Manhattan Property Market Update

Posted by Wei Min Tan on April 9, 2025

The Manhattan property market is one of the most prized property markets in the world.  Our clients invest in Manhattan property for asset diversification and price stability.  Manhattan is a prime market where prices are high, appreciation is stable and rental yields are low but predictable.  Foreigners investing in Manhattan, New York property is a normal and daily event.  There are no additional stamp duties imposed on foreign buyers.

Read about Wei Min’s style in Best Manhattan property agents and Role of a buyer’s broker.

Key points of this Manhattan Property Market Update

Sales volume:  Condo sales volume was 47.6 percent higher than prior year.  This is positive as we are still experiencing limited inventory and high mortgage rates.

Cash buyers:  The market share of cash buyers in Q1’2025 was at 58 percent, higher than the historical average of 50 percent.

Price per sqft and median price:  In the condo market, price per sqft is at $2,130 while median price at $1.725 million.  After a few years of slowdown, price per sqft is now close to 2017’s peak of $2,149.

Manhattan Condo Market’s Key Metrics

The most recent Q1’2025 data from Miller Samuel shows average price per square foot for a Manhattan condo at $2,130.  This is a 9.9 percent increase compared to prior year.  Number of sales was at 1,147, a 47.6 percent increase from a year ago.  Median sales price was at $1.725 million, or 5.7 percent higher than a year ago.

Read Wei Min’s article: New York (Manhattan) Property Investing Strategies

Manhattan Condo Historical Price Trend

Data: Miller Samuel

The chart above shows the historical appreciation trend for Manhattan condos, with significant events circled in red.  Prices tend to appreciate over the long term, with dips during recessions.  Price per square foot was $480 in 1999, increasing to $2,130 in Q1’2025.

Prices at New Developments

New developments refer to buying a brand-new property from the developer.  These are usually sold 1–2 years before completion.  The buyer puts down a reservation deposit, waits for construction, and balance is due at eventual completion.  The average sales price of a new development was $3.95 million, 21.4 percent higher than a year ago.  Number of sales was 327, or 69.4 percent higher than a year ago.

Manhattan Rental Prices

The most recent February 2025 data shows average rental price at $5,368, 7.7 percent higher than prior year.  Number of new leases was 4,377, 0.6 percent higher than a year ago.  Manhattan has perhaps the lowest residential vacancy rate in the U.S., at 2.40 percent.

Read Wei Min’s article: Foreigner Buying Property in New York, 8 Questions That Matter

Is now a buyer’s market or seller’s market?

We are currently in a seller’s market as shown in the chart above.  The two most significant buyer’s markets were during the Lehman collapse in 2008/2009 and Covid, which hit Manhattan in early 2020.

Read Wei Min’s article: Buying property in New York to rent out

What We Do

We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale