Manhattan co-op and condo deals above $3 million doubled in the first quarter
- A record Wall Street bonus pool helped spur a surge in high-end sales
- Average bonus on Wall Street was up 6 percent in 2025 to $246,900
The median sales price for Manhattan co-ops and condos increased annually for the fifth straight quarter, rising 5.2 percent to $1,225,000, according to a market overview from Jonathan Miller.
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Manhattan co-ops and condos saw a jump in deals and median sales price during the first quarter despite sobering economic “noise.”
A record Wall Street bonus pool of $49.2 billion helped spur high-end transactions. The average bonus on Wall Street was up 6 percent in 2025 to $246,900, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate.
That contributed to a burst in high-end sales: The number of Manhattan co-op and condo deals above $3 million doubled in the first quarter compared to a year ago, according to a market overview from Jonathan Miller, president and CEO of appraisal firm Miller Samuel.
“The jump is a combination of slipping mortgages rate but is largely bonus driven, the perfect storm for the middle of the luxury market," Miller said.
The first quarter report is based on closed sales so the impact on mortgage rates from the war in Iran, which began February 28th is not reflected in these results, he added.
The average rate on a 30-year mortgage fell below 6 percent during the last week of February but began steadily rising after the conflict started, yesterday reaching a seven-month high of 6.57 percent.
In the broader market, the median sales price for Manhattan co-ops and condos increased annually for the fifth straight quarter, rising 5.2 percent from the first quarter of 2025 to $1,225,000, Miller’s report said. Deals rose annually for the sixth time, increasing by 2.9 percent, and listings dropped 16.7 percent.
Sales of co-ops rose annually for the sixth time, rising by 3 percent, and the median sales price of $850,000 was flat compared to the year-ago quarter.
The median sales price for condos, $1,750,000, was a 1.4 percent increase from a year ago. Deals were up by 2.8 percent on an annual basis.
Geopolitical uncertainty
Pamela Liebman, president and CEO of The Corcoran Group, noted in her firm’s first quarter Manhattan sales market report, “Manhattan had a powerful start to the year. Sales are growing, volume is up, and pricing is holding firm, even with all the noise in the broader economy.”
Total sales volume increased 4 percent to $6.2 billion, making it one of the highest first-quarter totals seen in nearly a decade, Corcoran’s report said. However, signed contracts were down 11 percent year over year, the first decline observed since 2024.
“Buyers are reacting to geopolitical uncertainty, volatility in the financial markets, and the expectation that mortgage rates may improve later this year,” the report noted.
Bess Freedman, CEO of Brown Harris Stevens, noted in her firm’s report that while the Manhattan sales market is facing multiple challenges, including “rising mortgage rates and inflation, a military conflict in Iran, and sluggish economic growth, demand for Manhattan apartments has remained strong.”
Inventory is down “with several areas now considered a seller’s market,” Freedman said. “That said, our inventory levels remain higher than the national average, which has kept prices from rising too fast over the past few years.”
‘Hedge against economic volatility’
A report from Bond said that Manhattan buyers are being more cautious and many are “pausing to assess evolving economic conditions before making significant financial commitments.”
Because buying a home is “the most significant financial decision they will make, and in times of uncertainty, the inclination is often to wait, while others recognize property investment in NYC as a strong hedge against economic volatility,” the report said.
Fewer days on market
Listings sat on the market for shorter periods in the first quarter compared to the fourth quarter of 2025, wrote Kevelyn Guzman, regional vice president of Coldwell Banker Warburg, in her firm’s report. “Sellers who priced correctly found their buyers,” she wrote.
Manhattan listings were down compared to a year ago, but showed an increase compared to the previous quarter, she wrote.
It’s not clear yet whether that trend will continue. The “question heading into the second quarter is whether that new inventory arrives well-positioned to meet the demand that has been building,” Guzman wrote.
Waiting for April 15th
A series of record-breaking storms that began in late January were disruptive but only caused a modest market slowdown, observed a Manhattan sales market report from Compass.
“A long, cold winter, combined with stock market declines, combined with a war in the Middle East helped offset a record bonus season,” said Leonard Steinberg, the firm’s chief evangelist.
He said the spring markets don’t usually kick into high gear until around April 15th. “Many sellers hold off listing till spring. Many buyers hold off on buying till the spring, awaiting the new inventory,” Steinberg said.
Opportunity to negotiate
The Upper East Side market got a sales boost from two new development launches, said Coury Napier, director of research at SERHANT, in his firm’s report. Deals there drove up activity and pricing for the neighborhood, he said.
New development sales declined in most neighborhoods, except for the Financial District and Billionaires’ Row, “where older inventory has created opportunities for buyers to negotiate,” Napier wrote.
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