What Results Has The Michael J. Franco Team Delivered?
In 2025, my team closed or had pending more than $180 million in transactions and guided 82 individuals and families, one of the strongest years in my team’s history. Who you work with matters.
After a strong finish to 2025, the question every client asked was who has the advantage in 2026. I answer it in under 30 seconds in this video.
If you are thinking about buying or selling in Manhattan, request a confidential consultation and I will walk you through what the latest numbers mean for your home. For the newest edition, read the Q3 2026 Franco Report, and sign up for The Franco Report newsletter to get each quarter first.
About the author. Michael J. Franco is a top producing broker at Compass with more than 20 years of experience as a broker, attorney, and investor. The Wall Street Journal and Real Trends ranked him number 13 in Manhattan and number 100 in the United States.
This post is for general information and is not financial, legal, or tax advice. Compass is a licensed real estate broker. Equal Housing Opportunity.
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