Manhattan Sales Market Holds Steady Amid Tight Inventory and High Rates

What happened

CooperatorNews New York published a market snapshot of Manhattan co-ops and condos on 11/04/2026. It describes a market shaped by limited inventory, elevated interest rates and a high share of all-cash deals. Citing brokerage and analytics reports, it says the median sale price for Manhattan residential properties has hovered near $1.25 million, a multi-quarter trend of annual price stability. Active listings are down double digits year over year. The outlet notes that firms such as Douglas Elliman/Miller Samuel, Corcoran and Brown Harris Stevens use different methods, so their numbers cannot be swapped directly.

Cash dominates. Miller Samuel reports prepared for Douglas Elliman put all-cash deals at roughly 65% of residential sales, and about 90% for properties priced above $3 million. Condo resale medians are holding near $1.65 million. Properties above $3 million make up nearly a fifth of market activity. Some new development units in Tribeca and Hudson Yards have sold for more than $4,000 to $7,000 per square foot.

Co-ops look steadier but cost more to carry. The resale co-op median has held near $850,000 to $875,000. Average monthly maintenance fees have risen steadily, driven mainly by higher property insurance premiums, building staff wage adjustments and higher municipal utility costs. Co-ops average more than 90 days on the market before going to contract, though prewar buildings on the Upper East Side and Upper West Side still turn over consistently.

Thirty-year fixed mortgage rates have moved in the mid-to-high 6% range. The article says forecasts from Fannie Mae and the Mortgage Bankers Association see rates near 6.5% to 6.7% through 2027. The outlet expects this to weigh more on entry-level co-ops than on cash-heavy luxury condos, and to keep inventory tight because owners with low older mortgage rates are reluctant to sell. At the top end, it lists past sales at 70 Vestry Street, 150 Charles Street and 220 Central Park South. It also mentions pending contracts at 80 Clarkson Street reported at $80 million to over $100 million, which will not be final until deeds are recorded in ACRIS.