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.
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