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Manhattan Quarter 3 2023 Market Report

October 16, 2023

Manhattan Market at a Glance: 

  • 3,427 closed sales
  • 2,266 contracts signed
  • 109 average days on market
  • 6,480 homes in inventory
  • $1.1175M median price
  • $1,712 average price per square foot

Q3 | Manhattan Market Report

The Manhattan market during the The Quarter of 2023 presented signs of improvement and market stabilization. Although sales have declined compared to the previous years's strong performance, there are noticeable positive trends in this past quarter. During this period, there were 3,400 property closings, generating $6.8 billion in sales volume, indicating an ongoing positive stabilization of the market.

The annual decline in sales is slowing down, various factors are contributing to this shift, including: the potential for an economic "soft landing," a pause in interest rate increases, lower inflation, modest property price reductions, soaring rents, and inherent demographic demand, all collectively enticing both buyers and sellers back into the market. Contracts signed, a true indicator of market demand, experienced a 15% year-over-year decline. However, with 2,266 contracts signed, this represents the smallest annual drop since interest rates surged six quarters ago. Upper Manhattan saw a significant 32% decline in sales, while all other submarkets witnessed declines ranging from 15% to 17%. 

This marks the lowest inventory level for a third quarter since 2017. The 3% annual decline is primarily attributed to the limited influx of new properties onto the market, due to sellers' reluctance to list their properties due to low mortgage rates.

Property pricing in Manhattan is gradually adapting to the slower sales market, ongoing supply, and the highest mortgage rates witnessed in over two decades. A significant indicator of a downward pricing trend is the year-over-year decline in the average and median price per square foot, down 3% and 4%. Property price figures are now resembling those seen in 2015, potentially introducing real value to the market, which may stimulate demand in the forthcoming quarters.

To read the full report click 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

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

By The Randy Baruh Team / August 11, 2023

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

By The Randy Baruh Team / August 11, 2023

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

By The Randy Baruh Team / August 11, 2023

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How Randy Baruh Uses AI for Real Estate Listings

April 11, 2023

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

By Brownstoner / May 15, 2020

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

By Brownstoner / November 24, 2019

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

By Brownstoner / November 10, 2019

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

By Brownstoner / November 5, 2019

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

By Brownstoner / August 8, 2019

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

By Brownstoner / August 5, 2019

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

By Brownstoner / April 25, 2019

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

By Brownstoner / February 25, 2019

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

By Brownstoner / September 11, 2018

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New Listings

By Breownstoner / July 26, 2018

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

By Brownstoner / July 11, 2018

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

By Brownstoner / April 1, 2018

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

By Brownstoner / March 23, 2018

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Shape up: five homes for fitness

By Brownstoner / January 12, 2018

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

By Brownstoner / January 8, 2018

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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

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A New Brooklyn Listing Becomes the Borough’s Most Expensive

By Corcoran / October 2, 2017

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

By AM New York / August 6, 2017

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Postmodern Upper East Side townhouse tries again for $40M

By Curbed / January 26, 2017

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Art dealer Martin Zimet lists UES townhouse for $40M

By The Real Deal / January 26, 2017

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

By Bloomberg / December 6, 2016

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Live Large Over Union Square in This Penthouse Loft

By Corcoran / September 13, 2016

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Done Deals: DUMBO

By Brokers Weekly / June 15, 2016

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Living Large: East 61st Street

By CBS / May 25, 2016

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

By The Real Deal / April 5, 2016

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A New Dimension in Home Buying: Virtual Reality

By The New York Times / February 14, 2016

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Finding Real Estate Steals In The City

By Corcoran / November 30, 2015

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On the Market: Harlem Charmer

By Corcoran / November 11, 2015

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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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