New York – Manhattan – Real Estate Monthly Market Report (November 2025)
Overall Synopsis
As we head into the final stretch of Q4, the Manhattan resale market is defying seasonal expectations. Even with a modest dip in average price-per-square-foot, we’re seeing stronger buyer activity, leaner inventory, and faster sales timelines. Across Manhattan and Brooklyn, open house traffic has surged. Meanwhile, the $4M+ contract market continues to outperform last year, revealing a selective but steady appetite for high-end homes.
Kēy Takeaway
The Manhattan market is not slowing—it’s sharpening. Inventory is down, serious buyers are out, and smart listings are winning. For sellers, this is the moment to price with clarity, launch with intention, and move with purpose. For buyers, the window for leverage exists—but only if you’re ready to act decisively.
Market Snapshot
- Contracts Signed ($4M+): 302 (vs. 295 YoY Post-Labor Day)
- New Inventory (30 Days): 1,130 units | 10.4% went into contract in first 30 days
- Current Inventory: 8,350 + 299 Private Exclusives
- Net Inventory Change: –270 units | A 136% swing from October
- Monthly Absorption Rate: 6.5 months | ↑ +6.6%
- Median Listing Discount: 4.4% | Stable
- Days on Market (DOM): ~78 days | ↓ –2.5%
- Resale PPSF: $1,243 | ↓ –0.5%
- Condo PPSF: $1,388 | ↓ –0.6%
- New Dev PPSF: $2,010 | ↓ –2.0%
Condos continue to dominate buyer attention, especially in high-utility layouts (2-3 beds) in Downtown and West Side neighborhoods. Quality inventory is being rewarded with early offers and tighter negotiation timelines.
What’s Driving It
Manhattan’s luxury market is recalibrating—not retreating. After a fall surge in listings, inventory has now tightened, with net inventory dropping by 270 units—the sharpest decline of 2025. That squeeze has given well-prepared listings a competitive edge. At the same time, absorption rose to 6.5 months, and DOM fell to 78 days—the fastest pace since spring.
Even as price-per-square-foot has softened across segments, it’s not due to demand weakness. Instead, sellers are pricing smarter, meeting the market rather than floating above it. The result? Properties are trading faster, and buyers are moving with renewed confidence.
Open house traffic confirms the trend: up 26% in Manhattan and 42% in Brooklyn. And the $4M+ luxury tier is holding its ground—with contract volume outpacing last year’s levels nearly every week this fall.
When I prepare a property for market, I don’t just stage it—I script it. I reach out to brokers pre-launch, build momentum privately, and ensure your listing shows up polished and positioned for maximum impact. Today’s buyers want story, not just stats—and I make sure each listing speaks directly to that.
Key Market Stats
| Metric | Nov 2025 | Prior Period | Trend |
|---|---|---|---|
| New Inventory | 1,130 | 2,050 (Oct 14) | 🔽 –44.9% |
| Inventory (Incl. PEs) | 8,649 | 8,792 | 🔽 –1.6% |
| Net Inventory | –270 | +738 | 🔻 –136.2% |
| Absorption Rate | 6.5 | 6.1 | 🟢 +6.6% |
| DOM | 78 | 80 | 🟢 –2.5% |
| Resale PPSF | $1,243 | $1,249 | 🔻 –0.5% |
| Condo PPSF | $1,388 | $1,396 | 🔻 –0.6% |
| New Dev PPSF | $2,010 | $2,051 | 🔻 –2.0% |
Property Type Breakdown
- Condos: Continue to lead, particularly in Downtown, Tribeca, UWS, and Hudson-facing areas. Flexibility, views, and strong staging are key selling points.
- Co-ops: Slower to move but still viable when priced within range. Buyers are negotiating harder, especially on less renovated stock.
- New Development: Seeing a strategic pullback. 82% of new inventory remains shadow—off-market but held back intentionally. Developers are favoring premium over volume, keeping price integrity intact.
Geographic Distribution
| Top Performing Neighborhoods (Oct 2025) | % Above Historical Avg |
|---|---|
| Financial District | +153.85% |
| Midtown Center | +136.84% |
| Tribeca | +121.43% |
| Underperformers (Oct 2025) | % Below Historical Avg |
|---|---|
| East Harlem | –66.67% |
| Kips Bay | –23.08% |
| NoMad | –16.67% |
These patterns reflect a clear tilt toward well-located, architecturally significant, and lifestyle-rich neighborhoods. That’s where I advise my clients to invest in marketing, staging, and pricing strategy to stand out.
Notable Sales (Nov 10–25, 2025)
No specific addresses were disclosed during this cycle, but contract trends suggest ongoing strength in core luxury buildings like 111 West 57th, 15 Central Park West, 200 Amsterdam, and 150 Charles. These properties continue to anchor the $4M+ segment with strong showings and lifestyle cachet.
