Manhattan Real Estate Market Update: May 22, 2025

After a rough 2023, the Manhattan real estate market saw some real recovery in Jan., Feb., and Mar.  Then April arrived, and things started to slow down again.

That's where we are right now. The slowdown isn't nearly as drastic as what we experienced last year. Transactions are happening, but not as many as we'd typically see. Normally we'd expect about 1,100 contracts to be signed in May. Right now we're at about 932.

This weekend is Memorial Day. In a few weeks we'll hit the summer slowdown, followed by what is sure to be a very distracting election season. These factors could add months to how long it takes a home to sell. Sellers may want to get ahead of them by listing now and pricing realistically. Buyers, you may find more negotiability in the short term. You'll have to be out there and making offers to find out.