Is Midtown Manhattan, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$1,289,383
$1,455/sqft
Based on all homes sold in the last 12 months.
Difference Since March 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 $1,289,383 in March 2024, down 4.6% from last year, and the median price per square foot was $1,455.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $865.4K | $828.1K | -4.3% |
| 2 Bedrooms | $1.8M | $1.7M | -6.0% |
| 3 Bedrooms | $3.4M | $3.5M | +2.9% |
| 4 Bedrooms | $4.4M | $6.0M | +35.1% |
| 5+ Bedrooms | $6.4M | $7.9M | +23.4% |
Summary: Midtown Manhattan housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.3%, 2 bedroom homes decreased by 6%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 35.1%, and 5+ bedroom homes increased by 23.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Midtown Manhattan | $1.3M | $1.2M | -4.6% |
| Koreatown | $2.3M | $2.1M | -6.7% |
Housing Supply in Midtown Manhattan, NY
How many homes are available in Midtown Manhattan, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2,198 | 2,184 | -0.6% |
Summary: The Midtown Manhattan real estate market had 2,184 homes for sale in March 2024, a 0.6% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 847 | 828 | -2.2% |
| 2 Bedrooms | 786 | 777 | -1.1% |
| 3 Bedrooms | 340 | 349 | +2.6% |
| 4 Bedrooms | 141 | 141 | 0.0% |
| 5+ Bedrooms | 84 | 89 | +6.0% |
Summary: The Midtown Manhattan housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 2.2%, 2 bedroom homes decreased by 1.1%, 3 bedroom homes increased by 2.6%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 133 | 133 | 0.0% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
109 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Midtown Manhattan, expect to pay close to the asking price. 82% of homes here sold near the asking price last month.
Summary: A total of 133 homes were sold or pending in Midtown Manhattan in March 2024, the same as the previous month. Of the 133 sold homes, 17% were sold under asking, 82% were sold at asking, and 1% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 14 Days | 49 Days | +237.9% |
Summary: Homes in Midtown Manhattan had an average of 49 days on market in Mar 2024, up by 237.9% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Midtown Manhattan are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 133 homes were sold in Midtown Manhattan; 2% 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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