Manhattan real estate performed strongly in the first quarter of 2025: in the market report we shared with clients, sales rose 13.2% year over year and total sales volume reached nearly $6 billion, up more than 50%. Sales above $5 million rose more than 49%, the $20 million-plus tier had its best quarter since 2019, and nearly 60% of purchases were all-cash. Below, I cover sales, prices, inventory, and luxury activity in the first quarter of 2025, how the major brokerage reports compare, and what the quarter meant for Manhattan buyers and sellers.
How Much Did Manhattan Sell in Q1 2025?
The market report we shared with clients showed sales up 13.2% year over year and total volume of nearly $6 billion, up more than 50%. Corcoran counted nearly 2,700 closings, up 14%, and 2,934 signed contracts, up 3%. Brown Harris Stevens counted 2,672 closings, up 17%.
What Was the Median Manhattan Apartment Price in Q1 2025?
The median Manhattan sale price was $1.175 million in the first quarter of 2025, up 12% year over year, according to both Corcoran and Brown Harris Stevens. Corcoran reported a record resale condo median of $1.595 million, up 18%, and the co-op median reached its highest level in ten years.
Brown Harris Stevens put the resale co-op average at $1,549,383, up 20%, driven by three-bedroom-plus apartments.
How Many Manhattan Buyers Paid Cash in Q1 2025?
Nearly 60% of first-quarter 2025 purchases were all-cash, including about 90% of sales above $3 million. That makes much of the Manhattan market far less sensitive to mortgage rates than the national housing market.
How Strong Was Manhattan Luxury Demand in Early 2025?
Brown Harris Stevens reported luxury sales up 21% above $5 million, 63% above $10 million, and 150% above $20 million. We saw three forces behind it: buyers treating real estate as a safer asset than a volatile stock market, return-to-office policies pulling people back to the city, and the great wealth transfer, with purchases funded by gifts from parents and grandparents or through trusts.
Is Manhattan Inventory Shrinking?
Yes. Corcoran reported that new listings fell to an 11-year low and active listings stood at about 6,200 in mid-March, down 1%, and said shrinking inventory was pushing prices up, especially in luxury. Brown Harris Stevens reported 116 days on market, down 7%, and a sale-to-ask ratio of 96.9%.
How Do the Brokerage Reports Compare for Q1 2025?
Each brokerage counts sales differently, so the figures in each firm’s Q1 2025 report differ. Year-over-year changes are in parentheses.
| Metric | Corcoran | Brown Harris Stevens |
|---|---|---|
| Closed sales | Nearly 2,700 (+14% YoY) | 2,672 (+17% YoY) |
| Signed contracts | 2,934 (+3%) | Not reported |
| Median sale price | $1.175 million (+12%) | $1,175,000 (+12%) |
| Average sale price | Not reported | $2,246,783 (+20%) |
| Days on market | Not reported | 116 (-7%) |
| Active listings | About 6,200 in mid-March (-1%) | Not reported |
| Sale-to-ask ratio | Not reported | 96.9% |
Why Should Q1 2025 Closed Sales Be Read With Caution?
Manhattan deals typically take 60 to 120 days to close, so a quarter’s closed sales largely reflect contracts signed in the previous quarter. With economic uncertainty rising in early 2025, the first-quarter numbers deserve some caution.
What Did Q1 2025 Mean for Manhattan Buyers and Sellers?
The strength wasn’t only luxury. Buyers came back to the city for work, families helped the next generation buy, and many people decided real estate was a steadier place for their money than the stock market.
As I like to say, you can’t live in your stock portfolio. For sellers, a tightening supply of listings is an advantage. For buyers, cash and preparation are what win in this market.
What Results Has The Michael J. Franco Team Delivered?
Through Q1 2025, my team had 38 closed and pending sales and more than $90 million in sales volume. Who you work with matters.
The quarter’s featured residence was a high-floor, seven-room prewar home at 15 West 81st Street, with views of the Museum of Natural History and Central Park. I take you through it 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.
Social Cookies
Social Cookies are used to enable you to share pages and content you find interesting throughout the website through third-party social networking or other websites (including, potentially for advertising purposes related to social networking).