Manhattan closed 2,854 sales in Q1 2025, a 19% jump from the 2,399 deals recorded in Q1 2024, making it one of the strongest first quarters the borough has seen in three years. The median sale price settled at roughly $1.12 million for the quarter, up from $1.01 million a year earlier, a 10% year-over-year increase that tracks with the broader citywide trend.
In my 25 years selling property across Upper Manhattan and the broader borough, I have rarely seen inventory climb and pace accelerate simultaneously the way Q1 2025 did. Buyers who paused in 2023 came back with conviction, and the data backs that up at every price tier.
Median Prices: Month by Month
The quarterly median was not a straight line. January opened at $1.1 million, February pushed to $1.15 million as competition tightened, and March settled back at $1.1 million as fresh inventory absorbed some of the demand. That inventory surge was significant: active listings rose from 6,748 in January to 8,037 by the end of March, a 19% increase in supply over just 90 days.
Despite that supply growth, days on market fell sharply. Listings that sat for an average of 116 days in January were moving in 74 days by March. That is a 36% compression in time-to-contract over a single quarter.
Condo vs. Co-op: Two Different Markets
| Property Type | Q1 2025 Median | Sale-to-List Ratio | Avg. DOM (Mar) |
|---|---|---|---|
| Manhattan Condo | $1.60M to $1.69M | 0.949 to 0.954 | 74 days |
| Manhattan Co-op | $772K to $894K | 0.949 to 0.954 | 74 days |
Condos held a significant premium over co-ops, with medians ranging from $1.60 million to $1.69 million across the quarter. Co-op medians were more volatile: $810,000 in January, $894,000 in February, then back to $772,000 in March. Across both types, buyers negotiated roughly 5% below asking price.
What the Sale-to-List Ratio Means for Buyers
A ratio of 0.95 means buyers are closing at 95 cents on the dollar of the asking price on average. The current 0.949 to 0.954 range gives buyers modest room to negotiate, but it is not a buyer's market in the traditional sense.
Borough Comparison: Manhattan vs. Brooklyn vs. Queens
| Borough | Q1 2025 Median | Q1 2024 Median | YoY Change |
|---|---|---|---|
| Manhattan | ~$1.12M | ~$1.01M | +10.0% |
| Brooklyn | ~$1.02M | ~$932K | +9.0% |
| Queens | ~$695K | ~$653K | +6.4% |
| NYC Citywide | ~$815K | ~$752K | +8.4% |
Brooklyn crossed the $1 million median threshold in Q1 2025. Queens remains the most accessible of the three for buyers priced out of Manhattan, with condos in the $600,000 to $660,000 range and an overall median of $695,000.
Active Manhattan Listings
Current inventory across Manhattan neighborhoods
210 E Broadway #H307
Lower East Side
210 E Broadway #H1305
Lower East Side
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
What This Means for Buyers in Q2 2026
Well-priced listings in the $800,000 to $1.5 million range are moving in under 90 days. The 5% discount off asking price is a reasonable working assumption for budget planning. Co-op buyers need to factor board approval timelines into their closing schedules.
For buyers with flexibility on property type, the co-op segment offers significant savings relative to condos. Read the NYC co-op buying guide if you are weighing co-op vs. condo for the first time.
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Schedule a Free ConsultationWhat This Means for Sellers in Q2 2026
The Q1 2025 data is encouraging for sellers, but it comes with a caveat: the 19% volume increase was driven partly by pent-up demand. Sellers pricing into Q2 2026 should watch the inventory trajectory closely.
The strongest seller position right now is in the $900,000 to $1.4 million co-op and condo range. Listings above $3 million moved more slowly and carried more negotiating room.
For a full breakdown of neighborhood-level pricing, the Manhattan market report pulls live MLS data updated every 15 minutes.
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