Manhattan Real Estate Activity - Q2-2025

June's signed contract activity + diminishing inventory signifies NYC's summer slump has officially commenced, but surprisingly, on the ground + anecdotally it feels much stronger. The decrease in Days on Market both in Q2 and more significantly in June confirms some strength in the market. It still remains a tale of two cities and the bigger driver (seemingly even more so than location at this moment) is condition. The gap between the premium for mint homes vs their outdated counterparts is widening and making them harder to move even when they are priced at an attractive discount. Manhattan's spring season never peaked due to uncertainty in the market triggered by the US tariff policy, so this surprising summer demand is compensating for spring's lackluster performance.

About half of second quarter sales were believed to have been signed before the US tariff policy took effect in early April.
Cash deals hit a record high of nearly 70% overall and ~78.3% of deals over $3M were cash.
Sales of new development properties surged 19.3% YOY to 408 just below decade average of 418 for Q2.

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