The Pulse - Manhattan Luxury Market 5/27/25
Pulse
Pulse
Manhattan $4M+ Contracts Surge 49% hat their best weekly performance since fall 2021.
Contract activity in the Manhattan $4M+ market surged 49% last week—the strongest weekly performance since the fall of 2021, a record-breaking year for contracts. A total of 49 properties went into contract, up from 33 the week prior. Over the past 30 days, 180 contracts were signed—up 31% from the same time last year.
The headline news? Manhattan just closed out its strongest first quarter in six years. Sales volume for Q1 reached $5.7 billion—a 56% jump over Q1 of last year. Luxury buyers are moving with conviction, treating prime real estate as a safe haven amid market volatility.
The message is clear: when properties are priced right and presented strategically, buyers are stepping in decisively. This is not a market to sit out—especially if you're a seller prepared to meet the moment.
Contracts Signed: 49 (vs. 33 prior week) up 49%
30-Day Contracts: 180 ↑ 31% YoY
Sales Volume: $400,572,000
New Listings: 45 versus 65 ↓ 31% vs. prior week | 197 (30-day total) ↓ 3% YoY
Off-Market Listings: 27 ↓ 7% vs. prior week | 93 (30-day total) ↓ 8% YoY
Downtown: 16 contracts (33%)
Upper East Side: 13 contracts (27%)
Midtown: 10 contracts (20%)
Upper West Side: 10 contracts (20%)
The Upper East Side continued to show strength, particularly in co-ops, while Downtown remains the most active segment. Midtown and the Upper West Side both held firm with healthy shares of activity.
Condos: 33 contracts (67%)
Co-ops: 13 contracts (27%)
Townhouses: 3 contracts (6%)
Co-ops continue to prove their value in prime locations—savvy buyers are choosing space, views, and long-term value over flash.
New development captured a 16% market share with 8 contracts signed. Buyers remain highly selective, focusing on well-located, design-forward inventory.
Discounts were negotiated on 26 of the 49 contracts (53%), with a median discount of 6% off the last asking price.
Market Pulse: Up 0.4 points from last month | ↑ 19% YoY
Climate Index: ↓ 30.8% MoM | ↑ 19% YoY
The Market Pulse reflects the ratio of signed contracts to active listings—a rising number indicates stronger demand relative to supply.
The Climate Index tracks the strength of the market for sellers by measuring the ratio of contracts signed to listings removed from the market. A rising number suggests stronger seller conditions; a decline may indicate pricing resistance or buyer hesitation.
Eight contracts were signed at $10M and above last week, claiming a 16% share of the market. The Market Pulse in this segment is up 0.3 points month-over-month but remains just under last year's levels, down 0.9 points YoY. Trophy properties are trading—but strategy matters.
Stocks dipped last Friday after former President Trump reignited trade tensions, including commentary aimed at Apple and the EU. Meanwhile, Redfin reports a surge in national home sale cancellations (1 in 7) and rising inventory in several U.S. markets. Luxury real estate, however, continues to outperform. Manhattan just recorded its best Q1 in six years—$5.7B in sales, up 56% from Q1 2023.
In volatile times, luxury real estate remains the asset class of choice for discerning buyers.
Sellers: This is your window. With the highest weekly contract total since 2021, the market is signaling real demand. If you're priced correctly and marketing strategically, buyers are responding. Co-ops in prime neighborhoods are moving—especially when value and location align.
Buyers: Value is hiding in plain sight. Co-ops in established locations continue to offer long-term opportunity. Also target listings that have lingered on the market 100+ days—motivated sellers may be more open to negotiation ahead of the summer slowdown.
#1 – 500 West 18th Street, New Development Condo on the High Line
$13.895M | 4 Beds | 4.5 Baths | 3,188 SF | $4,358 PPSF
#2 – 118 West 13th Street, Maisonette | Greenwich Village Condo
$12.125M | 3 Beds | 3.5 Baths | 3,995 SF | $3,035 PPSF
With contracts at their highest level since 2021 and Q1 performance confirming a six-year high in luxury sales volume, Manhattan's $4M+ market continues to defy broader market trends. Quality, value, and strategic presentation remain the driving forces behind success in this environment.
For a custom report on your property, building, or neighborhood—or to discuss how today’s insights can help shape your next move—reach out directly.
The Pulse: Where data becomes insight. And insight drives results.
Carol Staab has an innovative luxury real estate practice that provides an elite level of concierge service through unparalleled world-class marketing and a hands-on business approach. Her mission is to give her clients an exceptional experience while helping them achieve the best results possible.
