Manhattan real estate was resilient in the third quarter of 2025: in the market report we shared with clients, Manhattan closed nearly 3,200 sales, its highest third-quarter level in years, for more than $6 billion in volume. The median price reached about $1.2 million, a post-pandemic high, and nearly two-thirds of purchases were all-cash. Below, I cover sales, prices, inventory, and luxury activity in the third 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 Q3 2025?
The market report we shared with clients counted nearly 3,200 closings and more than $6 billion in volume. Corcoran counted 3,281 closings worth $6.56 billion, up 10%, and Douglas Elliman counted 3,158, up 13.4%. The $1 million to $3 million segment made up the largest share of sales, and condos above $3 million accounted for a quarter of all closings.
What Was the Median Manhattan Apartment Price in Q3 2025?
About $1.2 million, a post-pandemic high. Corcoran reported $1.225 million, up 7%, and said every price measure rose for a third straight quarter. Douglas Elliman reported $1,180,000, up 5.8%. Average contract prices slipped slightly, and sellers became more flexible on pricing, which renewed buyer confidence.
How Many Manhattan Buyers Paid Cash in 2025?
Nearly two-thirds. Douglas Elliman reported that 65.3% of third-quarter sales were all-cash, and virtually all deals above $3 million closed without bank financing.
How Strong Was Manhattan Luxury Demand in 2025?
Sales above $5 million reached a ten-year high in market share. Equity gains, generational wealth transfer, and demand for larger homes drove it. Douglas Elliman put the luxury median at $5,922,500, up 2.8%, with luxury inventory down 16.1%, and inventory between $10 million and $20 million tightened considerably.
Is Manhattan Inventory Rising or Falling?
Overall listings were essentially flat year over year, but co-op inventory contracted sharply while condo inventory expanded. Corcoran counted 6,536 active listings, up 1% year over year and down 11% from the second quarter. Douglas Elliman reported new-development sales up 71% to 578, while the new-development median fell 18.4% to $1.75 million as buyers shifted to smaller units.
How Do the Brokerage Reports Compare for Q3 2025?
Each brokerage counts sales differently, so the figures in each firm’s Q3 2025 report differ. Year-over-year changes are in parentheses.
| Metric | Corcoran | Douglas Elliman |
|---|---|---|
| Closed sales | 3,281 (+5% YoY) | 3,158 (+13.4% YoY) |
| Sales volume | $6.56 billion (+10%) | Not reported |
| Median sale price | $1.225 million (+7%) | $1,180,000 (+5.8%) |
| Average sale price | Not reported | $1,989,107 (+0.8%) |
| Average price per sq ft | $1,792 (+5%) | $1,552 (-2.8%) |
| Days on market | 103 (one week faster) | 77 (-3.8%) |
| Listings | 6,536 active (+1%) | 7,733 (+7.0%) |
| Cash share of sales | Not reported | 65.3% |
Did Manhattan Contracts Cool in Q3 2025?
Signed contracts were up slightly year over year but down from the second quarter, and average contract prices slipped. Fewer new-development launches and softer new-development pricing also point to less new supply ahead.
What Did Q3 2025 Mean for Manhattan Buyers and Sellers?
One word for the third quarter: resilient. Political noise and higher borrowing costs didn’t stop the market.
Demand is broad. Entry-level buyers are still competing for co-ops, and at the top, wealth, lifestyle, and long-term confidence are doing the work. Sellers who stay flexible on price are meeting buyers who are ready to act.
What Results Has The Michael J. Franco Team Delivered?
Through Q3 2025, my team had assisted 64 families and individuals with more than $150 million in sales volume. Who you work with matters.
With co-op inventory contracting, more buyers are weighing co-ops against condos. In this video, I walk through the tax benefits of co-op ownership.
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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