New York – Real Estate Weekly Update (July 28th – Aug 4th)
Overall Synopsis
The city’s luxury market is showing sparks of momentum, though we’re seeing a slight pullback in new contract activity. In the sub-$4M space—what most of the world calls “luxury” but here in Manhattan is the high-end sweet spot—momentum is mixed. Many neighborhoods are holding flat or trending down week-over-week, a reflection of today’s economic uncertainty.
Compass defines this segment as residential contracts signed between $1M and $4M in Manhattan. And last week? It moved.
Market Snapshot
- Contracts Signed: 11 in just seven days—brisk activity in this band.
- Total Volume: $22.73M
- Average Asking: $2.066M | Median: $1.625M
- Average PPSF: ~$1,965
- Days on Market: ~1.2 days — yes, days, not weeks.
Condos continue to dominate, taking roughly 80% of contracts, with co-ops still competitive in pricing. Hot spots include the Upper West Side, Greenwich Village, Chelsea, and Kips Bay, each capturing 18% of the week’s deals—proof that buyers are circling key lifestyle neighborhoods.
What’s Driving It
Buyers are still moving fast when the right property appears, but inventory is building—up 11%—and buyer traffic is down about 7% across the city. Translation: leverage is tilting toward buyers.
In a shifting market like this, “coming to market correctly” isn’t just a cliché—it’s survival. Your launch plan needs to be strategic, your pricing disciplined, your presentation flawless, and your agent not just experienced, but relentless.
When I take a property to market, we don’t just “list it.” We launch it—full-scale marketing, targeted broker outreach, strategic staging, and neighborhood-level buzz to capture attention before the listing even goes live. Because in this environment, you have one shot to make buyers fall in love.
Key Market Stats
| Metric | This Week | Last Week | Trend |
|---|---|---|---|
| Total Contracts Signed | 11 | Data not provided | 🟢 Up |
| Total Volume | $22,730,000 | — | — |
| Average Asking Price | $2,066,000 | — | — |
| Median Asking Price | $1,625,000 | — | — |
| Average PPSF | ~$1,965 | — | — |
| Average Days on Market | ~1.2 days | — | 🟢 Down |
Commentary:
Demand continues strong in the $1–4 M segment, with 11 contracts signed in just one week. Days on market remain minimal, reflecting high buyer velocity.
Property Type Breakdown
| Property Type | # Contracts | Avg Price | Median Price | Avg PPSF | Avg SqFt |
|---|---|---|---|---|---|
| Condo | 9 | $2,027,000 | $1,580,000 | ~$2,000 | ~1,200 |
| Co-op | 2 | $2,012,500 | $2,012,500 | — | — |
Commentary:
Condominiums dominate this price tier, accounting for ~80% of signed contracts. Co-ops remain active, though limited in number but competitive in pricing.
Geographic Distribution
| Neighborhood | Share of Deals |
|---|---|
| Upper West Side | 18% (2) |
| Greenwich Village | 18% (2) |
| Chelsea | 18% (2) |
| Kips Bay | 18% (2) |
| Tribeca | 9% (1) |
| Hell’s Kitchen | 9% (1) |
| Lenox Hill | 9% (1) |
Commentary:
Deals are evenly spread across key Midtown and Downtown neighborhoods. High competition in centrally located Boro hubs like UWS, Village, Chelsea, and Kips Bay.
Notable Contracts
- 46 Lispenard St, Unit 1B (TriBeCa)
Asking: $3,895,000 | 2 Bed / 3.5 Bath | 3,896 SF | $1,000 PPSF
✅ Rare TriBeCa triplex condo at an extremely low PPSF relative to neighborhood pricing. - 201 E 23rd St, Unit 11B (Kips Bay)
Asking: $2,485,000 | 2 Bed / 2 Bath | 1,120 SF | $2,219 PPSF
✅ Highly compact, efficient design commanding premium PPSF. - 720 West End Ave, Unit 5H (Upper West Side)
Asking: $2,550,000 | 2 Bed / 2.5 Bath | 1,475 SF | $2,153 PPSF
✅ Spacious sunlight-filled condo in a prime Upper West Side high-rise.
Market Observations
- 🟢 Contract activity in the $1 M–$4 M band remains brisk with 11 signed contracts across seven days.
- 🟢 Days on Market averaged just ~1.2 days, highlighting intense competition and fast-moving deals.
- 🔴 Average PPSF of ~$1,965 suggests a mix of units at both ends of the spectrum—some low-PSF gems and high-PSF efficient homes.
- ✅ Co-ops held steady with two contracts—small share but solid pricing relative to condos.
Disclaimer: All prices represent asking prices. Data is sourced from Compass listings and pertains to contracts signed between July 29 and August 4, 2025. Prepared for internal Compass use.
