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Manhattan Q2 2023 Market Report

August 16, 2023

Manhattan Market at a Glance: 

  • 3,242 contracts signed 
  • 131 average days on market
  • 7,338 homes in the inventory
  • $1,816 average price per square foot 

 

Q2 2023 | Manhattan Market Report

During the second quarter of 2023, the Manhattan real estate market regained equilibrium. With a notable 48% rebound in closings compared to the previous quarter, Q2 2023 displayed several encouraging indicators of the market readjusting to its usual state. Unless there's a substantial surge in new inventory, the potential for further price decline seems limited. Prospective buyers are advised to carefully evaluate their choices to make a purchase in Manhattan. 

In Q2, the market showed signs of normalization with increased springtime listings, slower interest rate hikes, and some price relief. This encouraged buyers, offering acclimating sellers, lower competition, and stable prices if inventory remains limited. Market wide closings surged 48% Quarter over Quarter, but dropped 23% from a 2022 Q2 peak. Despite this yearly decline, the market is stabilizing towards its long-term Q2 sales average, evident in Manhattan's market gaining momentum in the quarter with the YoY contract decline narrowing from 20% in April to 9% in June. 

Inventory hit a two year high at 7,338 listings, yet lower-priced segments saw notable declines. Buyers seeking homes under $2M faced a 7% reduction in options, while those after properties over $2M had about 6% more choices. Both average price and price per square foot fell, marking the second two-year decline. Average prices differed between the two types: resale co-ops increased by 2%, while resale condo prices fell by 3%, driven by an expanded market share of one-bedroom sales. 

Read the full report HERE

 

Featured Press & Media Posts

Press

Kate Moss and Johnny Depp's former Greenwhich Village Apartment Hits the Market

By The Randy Baruh Team / August 11, 2023

Press

Kate Moss and Johnny Depp's Former NYC Love Nest asks $15.5M

By The Randy Baruh Team / August 11, 2023

Press

Greenwich Village Residence Where Kate Moss Lived in the '90s Seeks $15.5M

By The Randy Baruh Team / August 11, 2023

Press

If You're Not Leaning Into Video and Social, You're Going to Get Passed By

By The Randy Baruh Team / August 11, 2023

Press

How Randy Baruh Uses AI for Real Estate Listings

April 11, 2023

Press

Brooklyn Real Estate Six Months Later: Two Sold, One in Contract, One Still Available

By Brownstoner / May 15, 2020

Press

Top 10 Brooklyn Real Estate Listings: A Finish Co-op in Sunset Park, a Crown Heights Limestone

By Brownstoner / November 24, 2019

Press

Top 10 Brooklyn Real Estate Listings: A Co-Op in Flatbush, a Standalone in Bay Ridge

By Brownstoner / November 10, 2019

Press

Spacious Co-op in Prewar Brooklyn Heights Tower With Fanciful Exterior, Updates Asks $1.5 Million

By Brownstoner / November 5, 2019

Press

Manhattan's most dramatic price cuts include Fifth Avenue co-op reduced by $555K

By Brownstoner / August 8, 2019

Press

The most spectacular new listings in NYC include Gramercy brewery-turned-condo

By Brownstoner / August 5, 2019

Press

Brooklyn’s luxury market saw 16 contracts signed last week: Stribling

By Brownstoner / April 25, 2019

Press

A true two bedroom, two bath in Dumbo, for a relative steal at $1,325,000

By Brownstoner / February 25, 2019

Press

Before & After: A Humdrum Home in Brooklyn Receives a Stylish Revamp

By Brownstoner / September 11, 2018

Press

New Listings

By Breownstoner / July 26, 2018

Press

How much for a sun-filled Upper East Side 2BR with custom finishes?

By Brownstoner / July 11, 2018

Press

Top 10 Brooklyn Real Estate Listings: A Corner Loft and a Minimalist Brownstone

By Brownstoner / April 1, 2018

Press

Park Slope Home With Zen Vibe and Three More to See This Weekend, Starting at $1.695 Million

By Brownstoner / March 23, 2018

Press

Shape up: five homes for fitness

By Brownstoner / January 12, 2018

Press

Massive One Brooklyn Bridge Park Condo With Rooftop Cabana, Skyline Views Asks $8.75 Million

By Brownstoner / January 8, 2018

Press

The Mountaintop

By Corcoran / November 27, 2017

Press

Brooklyn's most expensive home for sale is this $19.5M condo

By Curbed / October 2, 2017

Press

A New Brooklyn Listing Becomes the Borough’s Most Expensive

By Corcoran / October 2, 2017

Press

3D videos: A new way to tour NYC real estate up for sale

By AM New York / August 6, 2017

Press

Postmodern Upper East Side townhouse tries again for $40M

By Curbed / January 26, 2017

Press

Art dealer Martin Zimet lists UES townhouse for $40M

By The Real Deal / January 26, 2017

Press

Goldman Sachs Alum Turns to Virtual Reality to Sell $57 Million Mansion

By Bloomberg / December 6, 2016

Press

Live Large Over Union Square in This Penthouse Loft

By Corcoran / September 13, 2016

Press

Done Deals: DUMBO

By Brokers Weekly / June 15, 2016

Press

Living Large: East 61st Street

By CBS / May 25, 2016

Press

These Were the Top Home Sales in BK, Queens in March

By The Real Deal / April 5, 2016

Press

A New Dimension in Home Buying: Virtual Reality

By The New York Times / February 14, 2016

Press

Finding Real Estate Steals In The City

By Corcoran / November 30, 2015

Press

On the Market: Harlem Charmer

By Corcoran / November 11, 2015

Press

Last week's prettiest new listings include Demi Moore's triplex penthouse in the San Remo

By Brownstoner / November 4, 2001

Press

Remaking a ‘Developer Special’ in Brooklyn

By Brownstoner / January 16, 2001

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