Contracts are strong, supply is lean, and Murray Hill is reprice territory.
Spring 2026 is finally showing real momentum, but the path has been uneven. Manhattan supply remains lean, weekly contracts are holding near spring highs, and buyers are still choosing carefully instead of chasing every listing. This Manhattan weekly market update looks at how that mix is reshaping pricing power across the borough, and why Murray Hill is emerging as a clearer value story right now.
Manhattan supply: lean and uneven
The active Manhattan inventory resides at 6,761 listings. That is up 1.3% this week and down 8.5% versus last year. Supply tracks below the 2021–2025 range, so buyers have fewer choices than in a normal spring. This lean structure lets correctly priced homes move and makes over‑pricing stand out quickly.
About 26% of listings have been on the market 0–30 days. Another 20% sit between 31 and 60 days, and 14% between 61 and 90 days. Roughly 40% of the market has lingered 90+ days. Fresh listings draw attention; stale inventory usually signals price, condition, or both. In this Manhattan weekly market update, buyers can still negotiate on older stock while expecting competition on clean, new‑to‑market homes.
Manhattan weekly new supply: pipeline thinning
Sellers brought 324 new listings to market this week. That total is down 24.8% on the week and 3.0% compared with the same week last year. The composition skews lower:
- 39% of new listings are under $1M,
- 25% between $1M and $2M,
- 17% between $2M and,
- $4M, and 19% at $4M+.
Entry‑level and lower-mid-price brackets remain crowded, which demands sharp day‑one pricing. Above $2M, sellers face fewer direct competitors but also a smaller, more selective pool of buyers. This Manhattan weekly market update continues the story you saw in your Upper West Side piece: under $2M feels busy, while higher brackets offer more room to negotiate if pricing stretches too far.
Manhattan liquidity: 30‑day contracts
The 30‑day contract pace across Manhattan now reads 1,162 deals. That is a 5.7% weekly gain and a 10.1% year-over-year increase. The line on the liquidity chart has moved up and sideways instead of surging and dropping. That shape indicates sustained engagement, not a one‑week burst.
Contracts remain broad‑based. About 41% of 30‑day contracts are under $1M, 25.6% are between $1M and $2M, 20.7% are between $2M and $4M, and 12.7% are over $4M. In this Manhattan weekly market update, the spread confirms that end‑users and move‑up buyers still account for most of the volume, even in active luxury segments.
Manhattan weekly new contracts: strongest spring week
This week produced 302 newly signed contracts. That is up 18.9% from last week and 29.6% from the same week in 2025. It is the strongest weekly tally of the spring so far.
Roughly 44% of those 302 contracts were under $1M, and 25% fell between $1M and $2M. Another 20% landed between $2M and $4M, and 11% at $ 4 M or more. About 70% of deals sit under $2M, where buyers feel more competition per listing and less patience for aspirational pricing. Above $2M, fewer bidders per home often create more negotiating room on terms and closing timelines.
Manhattan mortgage rates: mid‑6s and holding
The 30‑year conforming mortgage rate hovers near 6.56%. The 30‑year jumbo rate sits around 6.64%. The spread between conforming and jumbo has narrowed to roughly 8 basis points.
Rates have firmed from earlier in the year but remain lower than last year’s levels. Conforming sits about 0.36% below last year, and jumbo is about 0.41% lower. Forward guidance now leans toward the next move being a hike in late 2026 or early 2027, not a cut. Buyers underwrite near 6–7% and know waiting for a dramatic drop may not pay off quickly.
Chart of the week: where buyers compete
This week’s chart of the week shows where Manhattan sales close over, at, or under the asking price by segment. The $1M–$2M tier remains most competitive. Around 28% of sales in that band close above ask, and roughly 23% close at ask.
The $2M–$4M tier also shows meaningful pressure, with about 25% of sales over ask and 21% at ask. These patterns confirm that the “meat and potatoes” middle of the market is where bidding pressure stays highest. In the $4M–$10M range, roughly 60% of trades close below the asking price, giving well‑qualified buyers more leverage on larger, more discretionary homes. In this Manhattan weekly market update, that chart underscores how the price band matters as much as the neighborhood.
Spotlight transition: why focus on Murray Hill now
Citywide, the market feels tight but functional: lean supply, strong contracts, and careful buyers. Murray Hill now offers a particular version of that story. Supply has eased, demand has accelerated, and pricing sits at a level that attracts both first‑time buyers and trade‑ups.
This week’s Manhattan weekly market update turns to Murray Hill because it shows what happens when a central, commute‑friendly neighborhood quietly catches up to stronger markets like the Upper West and Upper East Sides. The numbers there now read like a late‑spring reset rather than a slow‑moving holdout.
Murray Hill supply and net inventory
Murray Hill has 259 active listings on the market. That count is down 0.4% from last month and 1.9% from last year. New listings in May totaled 58, a 32.6% drop from April and a 19.4% decline year over year.
Condo inventory is 97 active units, up 14.1% year‑to‑date, flat month over month, and 1.0% lower than last year. Co‑ops show 157 active listings, 33.1% higher year‑to‑date, 1.3% lower than last month, and 0.6% lower than last year. Townhouse supply is only 4 homes, 42.9% lower year‑to‑date, 33.3% higher than last month, and 50.0% lower than last year. The Supply chart provides a clean snapshot of competition levels once stale listings are removed. It shows how most of the Murray Hill choice now resides in co‑ops and condos, with very little townhouse stock.
