The city recorded 72 trades totaling $1.17B, reflecting a 53% increase in trade quantity and a 13% increase in dollar volume compared to Q3 2024. This trajectory confirms the return of sustained demand across Manhattan’s prime neighborhoods and property types, positioning 2025 as one of the most stable and active years since 2021.
Following a strong Q2, New York City continued to see balanced participation across both resale and new development segments. Buyers remained value-conscious but motivated, focusing on established neighborhoods and move-in-ready homes. Compared to Q1–Q3 2024, total dollar volume rose by nearly $600M, underscoring the city’s enduring appeal as a global capital for luxury investment.
New development properties saw a notable rebound in activity, with 14 trades totaling $220.55M, up 75% in trade quantity year-over-year. Though total volume declined 41% due to a reduction in ultra-high-priced listings, the average sale price of $15.75M (down from $46.98M in Q3 2024) reflects increased accessibility and renewed absorption of premium projects.
Re-sale properties remained the foundation of the market, recording 58 trades totaling $949.67M, up 49% in trade quantity and 45% in dollar volume compared to last year. Average sale prices were stable, down only 3% year-over-year to $16.4M, signaling steady buyer confidence in established inventory.
The Condo and Co-op segment dominated market activity, with 55 trades totaling $917.76M—up 53% in trade quantity and 12% in dollar volume—marking the strongest third quarter in transaction quantity over the past three years. High-service buildings with modern upgrades continued to drive activity, appealing to buyers seeking both privacy and convenience. Notably, Bespoke facilitated a significant condo trade at 80 Clarkson Street, which had a last asking price of $31M, further underscoring the strength of demand in the upper tier of the market.
Townhouses also performed strongly, posting 17 trades totaling $252.46M, up 55% in quantity and 20% in dollar volume compared to last year. The average townhouse sale price declined 22% to $14.85M, which, in turn, drew renewed interest from buyers seeking space and long-term value in prime locations.
The $10–$20M range remained the backbone of the market, with 57 trades totaling $769.56M, up 50% in trade quantity and 41% in dollar volume year-over-year—the strongest Q3 in this segment in three years.
The $20–$30M range surged, with 12 trades totaling $296.53M, up 200% in trade quantity and 210% in dollar volume, while the $30–$40M range posted three trades totaling $104.12M, up 168% year-over-year. No trades occurred in the $40M+ bracket this quarter, though several contracts in progress point to a strong Q4.
Regionally, the Upper East Side and Downtown stood out as strong performers. The Upper East Side recorded 29 trades totaling $482.76M, a 107% increase in trade quantity and 96% increase in volume, marking its best Q3 performance since 2020. Downtown Manhattan saw 23 trades totaling $353.32M, a 130% increase in trade quantity and 124% increase in dollar volume, its strongest transaction quantity seen in the third quarter in three years. Bespoke facilitated one of the largest trades in Q3 2025 in Downtown Manhattan as well as one of the top year-to-date trades in the Upper East Side.
Looking ahead, the NYC market is on track for a stable close to 2025. With 93 listings currently under contract and an average of 57 trades typically closing in Q4, the city is projected to slightly outperform 2024 in both dollar volume and total transactions.
“Manhattan continues to demonstrate remarkable staying power,” says Michael Cantwell, Partner at Bespoke. “Buyers are confident, measured, and willing to move decisively when value aligns with quality and location. We expect momentum to carry through year-end, particularly in the $10–$30M range and well-positioned townhouse inventory.”
