Manhattan Condo Prices Approach Record Highs as New Supply Grows Scarce

The chart tracks all market-rate resale and sponsor condominium sales in Manhattan since 2003 (not adjusted for inflation). In 2025, the average closing price reached $1,769 per square foot, up slightly from $1,749 in 2024. Early 2026 data show the average condo price is approaching a record high, driven in part by a low supply of mid-market developments and super-luxury closings skewing averages. Most Manhattan submarkets have seen year-over-year gains, with the exception of Upper Manhattan.

Over the past decade, price growth has been relatively muted, as a steady pipeline of new supply, rising carrying costs, and increased competition from Brooklyn and Queens have tempered Manhattan price appreciation. Sine the pandemic, a slowdown in the new development pipeline has contributed to the current upward pressure on prices.