Is Manhattan, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Manhattan is a buyer's market

Buyer's
Market

Difference Since February 2023

Since last year, Manhattan has remained a Buyer's Market.

Key Takeaway

Manhattan is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Manhattan, NY

How much do homes in Manhattan, NY cost?

Median Sold Price

$1,365,422

$1,422/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$15,667(-1.1%)

Key Takeaway

Homes in Manhattan have sold for 1.1% less than they did a year ago.

Summary: The median home sold price in Manhattan was $1,365,422 in February 2024, down 1.1% from last year, and the median price per square foot was $1,422.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $828.2K$811.9K
-2.0%
2 $1.6M$1.5M
0%
3 $2.9M$3.0M
+3.6%
4 $4.8M$5.1M
+5.5%
5+ $7.9M$7.1M
-10.3%

Summary: Manhattan housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2%, 2 bedroom homes did not change, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes decreased by 10.3%.

Housing Supply in Manhattan, NY

How many homes are available in Manhattan, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
6,9286,757-2.5%

Summary: The Manhattan real estate market had 6,757 homes for sale in February 2024, a 2.5% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 2,2642,217
-2.1%
2 2,3572,264
-3.9%
3 1,2831,229
-4.2%
4 565566
0.2%
5+ 459481
+4.8%

Summary: The Manhattan housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 2.1%, 2 bedroom homes decreased by 3.9%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes increased by 0.2%, and 5+ bedroom homes increased by 4.8%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
443369-16.7%

Asking Price vs. Sold Price

43 Homes Were Sold
Under Asking

319 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Manhattan, expect to pay close to the asking price. 86.4% of homes here sold near the asking price last month.

Summary: A total of 369 homes were sold or pending in Manhattan in February 2024, down by 16.7% month-over-month. Of the 369 sold homes, 12% were sold under asking, 86% were sold at asking, and 2% were sold over asking.

Days on Market for Manhattan, NY

How long does it take to sell a home in Manhattan, NY?

Average Sale Time

Feb 2023Feb 2024CHANGE
98 Days65 Days-33.7%

Summary: Homes in Manhattan had an average of 65 days on market in Feb 2024, down by 33.7% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Manhattan has remained consistent over time.

Summary: During February 2024, 369 homes were sold in Manhattan; 2% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Manhattan, NY

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