Contracts are consuming more of what comes on than a year ago. May saw a net inventory loss of 9 listings, even with higher months of inventory at 7.5 based on May’s slower closed‑sale pace. Off‑market inventory sits near 134 listings as of late May, slightly higher than last month. Together, those figures show a neighborhood where active buyers work through a modest pipeline while sellers quietly regroup off-market.
Murray Hill demand, liquidity, and pricing
Demand in Murray Hill has shifted meaningfully. Liquidity, measured by the 30‑day contract pace, stands at 47 contracts, 14.6% above last month and 88% higher than last year. Pending sales are roughly 129 homes, up 34.4% month over month and 24% year over year. The local market pulse now reads about 2.5, well above its seasonal average and higher than last year’s reading.
Pricing reflects that acceleration. Murray Hill’s May median sale price is $847,000, up 4.6% from last month and 27.8% year over year. Median price per square foot sits around $1,083, roughly 5.7% above last month and only slightly lower than last year. The gap between sale price and price-per-square-foot trends suggests that buyers are targeting efficient, well‑located homes rather than chasing only the highest‑end finishes.
The Liquidity Pace chart provides a dynamic view of how quickly deals are getting done in real time. Rising lines favor sellers who want to launch into strength; soft or falling lines create better leverage for buyers. In Murray Hill, the current shape suggests buyers are leaning in, especially for condos, even as supply declines only modestly. Pair this with the Market Pulse and Monthly Contract Activity charts, and you see a neighborhood stepping up from “overlooked” to “actively considered.”
Murray Hill days on market and discounts
Median days on market in Murray Hill are around 102. That number is 10.5% lower than last month but 20% higher than last year. Fresh, well‑pitched listings move much faster than that headline number; older inventory drags the median up.
Discount data shows how important the first 30–60 days are. The median listing discount in May stands near 7.6%, up modestly from last month and last year. Homes that sell in under 30 days show median discounts closer to 4%. Listings that linger more than 120 days see discounts of around 10%. Buyers looking for value should lean into that older segment; sellers should price close enough to reality that the first month on market can do the heavy lifting.
Murray Hill’s new development and shadow inventory
Murray Hill’s new‑development ladder adds another layer to the story. One United Nations Park at 695 First Avenue offers sponsor‑owned condos with contemporary finishes, waterfront views, and full‑service amenities. A small share of homes there remains unsold, which continues to anchor a higher-priced-per-square-foot segment on the east side.
The Lucia at 120 East 37th Street brings a boutique, townhouse‑block setting to the condo mix. With only a handful of sponsor units left, it represents the more intimate end of the new‑development spectrum: fewer amenities than a tower, but charm, location, and updated systems. Together, these two projects keep a modest pool of sponsor inventory in play while most of the neighborhood trades through resale co‑ops and older condos.
Shadow inventory in Murray Hill largely comes from sponsor holdings and from owners waiting to see how 2026 pricing settles. While it does cap the very top of the local ladder, it also provides buyers a sense of price discipline near new‑construction quality. Resale sellers near either project need to stay aware of sponsor pricing; buyers can use those numbers as a ceiling when negotiating.
Everyday Murray Hill: how demand stays durable
Beyond charts, Murray Hill’s appeal remains practical. Grand Central, multiple subway lines, and crosstown buses keep commute times short. Side streets lined with townhouses and smaller buildings soften the feel of a Midtown‑adjacent address.
The neighborhood also works across life stages. Young professionals start in studios or one‑bedrooms with manageable monthlies. Growing households step into larger condos and co‑ops that trade at a discount to Upper East and Upper West Side peers. Downsizers arriving from the suburbs often choose elevator buildings with doormen, updated systems, and straightforward access to doctors, dining, and cultural venues.
That mix suggests that demand in Murray Hill is not a fad. Instead, this week’s Manhattan weekly market update provides a view of a neighborhood that gains ground as buyers weigh commute time, carrying costs, and space needs against the premium commanded by better‑known ZIP codes.
A different kind of Murray Hill moment
This spring’s combination of an $847,000 median sale price, a roughly 75% year‑over‑year jump in monthly contracts, and a higher market pulse does not reside in isolation. It reflects households choosing Murray Hill’s blend of practicality, relative value, and a steadily improving amenity base over other central neighborhoods. Many of those buyers once aimed squarely at Downtown or the Upper East Side; they now see more space and shorter commutes for the same budget.
They also see a market with clear lanes. Sponsor towers like One United Nations Park anchor the high‑amenity end of the ladder. Boutique conversions such as The Lucia and older co‑ops on townhouse blocks fill the middle. Value‑driven buyers work the stale‑listing segment where 10% discounts are now common. That layered mix makes this Murray Hill moment feel less speculative and more like a re‑rating of an overlooked, central neighborhood.
In the context of this Manhattan weekly market update, Murray Hill is a late‑bloomer catching up to the stronger parts of the island. Supply remains manageable, demand is rising, and pricing rewards both realistic sellers and buyers who do their homework. That is a different kind of Midtown‑East story and one worth watching into the rest of 2026.
For a comparison point, see last week’s Manhattan Weekly Market Update: Contracts Rise as the Upper West Side Repositions Itself
