Manhattan’s September market was quieter than a year ago, but early October brought a few signs that activity may be finding its footing. Buyers and sellers should take note, but it is too soon to call this a confirmed turnaround.
Reported figures vary by source and reporting window, so monthly totals and weekly updates may not line up exactly. Here’s what the latest numbers suggest as of mid-October.
A busier week, after a slower September
Manhattan recorded 588 signed contracts in September, down 20.1% year over year, according to a monthly market report from Brown Harris Stevens. That points to a selective market, not one where every home is drawing strong demand.
The weekly picture was more encouraging. For the week ending October 11, Manhattan recorded 195 signed contracts. The highest weekly total since late July, according to Howard Hanna NYC’s weekly update. One strong week does not establish a lasting trend, but it suggests buyers were still making moves despite higher borrowing costs.
Inventory is rising, but the pace matters
Manhattan inventory ended September at 5,986 properties and reached about 6,101 by mid-October in weekly reporting. More available homes can give buyers additional choice and negotiating room. At the same time, the pace of new supply and the number of homes going under contract help show whether that inventory is building faster than demand can absorb it.
The mid-October contract figure is a useful signal, but not proof that supply has peaked or that prices are about to rise. Buyers and sellers should look at current conditions in the specific neighborhood and property type they care about.
Luxury activity stands out
The market is not moving at the same speed in every price range. Homes priced at $4 million and above recorded 77 signed contracts in September, outperforming the broader Manhattan market, according to Brown Harris Stevens’ report.
That strength at the luxury end does not mean all high-priced homes are selling quickly, or that other segments are recovering. Property condition, pricing, location and buyer demand can make a major difference at every price point.
Mortgage rates remain a major consideration
Mortgage rates were recently reported around 7.5%–7.6%. At those levels, even a modest change in a buyer’s rate can affect monthly payments and purchasing power. Buyers may be active, but financing costs can still narrow their options.
What buyers can do now
- Get a current financing estimate. Ask a lender to calculate payments using a realistic rate, taxes, common charges and other costs.
- Compare carefully. More inventory can create opportunities, but compare similar homes and check recent sales before making an offer.
- Be ready, not rushed. A busier week does not mean every listing will attract competition. Focus on the property’s value and your budget.
- Get guidance on the property type. Co-ops, condos and multifamily homes can involve different costs and purchase steps.
What sellers can do now
- Price for today’s buyers. With borrowing costs elevated, buyers may be especially sensitive to price and monthly expenses.
- Prepare the home thoughtfully. Strong presentation, clear listing details and good-quality photos can help buyers assess a property.
- Pay attention to comparable sales and active competition. A broad market statistic is not a substitute for a local pricing review.
- Plan for negotiation. Be clear about your priorities and consider offers based on their full terms, not just the headline price.
A cautious signal, not a confirmed reversal
September’s lower contract count and the early-October weekly increase tell two parts of the story: demand was subdued over the month, but activity picked up in one reported week. Luxury contracts also held up better than the wider market. Meanwhile, rates near 7.5%–7.6% remain a meaningful hurdle for many buyers.
For now, the practical approach is to make decisions based on your finances and the specific property, not a prediction that the market has turned. Armas Group NYC helps buyers, sellers and property owners navigate Queens and the wider NYC area. For local guidance or a free property value assessment, connect with Armas Group NYC.