Q4 2025 Market Report

Manhattan closed the year on a quietly steady note, despite the mayoral election headlines. As expected, activity pulled back into the usual year-end lull, but prices largely held their ground. The median sale price eased slightly from the prior quarter to roughly $1.15M, while price per square foot was essentially flat, evidence that the quarter’s moves were more about seasonality than a broad shift in value. Inventory contracted as sellers deferred for spring, and that tighter supply helped prevent a wholesale softening even as buyers took more time to decide.