Don't always believe the headlines. Manhattan is entering summer with real momentum. Over the past 30 days, Manhattan recorded 1,131 contracts signed, up 15.5% year over year. Weekly activity is also tracking ahead of last year, with 263 contracts in the most recent week.
Supply remains the defining constraint. Inventory is down 8% year over year, new listings are beginning to tick up, but well-positioned homes are still scarce. That imbalance continues to support prices.
At the top of the market, activity has held. Since the Pied-à-Terre announcement, Manhattan recorded 133 contracts above $5M, up 5% from the same period last year and essentially flat versus the six weeks prior.
On the tax itself: Effective July 1, annual rates of 4% (valued $1–3M), 5.25% ($3–5M), and 6.5% (above $5M) apply to certain non-primary residences not leased to tenants. The key word is valued. Department of Finance assessments for condos and co-ops often differ significantly from open-market prices, and for many owners and buyers, that distinction works in their favor. The analysis needs to be property-specific, not headline-driven.
The broader takeaway remains clear: inventory is low, buyers are active but price sensitive, and quality continues to command attention.
For Sellers
This remains a strong market for well-positioned homes. Buyers are engaged, but selective. Pricing, presentation, and clarity around carrying costs matter.
For Buyers
Understand the numbers, particularly when considering a pied-à-terre. But if you are in the market and find a property you genuinely like, the current environment still rewards decisiveness.
