Where the Manhattan market stands
The first quarter of 2026 was the fifth straight quarter of rising prices in Manhattan. The median sale price landed near $1.225 million, up about 5.2 percent from a year earlier, and the average price climbed roughly 5 percent to just under $2 million. Resale condos led the gains, with their average price up about 10 percent on the strength of larger, higher end deals.
Two forces defined the quarter: scarce supply and quick sales. Active inventory ended near 6,000 apartments, down about 2 percent year over year and a five year low for a first quarter. Apartments that did sell moved fast, in roughly 110 days on average, the briskest first quarter pace since 2018. The luxury tier above $4 million carried much of the volume.
What it means if you are buying
Low inventory and a fast market reward preparation. The best apartments are drawing serious interest quickly, so being ready matters more than waiting for prices to turn. That means financing lined up, and for a co-op, a board package you can assemble without delay.
It also means an agent who knows the buildings is worth more than ever, because the right home may not sit on the market long enough for a slow buyer to catch it.
What it means if you are selling
Rising prices and quick sales favor sellers who prepare and price correctly. The apartments selling fastest are the ones presented well and priced to the current market from day one, when they have buyers' full attention.
Condos are moving faster than co-ops right now, so co-op sellers in particular benefit from sharp pricing and a strategy that brings the strongest, board ready buyers to the table.
The Upper West Side and co-ops
Co-ops, which make up roughly three quarters of Manhattan apartments and much of the Upper West Side, were flat to soft this quarter while condos pulled the overall numbers up. For Upper West Side buyers, that split can mean relative value in well run co-ops, and a need for careful pricing if you are selling one.
None of that changes the fundamentals of a co-op purchase. Board strength, financials, and fit still decide who gets approved, which is where building level knowledge matters most.
Michael's take
The headline market matters less than your building and your timing. A strong quarter does not make every apartment a good buy, and a soft co-op market does not mean yours will not sell well. What helps is a clear, honest read on the specific home in front of you. That is the conversation I am always glad to have.
Sources
- Douglas Elliman and Miller Samuel, Manhattan Q1 2026 market report
- Corcoran, Manhattan Q1 2026 market report
Figures are drawn from the cited quarterly reports and are approximate. The market changes continually. For current numbers on a specific building or apartment, speak with Michael.
