Manhattan Real Estate: March 2026 Market Update
Spring is here, and the Manhattan real estate market is showing signs of renewed momentum. Here's a look at what the numbers are telling us this month.
Activity Is Picking Up
After a quieter February, March brought a noticeable surge in buyer activity. Contracts signed jumped 21% month-over-month to 918, and recorded sales rose 15.5% to 895 — strong signals that buyers who were sitting on the sidelines are starting to move. Inventory also ticked up 7.5% to 5,942 active listings, giving shoppers more options to choose from.
Compared to March 2025, contracts signed are down slightly (7.2%), but sales are actually up 4.7% year-over-year — suggesting that deals are closing, even if the pipeline isn't quite as full as it was a year ago.
Prices: A More Nuanced Picture
The headline average sale price of $2,268,872 represents a significant drop from February's $2,729,529 — but that month-over-month swing is largely driven by the mix of properties that closed, not necessarily a softening market. A few very large transactions can move averages dramatically in a given month.
More telling is the median sale price of $1,295,000, which held relatively steady (down just 3% from February) and is actually up 5.7% from March 2025. The average price per square foot of $1,610 is also up 2% year-over-year, a sign of underlying stability.
Sellers are also negotiating closer to ask: the average discount narrowed from 8% a year ago to 7% this March.
Condos vs. Co-ops
Condos remain the pricier choice, with a median sale price of $1,676,575 and an average of $1,829 per square foot. Days on market improved meaningfully — down from 130 days in March 2025 to 116 this year — suggesting better-priced condos are moving faster.
Co-ops continued their quiet resilience. The median sale price reached $900,000, up 9.8% from a year ago, and price per square foot rose 5.7% year-over-year to $1,164. Co-ops made up roughly half of all contracts signed this month, reflecting continued demand from buyers who appreciate the value they offer.
Townhouses: Fewer Deals, Higher Prices
The townhouse market is always thin, and March was no exception — just 12 sales closed. Month-to-month comparisons can be volatile given the small sample size, but the year-to-date picture is encouraging: average sale prices are up 32% compared to the same period in 2025, and the number of sales is up 10%.
Average days on market for townhouses fell from 183 days in March 2025 to 129 this year — a welcome improvement for sellers in this segment.
Where Buyers Are Looking
Downtown Manhattan dominated contract activity, accounting for 28% of signed deals, followed by the Upper East Side at 23% and the Upper West Side at 18%. Midtown East (16%), Midtown West (3%), Upper Manhattan (7%), and FiDi/BPC (5%) rounded out the rest.
The Bottom Line
March's data paints a picture of a market finding its footing. Inventory is growing, buyers are active, and sellers are pricing more competitively. With average days on market falling across all property types — from condos to co-ops to townhouses — well-priced properties continue to find buyers.
If you're thinking about buying or selling in Manhattan, this spring market may be worth watching closely.
Data sourced from the Compass Manhattan Market Insights Report, March 2026. Sources: ACRIS, RLS.