Manhattan Buyers Stay Active into the Holidays
Manhattan’s holiday housing market for the week of December 22, 2025, reflects a classic late-December pattern. Quieter on the surface, yet still surprisingly active beneath the holiday slowdown. Co-ops, condos, and luxury homes are still trading, even though the city feels quieter on the surface. Serious buyers and proactive sellers remain active beneath the holiday slowdown.
Co-ops: Contracts Outpace New Supply
Co-op activity this week underscored how tight, selective late-year inventory can still produce meaningful deal flow. On the Upper East Side, just five new co-op listings came to market. However, 17 contracts were signed at a robust median contract price of $1,325,000. Suggesting that buyers are gravitating toward value and quality in established buildings. The Upper West Side followed a similar pattern. With only one new listing, but 13 signed contracts at a median of $999,000. Confirming that buyers who have been watching the market are stepping in when well-priced homes appear. Midtown and Downtown both leaned heavily into the under-$1M segment. Recording 20 and 11 co-op contracts, respectively, with median contract prices of $805,000 in Midtown and $1,075,000 Downtown, where a single new listing carried a high $2,187,000 ask.
Condos: Midtown Leads, Downtown Prices Firm
Condos and condops remained the defining engine of late-December activity. Midtown is once again at the center of the action. Midtown posted seven new listings at a $1,920,000 median asking price. An impressive 22 signed contracts at a median of $1,452,500. Reinforcing the appeal of newer, full-service buildings in central locations. Downtown’s condo market stayed firm with four new listings at a $2,407,500 median and 13 contracts at a higher $2,900,000 median. Indicating that buyers continue to pay up for architecture, finishes, and neighborhood cachet even as the holidays approach. On the Upper East Side, the contrast between pricing and volume was especially notable. A total of five new condo listings at a $1,695,000 median asking price, but just four contracts, with those contracts skewing toward the high end at a $5,145,000 median. A reminder that this submarket anchors significant luxury and upper-tier demand.
Townhouses and Price Tiers: Quiet but Selective
Townhouse data for the week of December 22 was sparse, with only one new listing in Midtown at $8,000,000. No recorded contracts across the core Manhattan neighborhoods, reflecting both extremely tight inventory and the tendency of townhouse buyers to pause during the holiday period. When viewed by price tier, however, the broader market still showed healthy liquidity. Homes under $1M recorded ten new listings against 44 signed contracts. While the $1M–$3M band saw 12 new listings and 43 contracts. Underscoring how the mid-market continues to power overall deal flow. Above $3M, activity tapered but remained meaningful for the season, with 13 contracts between $3M and $5M, seven between $5M and $10M, and one contract recorded in the $10M–$20M range, consistent with the expected late-December pattern.
Pricing, Discounts, and Market Pulse
Average condo resale price per square foot by tier painted a nuanced picture of value and segmentation. Under $1M, average resale pricing hovered around $1,248 per square foot for new listings and $1,253 for signed contracts. Indicating tight alignment between seller expectations and buyer willingness to pay. In the $1M–$3M band, average prices per square foot were $1,611 for new listings and $1,532 for contracts. Suggesting buyers are negotiating more aggressively in the mid-luxury space. At higher tiers, average pricing rose to $2,015–$2,310 per square foot in the $3M–$5M band and roughly $2,661–$2,750 per square foot in the $5M–$10M band. While the $10M–$20M range recorded contract pricing around $2,509 per square foot. Broader November metrics add important context. The median days on market sat at 75, down 3.8% from the prior month and 8.5% lower year over year. The median listing discount held at 4.4%, and the market pulse reading of 2.25 remained above seasonal averages even as contracts signed in November fell 26.9% from October.
Luxury Market: Seasonal Pause, Strong Year
In the luxury segment, the latest Olshan Report captured a noticeable but expected seasonal slowdown. For the week, 21 contracts were signed at $4 million and above. Indicating 12 fewer than the prior week, as Christmas and New Year’s travel and celebrations absorbed buyer attention. In a Christmas-shortened week, 13 of those contracts were recorded, with condos outselling co-ops nine to two and two townhouses in the mix. Closely mirroring the 10-year Christmas-week average of 17 contracts and the 2014 precedent when Christmas last fell on a Thursday. The top contracts included PH11AB at 65 West 13th Street, asking $13.5M. As well as a sponsor unit at 235 West 75th Street asking $7.95M, contributing to a total weekly luxury asking volume of approximately $81.97M, an average asking price of $5.6M, and an average discount of 7% from original ask to the last ask. An unusually long average of 1,176 days on market, which reflects multiple repricings and extended marketing periods.
Strategic Takeaways for Buyers and Sellers
For buyers, late December presents both constraints and opportunities. Overall supply continues to tighten. Total active Manhattan listings recently hovered near 5,055, down roughly 20% from the prior month and about 4.8% year over year. Net inventory in November saw a notable loss of 637 units. Indicating more contracts than the new supply. Yet the climate index still classifies conditions as challenging rather than frozen. With the median November sale price at $1.15M (up 4% month over month and 3.4% year over year), and roughly 13.5% of homes selling above ask in recent months. Well-prepared buyers who act decisively on quality listings can still secure strong long-term value before the spring competition returns. For sellers, the data confirms that pricing discipline and timing matter. The median discount after 120 days sits near 9%. While homes that go into contract in under 30 days routinely achieve little or no discount. Meaning that listings that launch properly calibrated to current conditions are best positioned to capture motivated year-end buyers.
