Is Midtown Manhattan, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Midtown Manhattan has remained a Buyer's Market.
Key Takeaway
Midtown Manhattan is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Midtown Manhattan, NY
How much do homes in Midtown Manhattan, NY cost?
Median Sold Price
$1,269,752
$1,432/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Midtown Manhattan have sold for 4.6% less than they did a year ago.
Summary: The median home sold price in Midtown Manhattan was $1,269,752 in May 2024, down 4.6% from last year, and the median price per square foot was $1,432.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $856.5K | $820K | -4.3% |
| 2 Bedrooms | $1.8M | $1.6M | -9.2% |
| 3 Bedrooms | $3.5M | $3.4M | -2.9% |
| 4 Bedrooms | $4.7M | $6.0M | +27.8% |
| 5+ Bedrooms | $7.9M | $6.8M | -13.6% |
Summary: Midtown Manhattan housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.3%, 2 bedroom homes decreased by 9.2%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 27.8%, and 5+ bedroom homes decreased by 13.6%.
Median Sold Price Compared To Nearby Neighborhoods
| Midtown Manhattan | $1.3M | $1.2M | -4.6% |
| Koreatown | $2.3M | $2.2M | -5.6% |
| Theater District | $1.2M | $1.0M | -16.8% |
Housing Supply in Midtown Manhattan, NY
How many homes are available in Midtown Manhattan, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,376 | 2,353 | -1.0% |
Summary: The Midtown Manhattan real estate market had 2,353 homes for sale in May 2024, a 1.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 942 | 928 | -1.5% |
| 2 Bedrooms | 816 | 792 | -2.9% |
| 3 Bedrooms | 399 | 399 | 0.0% |
| 4 Bedrooms | 139 | 148 | +6.5% |
| 5+ Bedrooms | 80 | 86 | +7.5% |
Summary: The Midtown Manhattan housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 1.5%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes remained the same, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 7.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 167 | 174 | +4.2% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
148 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Midtown Manhattan, expect to pay close to the asking price. 85.1% of homes here sold near the asking price last month.
Summary: A total of 174 homes were sold or pending in Midtown Manhattan in May 2024, up by 4.2% month-over-month. Of the 174 sold homes, 13% were sold under asking, 85% were sold at asking, and 2% were sold over asking.
Days on Market for Midtown Manhattan, NY
How long does it take to sell a home in Midtown Manhattan, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 140 Days | 178 Days | +27.1% |
Summary: Homes in Midtown Manhattan had an average of 178 days on market in May 2024, up by 27.1% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Midtown Manhattan are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 174 homes were sold in Midtown Manhattan; 0% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
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