Market Knowledge
Know the Manhattan market before you make a move
Straightforward insight on prices, inventory and the buying and selling process, updated every quarter so you can make decisions with real numbers, not headlines.
The essentials
Co-op vs. condo
Most Manhattan apartments are one or the other, and the difference shapes your whole purchase.
- Co-op: you buy shares in a corporation that owns the building. Expect a board interview, stricter financing rules and limits on subletting, often at a lower price.
- Condo: you own the unit outright. More flexibility to rent or resell, usually a higher price, and no board interview.
What the market numbers mean
- Median price: the middle sale. A better read on "typical" than the average, which a few big sales can skew.
- Price per square foot: the best way to compare apartments of different sizes.
- Days on market: how fast homes sell. Falling means buyers are acting quickly.
- Active listings: supply. Fewer listings usually means more competition.
What to have ready
In a tight market, being prepared is how you win the apartment.
- Mortgage pre-approval, or proof of funds for cash
- Recent tax returns, bank statements and pay stubs
- A real estate attorney lined up before you make an offer
- Reference letters if you're buying a co-op
Pricing it right
Today's buyers are informed. Homes priced in line with recent comparable sales draw the most interest in the first few weeks, while overpriced listings tend to sit and then sell for less.
- Base the price on recent sales, not just active listings
- Invest in professional photos and a floor plan
- Handle small repairs before you list
Common questions
Is now a good time to buy in Manhattan?
It depends on your timeline and finances more than the headlines. Prices have been rising and inventory is thin, so waiting doesn't guarantee a better deal. If you plan to stay five years or more and your budget works at today's rates, it's worth looking seriously.
How long does it take to buy an apartment?
Condo purchases often close in roughly 60–90 days after a signed contract. Co-ops usually take longer because of the board package and interview, often 90–120 days.
Should I sell before or after buying my next home?
Selling first gives you certainty about your budget and a stronger position as a buyer, but you may need temporary housing. Buying first avoids a move in between but can mean carrying two homes. We can map out both scenarios for your situation.
What does a "board package" involve?
Co-op boards review a detailed application covering your finances, employment, tax returns and references, followed by an interview. A complete, well-organized package makes a real difference.
Get the quarterly market update
A short, plain-English recap of what's happening in Manhattan, sent each quarter.
Snapshot data: The Corcoran Group, Manhattan Real Estate Market Report: 3Q 2026. General information only, not legal or financial advice.
Market Update · Q3 2026
Manhattan: More sales, higher prices, fewer homes to choose from
Manhattan just had its busiest third quarter for closings since 2022, and prices rose for the seventh quarter in a row. The bigger story is supply: with fewer homes on the market, well-priced listings are going to contract faster than they have in years.
Key takeaways
- Inventory is the story.New listings fell 6%, and new-development inventory dropped 22% to its lowest level since late 2012.
- Luxury is leading.Closings above $3M jumped 25%, with the $3M–$5M range up 40%. Sales over $3M now make up 19% of the market, tied for a record.
- Condos outpaced co-ops.Resale condo sales rose 15% to a record median of $1.65M, while the resale co-op median held steady at $875K.
- Downtown and Midtown were hottest.Downtown sales rose 21% with the median up 17% to $1.7M; Midtown sales rose 22%. The East and West Sides were roughly flat.
- Contracts cooled slightly.Signed contracts dipped 6%, as higher mortgage rates, the new pied-à-terre tax and thin supply led some buyers to wait.
What this means for you
If you're buying
Good homes aren't lasting long, so have financing lined up before you tour. Co-ops, with prices holding flat, may offer the best value right now.
If you're selling
With fewer competing listings, a well-priced home can attract serious buyers quickly. Pricing right from day one matters more than ever.
Data source: The Corcoran Group, Manhattan Real Estate Market Report: 3Q 2026. Figures are year-over-year comparisons for the third quarter.