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 September 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

$1,349,196

$1,375/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

-$3,173(-0.2%)

Key Takeaway

The sold price of homes in Manhattan has remained the same since last year.

Summary: The median home sold price in Manhattan was $1,349,196 in September 2024, down 0.2% from last year, and the median price per square foot was $1,375.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $821.6K$811.1K
-1.3%
2 $1.6M$1.5M
-5.9%
3 $3.0M$2.8M
-6.6%
4 $4.9M$5.1M
+2.1%
5+ $8.2M$6.5M
-21.0%

Summary: Manhattan housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes decreased by 5.9%, 3 bedroom homes decreased by 6.6%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes decreased by 21%.

Housing Supply in Manhattan, NY

How many homes are available in Manhattan, NY?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
6,4576,596+2.2%

Summary: The Manhattan real estate market had 6,596 homes for sale in September 2024, a 2.2% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 2,2602,203
-2.5%
2 2,0992,182
+4.0%
3 1,1511,177
+2.3%
4 494545
+10.3%
5+ 453489
+7.9%

Summary: The Manhattan housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 2.5%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 2.3%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes increased by 7.9%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
637510-19.9%

Asking Price vs. Sold Price

63 Homes Were Sold
Under Asking

433 Homes Were Sold
At Asking

14 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. 84.9% of homes here sold near the asking price last month.

Summary: A total of 510 homes were sold or pending in Manhattan in September 2024, down by 19.9% month-over-month. Of the 510 sold homes, 12% were sold under asking, 85% were sold at asking, and 3% 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

Sep 2023Sep 2024CHANGE
81 Days132 Days+63.4%

Summary: Homes in Manhattan had an average of 132 days on market in Sep 2024, up by 63.4% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Manhattan are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During September 2024, 510 homes were sold in 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.

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

Report Updated 6 Days Ago

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