The Manhattan spring market is beginning to accelerate, even as global markets grow more uncertain.
Oil shocks tied to rising geopolitical instability and shifting interest rate expectations have added volatility to financial markets. Yet the New York City housing market continues to move forward.
Over the past 30 days, Manhattan recorded 914 contracts signed, a pace that is accelerating as the spring season begins. Historically, March trends closer to 1,150 contracts, suggesting there is still room for activity to build in the weeks ahead.
Supply remains the defining constraint.
Active inventory currently sits around 5,550 listings, roughly 2,000 units below typical spring levelsand still nearly 9% lower than this time last year. Even accounting for private exclusives and new development inventory, the supply of well-positioned homes remains limited.
Demand, however, is clearly present. In fact, last week marked the strongest week for luxury co-op contracts since 2021, reinforcing what we are seeing firsthand: serious buyers are active and prepared to act when the right opportunity appears.
Periods of global uncertainty often remind investors why New York real estate has long been viewed as a stable long-term asset.
Mortgage rates, currently around 6.3%, remain relatively attractive by historical standards even after recent fluctuations.
As the spring market unfolds, the dynamic remains clear: limited inventory paired with active demand.
For Sellers
This is an excellent moment to come to market. With inventory tight and activity building, strategically priced homes are attracting decisive buyers.
For Buyers
Inventory remains limited, mortgage rates are still relatively favorable, and proposed transfer tax increases could raise acquisition costs in the future. When the right property appears, decisiveness matters.
Supply is still 8.7% below last year’s already-low levels, keeping inventory tight as we approach the spring season. New listings were lighter than expected, likely influenced by the cold weather. On the demand side, we’ve seen a 17.2% increase in contract signed activity as compared to last month.
The spring ramp up in on its way.
