Manhattan sales above $10 million jumped 66.7% in the second quarter of 2025, driven by cash buyers with a long horizon, including buyers arriving from markets such as Florida and California. Overall, closed sales rose 14.5% from the first quarter and 5.2% year over year in the market report we shared with clients, while condo sales rose 13.7% and overall contracts dipped 4.9% on weaker co-op activity. Below, I cover sales, prices, inventory, and luxury activity in the second quarter of 2025, how the major brokerage reports compare, and what the quarter meant for Manhattan buyers and sellers.

Did Manhattan Sales Rise in Q2 2025?

The market report we shared with clients showed closed sales up 14.5% from the first quarter and 5.2% year over year. Corcoran counted 3,257 closings, up 5%, with signed contracts up 3% for a fifth straight quarterly gain. In our data, overall contracts dipped 4.9%, driven mainly by co-ops.

What Was the Median Manhattan Apartment Price in Q2 2025?

Corcoran reported a median of $1.24 million, up 3% and the second-highest on record, and Brown Harris Stevens reported $1,210,000, up 1%. Brown Harris Stevens put the resale condo average at $2,625,357, up 2%, the resale co-op average at $1,382,444, up 3%, and the new-development average at $3,515,164, up 11%.

Did Condos Outsell Co-ops in Manhattan in Q2 2025?

Condo sales rose 13.7% year over year while co-op sales slipped 1.5%. Condos offer flexibility, simpler ownership, and rental potential, and condo contract volume surged in Midtown East and on the Upper West Side. Co-ops were harder to sell because of board restrictions and lower inventory, which leaves room for patient buyers to find value.

Why Is Manhattan Inventory Still Tight?

New listings fell 14.1% year over year in our data, and many owners locked into low mortgage rates were reluctant to sell. Corcoran reported 7,362 active listings, down 2%, and said supply had shrunk for a full year as fewer new developments launched and more listings were pulled. Days on market fell 8% to 120, according to Corcoran.

Who Is Buying Manhattan’s Ultra-Luxury Homes?

Closed sales above $10 million rose 66.7%, with buyers arriving from markets including Florida and California. At the top of the market, decisions are driven by cash and a long horizon rather than by interest rates.

How Do the Brokerage Reports Compare for Q2 2025?

Each brokerage counts sales differently, so the figures in each firm’s Q2 2025 report differ. Year-over-year changes are in parentheses.

Metric	Corcoran	Brown Harris Stevens
Closed sales	3,257 (+5% YoY)	3,081
Signed contracts	+3% (fifth straight annual gain)	Not reported
Median sale price	$1.24 million (+3%)	$1,210,000 (+1%)
Average sale price	Not reported	$2,157,641 (+5%)
Average price per sq ft	$1,856	Not reported
Days on market	120 (-8%)	122 for resales (-5%)
Active listings	7,362 (-2%)	Not reported

Did Manhattan Contracts Slow in Late June 2025?

Momentum slowed in the second half of June, when 415 contracts were signed compared with 416 a year earlier. The mayoral race and global tensions caused some buyers to pause, though the long-term fundamentals of limited supply, global appeal, and quality of life held.

What Did Q2 2025 Mean for Manhattan Buyers and Sellers?

Manhattan keeps attracting serious buyers even in a choppy climate. Steady, resilient, and quietly confident is how I’d describe it.

At the high end, liquidity and long-term vision are the names of the game. For sellers, move-in-ready, well-priced homes face real competition from buyers. For buyers open to co-ops, patience can still uncover value.

What Results Has The Michael J. Franco Team Delivered?

Through Q2 2025, my team had assisted 67 clients, with a goal of 100 by year-end. Who you work with matters.

Tight supply was the quarter’s defining story. In this video, I explain why limited inventory keeps New York City housing costs high.

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.

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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.