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The Manhattan Real Estate Market Sees Positive Trends
As we step into 2026, the Manhattan real estate landscape is buzzing with optimism as both median sales prices and the number of deals completed have risen for the fifth consecutive quarter. According to the latest Elliman Report, the median sales price for co-ops and condos has climbed 2.3%, reaching a noteworthy $1,125,000. This surge is paired with a notable 5.4% increase in closed deals during the last quarter of 2025, revealing a robust momentum in the local market.
What Does Declining Inventory Mean?
Another striking finding from the report is the decline in available listings, which fell for the first time in four quarters. This scenario creates a more competitive environment for buyers, with inventory dropping by 4.4%. As Jonathan Miller, president of Miller Samuel, notes, the combination of rising sales and dwindling inventory has made the market feel faster.
The Role of Cash Transactions
A significant portion of transactions has involved cash buyers. Interestingly, about three-quarters of condo purchases were made in cash—the second-highest market share recorded. This trend showcases that finance-dependent co-op units are experiencing a resurgence, as the drop in mortgage rates has made lower-priced properties more attractive.
Signs of a Strong Market Ahead
Bess Freedman, CEO of Brown Harris Stevens, welcomed the decreased mortgage rates, calling them "the best news in 2025." She believes that as these rates stabilize and perhaps decrease further, the Manhattan market is poised for significant activity in 2026, in stark contrast to national trends.
Buyer Behavior and Future Trends
As we look ahead, it's clear that cash-rich buyers are insulated from broader economic challenges. This resilience has led to increased competition, especially in higher price brackets where bidding wars are becoming commonplace, according to Brian K. Lewis from Compass. With both seasoned and new buyers actively engaging, the market seems set for continued growth.
Conclusion: A Positive Outlook for Investors
The Manhattan real estate market is showing positive dynamics, combining rising sales with declining inventory and favorable financing conditions. For potential buyers and investors, now may be a pivotal moment to enter this evolving landscape. As we look forward to 2026, the insights from the recent reports suggest that this upward trend in both deals and prices might continue, representing a substantial opportunity for stakeholders in this vibrant urban market.
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