Manhattan real estate recorded its strongest first-quarter closing volume in a decade in Q1 2026: in the market report we shared with clients, sales volume rose 4% year over year, higher-end volume rose roughly 10%, and average days on market fell nearly 10% to 110. Active inventory reached its lowest level in almost ten years, but signed contracts fell 11%, a signal to watch. Below, I cover sales, prices, inventory, and luxury activity in the first quarter of 2026, how the major brokerage reports compare, and what the quarter meant for Manhattan buyers and sellers.
How Strong Were Manhattan Sales in Q1 2026?
Sales volume rose 4% to $6.2 billion on 2,757 closings, according to Corcoran, and higher-end volume rose roughly 10%. Corcoran reported sales above $3 million up 10%, while lower-priced sales declined. Average days on market fell nearly 10% to 110.
What Was the Median Manhattan Apartment Price in Q1 2026?
Corcoran reported a median of about $1.28 million, up 9%, and average price per square foot of $1,972, up 4%. Brown Harris Stevens reported a median of about $1.13 million, up 13%, with resale condo prices up 10% and co-op prices flat to slightly down.
Is Manhattan Apartment Inventory Still Tight?
Yes. Active inventory was at its lowest level in almost ten years in our data, and Corcoran called it a five-year first-quarter low at just over 6,000 listings, down 2%. Only 81 new-development units launched, about 75% below the ten-year average, according to Corcoran.
How Strong Were Manhattan Luxury Sales in Early 2026?
Luxury contracts above $4 million topped $1.38 billion in February alone. Wall Street bonuses, stock market gains, and affluent buyers favoring hard assets in global cities drove the demand. Brown Harris Stevens reported luxury new-development sales up nearly 87% and cited record Wall Street bonuses of $49.2 billion.
Is Manhattan a Buyer’s or Seller’s Market in 2026?
It depends on the segment. Condos and new development were strong, co-ops were softer, and deals under $1 million were more negotiable. Correctly priced, well-presented homes did well, and buyers open to co-ops or renovation projects had a rare opportunity.
How Do the Brokerage Reports Compare for Q1 2026?
Each brokerage counts sales differently, so the figures in each firm’s Q1 2026 report differ. Year-over-year changes are in parentheses.
| Metric | Corcoran | Brown Harris Stevens |
|---|---|---|
| Closed sales | 2,757 (+1% YoY) | Not reported |
| Sales volume | $6.2 billion (+4%) | Not reported |
| Median sale price | About $1.28 million (+9%) | About $1.13 million (+13%) |
| Average resale price | Not reported | Just under $2 million (+5%) |
| Average price per sq ft | $1,972 (+4%) | Not reported |
| Days on market | 110 (-9%) | Not reported |
| Active listings | Just over 6,000 (-2%) | About -5% YoY |
| Signed contracts | -11% YoY | Not reported |
Did Manhattan Signed Contracts Fall in Q1 2026?
Signed contracts fell 11% year over year, which may point to softer closings in the second quarter. Corcoran described the drop as a pause rather than a pullback, citing geopolitics, market volatility, and rate expectations.
What Did Q1 2026 Mean for Manhattan Buyers and Sellers?
Manhattan is a tale of two, or more, cities right now. Condos and new development are strong, co-ops are softer, and entry-level deals have room to negotiate.
If you’re selling, price it correctly and present it well. If you’re buying, don’t wait for a crash. This market is supply-constrained, demand-driven, globally influenced, and it rewards quality.
What Results Has The Michael J. Franco Team Delivered?
Through Q1 2026, my team had more than $95 million in closed and pending sales, its best quarter ever. Who you work with matters.
The quarter’s message is that the market is price sensitive: overprice and buyers move on, price it right and you can get multiple bids. I explain 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).