Homebuyers spent last month snatching up properties left and right in Manhattan, two local brokerages said, a sign that New York City's residential real estate market is still scorching hot.
The number of contracts signed to purchase a co-op, condominium unit or single-family home with one to three bedrooms grew in July compared to a year ago, Douglas Elliman Real Estate said in its July market report. Condos priced between $5 million and $9.9 million, in particular, saw a 52% increase year over year from 21 contracts to 32, while condos priced between $500,000 and $999,000 saw a nearly 41% jump from 71 a year ago to 100 last month, according to Elliman.
Single-family homes priced between $500,000 and $1.9 million also sold well, the Elliman report suggests.
"Manhattan's sales activity continues to grow, with new contracts for co-ops, condos and one- to three-family homes rising sharply compared to last year," Elliman said. "The increase in new listings is being overshadowed by the rise in newly signed contracts. Above the $4 million mark, the overall growth in new signed contracts increased even as total new listings declined."
New York City real estate agents have told Homes.com that a new wave of Americans is looking to call the Big Apple home this year, and their presence is driving up demand across the city. Manhattan is in the middle of a housing crunch, partially because new home construction has not kept pace with the borough's rising population in recent years.
Still, people are buying more homes in Manhattan even though they're unsure how the next six months might pan out in the Big Apple economically and politically. The city is three months away from a mayoral election that pits Republican Curtis Sliwa against Democrat Zohran Mamdani, and incumbent Eric Adams, who is running as an independent.
The Mamdani campaign said it plans to shake up New York's housing market by freezing rent increases and raising property taxes on wealthy residents who earn at least $1 million a year — a proposal that has caused a stir among local real estate agents.
In a separate market report, The Corcoran Group brokerage said it has also noticed Manhattan's uptick in homebuying — particularly in the Upper East Side, Financial District and Battery Park neighborhoods. Manhattan saw 908 signed contracts in July — up 1% from a year ago and up 3% from July's 10-year average, Corcoran said in its July report.
"Buyers remained active at a pace similar to last year, with average days on market rising just 1% year over year to 122 days, and 2% below the 10-year July average," Corcoran said.
Among the homes available for sale in Manhattan are a five-bedroom townhouse in Harlem for $3.2 million, a three-bedroom condo in the Flatiron District for $4.2 million and a one-bedroom co-op in Yorkville for $725,000.
Elliman and Corcoran said sales have increased even as inventory in Manhattan has tightened. The borough had roughly 6,400 listings in July, which is 5% below the month's 10-year average, Corcoran said. The number of properties available for sale has been flat or declining in Manhattan for 11 straight months, Corcoran said.
