The Manhattan
Market Report.
Condos and co-ops, read separately, because this quarter they are telling different stories.
Condo contract activity rose while condo pricing eased. Co-op contracts dipped on a much lower price point. And on 1 July a new tax arrived that changes the maths above one million dollars.
Manhattan overall
| Metric | Q2 2026 | Year over year |
|---|---|---|
| Median sale price | $1,250,000 | ▲ 4.2% |
| Average sale price | $2,113,806 | ▲ 0.7% |
| Price per square foot | $1,694 | ▲ 2.7% |
| Closed sales | 2,849 | ▼ 6.3% |
| Active listings | 7,049 | ▼ 15.0% |
▲ higher than a year ago · ▼ lower than a year ago. Direction only. Falling inventory and falling price mean very different things to a buyer.
Condos
| Metric | Q2 2026 | Year over year |
|---|---|---|
| Signed contracts | 1,336 | ▲ 5.5% |
| Median contract price | $1,840,000 | ▼ 2.8% |
| New development median | $2,500,000 | held flat |
| Resale average price | Down about 5% | vs. Q2 2025 |
| Common charges + tax | $4,466 | $3.37 per sq ft |
New development spotlight. The median new development condo price held at $2.5 million through the quarter. The Upper East Side was the standout submarket, with deals up 36.4% year over year, and four-bedroom-plus residences saw a 41.3% jump in sales volume. SERHANT.’s head of research put it plainly: luxury has become its own animal, moving on a different track from the rest of the market.
Co-ops
| Metric | Q2 2026 | Year over year |
|---|---|---|
| Signed contracts | 1,640 | ▼ 1.8% |
| Median contract price | $950,000 | slight decline |
| Resale average price | $1,550,241 | ▲ 9.0% |
| Monthly maintenance | $3,077 | ▲ 10.2% |
A note on method: Miller Samuel’s quarterly does not publish a condo versus co-op price split. The finer read above comes from Douglas Elliman’s own Market Pulse, which tracks signed contracts on a separate methodology launched this year, and from Brown Harris Stevens, which tracks resale closings. They are shown alongside the Miller Samuel headline, never blended into it.
Market pulse
Condos and co-ops are telling different stories this quarter. Condo contract activity rose 5.5% even as condo pricing eased slightly: buyers are transacting, and sellers are meeting them partway. Co-ops saw contracts dip 1.8% on a much lower price point, the more affordable and more selective side of the market.
Layered on top, UrbanDigs’ real-time read shows supply down 9 to 10% from a year ago and contract pace running 14.5% ahead of last year, with all five of its major market signals leaning toward sellers. That is the strongest reading in years.
The pied-a-terre tax
New, as of 1 July 2026.
New York’s pied-a-terre tax took effect on 1 July 2026, adding an annual surcharge of 4% to 6.5% on non-primary condos and co-ops valued at one million dollars or more. Primary residences are exempt.
The early read is mixed. Overall contract volume hit a four-year high for a second quarter, but activity above five million dollars softened once the tax was announced, and only one contract signed above ten million dollars in the first full week after it took effect, the thinnest such week in more than six months.
What it means
If you are buying
- Below one million dollars, particularly for co-ops, there is still room to negotiate as supply grows at that end.
- Condo buyers are moving quickly even as prices ease slightly. That is a real window before the tax fully settles into pricing.
- Buying a non-primary residence above one million dollars? Model the surcharge into every offer now, not after closing.
If you are selling
- Above five million dollars, expect more scrutiny and longer days on market after the tax. Buyers are recalibrating, not disappearing.
- Inventory is down 15% year over year. A correctly positioned home is competing against fewer alternatives than it was last spring.
- Co-op resale averages are up 9.0%. If you have been waiting on a co-op, the closing data has moved in your favor.
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