Is Upper 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, Upper Manhattan has remained a Buyer's Market.
Key Takeaway
Upper Manhattan is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Upper Manhattan, NY
How much do homes in Upper Manhattan, NY cost?
Median Sold Price
$1,256,339
$1,239/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
The sold price of homes in Upper Manhattan has remained the same since last year.
Summary: The median home sold price in Upper Manhattan was $1,256,339 in March 2024, up 0.4% from last year, and the median price per square foot was $1,239.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $727.1K | $702.5K | -3.4% |
| 2 Bedrooms | $1.3M | $1.3M | +1.8% |
| 3 Bedrooms | $2.4M | $2.4M | -0.9% |
| 4 Bedrooms | $4.2M | $4.5M | +7.8% |
| 5+ Bedrooms | $7.6M | $6.2M | -18.4% |
Summary: Upper Manhattan housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.4%, 2 bedroom homes increased by 1.8%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes decreased by 18.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Upper Manhattan | $1.2M | $1.2M | 0.4% |
| Central Harlem | $869K | $802.5K | -7.7% |
Housing Supply in Upper Manhattan, NY
How many homes are available in Upper Manhattan, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3,329 | 3,338 | 0.3% |
Summary: The Upper Manhattan real estate market had 3,338 homes for sale in March 2024, a 0.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 960 | 965 | 0.5% |
| 2 Bedrooms | 1,066 | 1,048 | -1.7% |
| 3 Bedrooms | 657 | 672 | +2.3% |
| 4 Bedrooms | 324 | 317 | -2.2% |
| 5+ Bedrooms | 322 | 336 | +4.3% |
Summary: The Upper Manhattan housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 0.5%, 2 bedroom homes decreased by 1.7%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 2.2%, and 5+ bedroom homes increased by 4.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 194 | 230 | +18.6% |
Asking Price vs. Sold Price
37 Homes Were Sold
Under Asking
190 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Upper Manhattan, expect to pay close to the asking price. 82.6% of homes here sold near the asking price last month.
Summary: A total of 230 homes were sold or pending in Upper Manhattan in March 2024, up by 18.6% month-over-month. Of the 230 sold homes, 16% were sold under asking, 83% were sold at asking, and 1% were sold over asking.
Days on Market for Upper Manhattan, NY
How long does it take to sell a home in Upper Manhattan, NY?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 281 Days | 131 Days | -53.4% |
Summary: Homes in Upper Manhattan had an average of 131 days on market in Mar 2024, down by 53.4% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Upper Manhattan are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 230 homes were sold in Upper Manhattan; 0% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
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