Manhattan’s luxury condominium market posted one of its strongest Junes in nearly two decades, propelled by shrinking supply, rapid deal pace and resilient demand from wealthy, often all‑cash, buyers, data from Realtor.com and brokerage reports showed.
High‑end sales spike
In June 2025, Manhattan completed 153 condo and co‑op deals worth $4 million or more, marking one of the most active Junes since 2006. Weekly volume averaged approximately 33 luxury transactions, fueled significantly by 69% of Q2 luxury deals closed in cash, a 23% increase from a year earlier.
Inventory constraints bite
Active listings in the top tier shrank dramatically — roughly 21% year‑over‑year, according to LinkedIn‑sourced analysis. Corcoran data show inventory across all \$5M+ listings fell 18%, reaching its lowest June level in a decade. Overall Manhattan condo and co‑op listings also declined, down 2% annually, though still slightly above a 10‑year average.
Prices resilient, days-on-market drop
In the ultra‑high end, the median luxury sale price reached $6.52 million, while the median sales price across all Manhattan properties climbed about 1.6% year‑over‑year to $1.2 million. Meanwhile, marketing periods compressed significantly — Corcoran reports shows that days on market dropped 34% year‑on‑year for $5M+ deals.
Supply bottleneck & new development trends
Industry insiders point to the dwindling pipeline of new luxury units—estimated at under eight months of supply-as a key driver of current market conditions. Notable projects such as 520 Fifth Avenue, a 76‑story tower scheduled Toppin 2025, symbolize this shift.
Submarket dynamics
Luxury hotspots like Downtown Manhattan (Tribeca, Soho, West Village) remain prime arenas for high‑end buyers. Other broker reports indicate that Manhattan-wide contract signings were up 3% YoY to over 1,000 deals, with condo contracts down 4% but co‑op deals up 8%, and price per square foot rising by about 12% to $1,916.
Market forces & buyer behaviour
Despite elevated mortgage rates (around 6.7% for 30‑year fixed) luxury purchasers, often cash buyers, remain largely insulated. The scarcity of turnkey homes in top buildings, combined with aggressive offer timelines, has strengthened competition.
Looking forward
With supply constrained and pricing stable–upward, analysts say the balance of power may tilt further toward sellers—particularly in the $2–4 million and $4+ million segments. Buyers are advised to act swiftly and bring compelling offers—often cash—to win in bidding scenarios. Meanwhile, developers are expected to continue directing attention toward trophy locations with limited new inventory.
Implications
Market watchers suggest that unless mortgage rates ease or new developments significantly expand inventory, the luxury condo segment may maintain momentum through the summer. The absence of substantial markdowns reinforces this narrative: ladder pricing just below psychological thresholds—the $4M, $5M marks—has served sellers particularly well.
NYC Journals 