Manhattan Condo Prices Near Record Highs as Supply Tightens

The chart tracks all arm’s-length resale and sponsor condominium sales in Manhattan since 2003, not adjusted for inflation. In 2025, the average condo closing price was $1,769 per square foot, up slightly from $1,749 in 2024. Early 2026 figures show the average condo price approaching an all-time high, driven in part by a thinner supply of mid-market new development and by super-luxury closings skewing averages higher.

Most Manhattan submarkets have posted year-over-year gains, with Upper Manhattan the notable exception. Over the past decade, however, average condo price growth has been relatively subdued, as a steady pipeline of new supply, rising carrying costs, and increased competition from Brooklyn and Queens have tempered Manhattan appreciation.

Since the pandemic, a slowdown in Manhattan’s new development pipeline, combined with an outsized focus on the development of high-end product, has contributed to renewed upward pressure on prices. A lack of new rental supply, which has pushed rents higher, may also be supporting condo price growth by making ownership more attractive for some buyers/investors.