Manhattan Condo Market Update: December 2023

Condo prices in Manhattan are up month over month and year over year.  In this update, I’ll be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market and the number of homes for sale. So let’s get started. 

Manhattan Real Estate Prices

Let’s start with prices. In Manhattan, the median sales price of a condo is up to $1,750,000. This is up 8% year over year and 6% month over month. We are still off 6% from our peak last May. 

Manhattan Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices? The sales price to list price ratio is better this month at 93.4% compared to 93% last month. We’re under last year’s average of just above 95%.

Manhattan Condo Days on Market

Next, if you list a property, how long does it take to go into contract? The answer is 118 days similar to last month. Does that make it a sellers or buyers market? 118 days is more of a balanced market. 

Number of Condos For Sale in Manhattan

Finally, how many condos are for sale in Manhattan? 4,270 condos are currently on the market up from 4,175. So Inventory is increasing which can be a negative sign for prices in the months ahead. One important note – the number of homes for sale now is typical over the past 5 years.

Manhattan Real Estate Market Summary

Overall December was a positive month for real estate in Manhattan. The median sales price is up, the sales price to list price ratio is up. However, the number of days on market is flat and the number of active condos for sale is up. If you’re interested in buying or selling real estate in Manhattan, we can help! Call me directly at 212-804-7881 or email me at justin@braithrealty.com.