NYC Real Estate Market Reports
Manhattan Monthly Report
August 2026 | Condos & Co-ops
August 2026: At a Glance
Manhattan recorded 799 signed contracts in August, down 6% year over year and 10% below the ten-year August average. This was the slowest August for signed contracts since 2020 and the steepest July-to-August percentage decline since 2013. Both condos and co-ops fell 6% year over year. Days on market declined 4% year over year to 120 days, running 8% below the historical August average. The pullback in volume is real. What it does not reflect is weakness in the underlying market. Active listings fell 15% year over year to 4,992, the lowest August inventory level since 2015. When there is less to buy, fewer contracts get signed. That is what is happening in Manhattan right now.
Almost Everything Fell. The Exceptions Are Telling.
All price segments posted year-over-year declines in August except two: the $2M to $3M range, up 7% to 89 contracts, and the over-$5M segment, up 13% to 52 contracts, driven by strong resale activity at the top. The $1M to $2M band fell 14% to 208 contracts, the largest absolute decline. The $3M to $5M range fell 23% to 72 contracts. Under $1M slipped 2% to 378. The pattern is consistent with what the data has been showing for months: buyers with more capital and less rate sensitivity are active. The rate-sensitive middle of the market is pulling back.
All Submarkets Down Except One.
Every Manhattan submarket posted a year-over-year decline in August except Upper Manhattan, which rose 21% to 76 contracts, the equivalent of 13 additional deals. Upper Manhattan's relative affordability and growing inventory of well-priced product continues to attract buyers who cannot stretch to the core neighborhoods. Downtown led in volume with 229 contracts but fell 8% year over year. The Upper East Side recorded 157 contracts, down 9%. Midtown posted 162 contracts, down 7%. The Upper West Side came in at 138 contracts, down 10%. Financial District and Battery Park City held essentially flat at 37 contracts, down 3%.
Inventory at a Decade Low. That Is the Real Story.
4,992 active listings in August, down 15% year over year, the lowest August total since 2015. Condo inventory fell 12% annually to 2,831 listings. Co-op inventory fell 18% annually to 2,161 listings. Listed inventory has now declined year over year for eight consecutive months. The constraint is not seasonal. It is structural. Manhattan does not have enough well-priced product to sustain the contract volume the market is capable of generating. When inventory recovers, transaction counts will follow. Until then, days on market will stay compressed and buyers will continue competing for what is available.
Pricing Held with One Distortion to Note.
Average price per square foot rose 1% year over year to $1,833. Condo price per square foot rose 3% annually to $2,047. Co-op price per square foot fell 10% to $1,229, but Corcoran attributes the entire annual decline to a comparison distortion: August 2025 included two co-op resales above $3,000 per square foot that did not repeat this August. Excluding those two transactions, co-op pricing would be essentially flat year over year. Negotiability softened in August: the average discount off last asking price was 3.9%, a point wider than last year. Condos averaged 4.1% below ask and co-ops averaged 3.7% below ask. August is typically the month where buyers have the most leverage in a given calendar year, and the negotiability data reflects that seasonal pattern.
Where Manhattan Buyers Showed Up in August
Downtown led all submarkets in volume with 229 contracts, down 8% year over year. A pullback after several months of strong results, but Downtown remains the borough's most active corridor by a wide margin. The over-$2M activity driving gains elsewhere in the market is concentrated here.
Midtown posted 162 contracts, down 7% year over year. A modest decline in a submarket that had been posting strong gains through the spring. Timing and available product at the right price points likely account for most of the softness.
The Upper East Side recorded 157 contracts, down 9% year over year. Consistent demand from a committed buyer pool, but August volume reflects both seasonal patterns and the inventory constraint that is suppressing activity across the borough.
The Upper West Side came in at 138 contracts, down 10% year over year. The most significant annual decline among the core submarkets. The co-op market here has been competitive all year, but August's seasonal slowdown hit this submarket harder than most.
Upper Manhattan was the one exception in an otherwise uniformly negative submarket picture, rising 21% to 76 contracts, 13 additional deals versus last August. Relative affordability and growing inventory of well-priced product continue to draw buyers who cannot stretch to the core neighborhoods.
Financial District and Battery Park City recorded 37 contracts, down 3% year over year. Essentially flat in a submarket that has been a consistent source of value-oriented buyer activity throughout 2026.
What August Actually Means
The 6% annual decline and the ten-year low label make August look like a market in retreat. The inventory data tells a different story. You cannot sign contracts on listings that do not exist, and Manhattan had its smallest August inventory in eleven years. The buyers who did transact moved 8% faster than the historical average. The over-$5M segment grew 13%. These are not the characteristics of a market losing confidence. They are the characteristics of a market running short of supply.
For sellers: the August data is an argument for listing in the fall. With inventory at decade lows and days on market running below the historical average, a well-priced property entering the market in September faces less competition than at almost any point in the past decade. The buyers who were waiting out the summer are ready to move. The listings they will compete for are not yet there.
For buyers: the fall market will bring new inventory and new competition simultaneously. A buyer who is prepared, with financing confirmed, an attorney engaged, and a clear sense of their criteria, is positioned to move on the right property before competition intensifies. September and October historically produce some of the most decisive contract activity of the year. Being ready before that window opens is the advantage.
Thinking About a Move?
Manhattan inventory is at its lowest June level since 2017 and co-ops are closing at essentially list price. If you are thinking about buying or selling, the market rewards preparation and timing.