Manhattan Property Market Update

Posted by Wei Min Tan on October 6, 2026

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

Median price at record $1.797 million, 8.9 percent higher than prior year

Number of sales for condos was 1,548 transactions, 10 percent higher than prior year, signaling a pickup in activity

Listing inventory shrunk 9.6 percent compared to prior year, representing shortage of supply for buyers

Email to schedule a chat:  tan@castle-avenue.com

Manhattan Condo Market’s Key Metrics

The most recent Q3’2026 data from Miller Samuel shows median price at $1.797 million, 8.9 percent higher than prior year.  This also represents a record for Manhattan condos.  Number of sales was at 1,548, a 10 percent increase from a year ago.  Listing inventory shrunk 9.6 percent.

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 median price trend for Manhattan condos, with significant events circled in red.  Prices tend to appreciate over the long term, with dips during recessions.  Median price was $400K in 1999, increasing to $1.797M in Q3’2026.

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 $3.12 million, 5.4 percent higher than a year ago.  Number of sales was 383, or 33.7 percent lower than a year ago.

Manhattan Rental Prices

The most recent August 2026 data shows average rental price at $5,963, or 8 percent higher than prior year.  Number of new leases was 5,433, 26.8 percent lower than a year ago.  Manhattan has perhaps the lowest residential vacancy rate in the U.S., at 2.5 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 slight 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