Overview
- Manhattan recorded a 9% jump in third‑quarter residential closings to 3,625, with the median sale price rising 4% to $1.3 million, the strongest Q3 in four years.
- Active inventory and new listings have fallen to multi‑year lows, leaving buyers to compete for a much smaller pool of for‑sale homes.
- Corcoran Sunshine’s 2026 pipeline projects about 52,000 market‑rate units through 2029, with roughly 77–78% expected to be rentals and an average of about 13,000 units a year.
- The report forecasts a roughly 74% drop in entry‑level new condos (defined as under $1,800 per square foot) because rising interest rates, higher construction and labor costs, and tax programs favor rental builds over for‑sale projects.
- The shift means fewer affordable homes for buyers, heavier competition for sub‑$3 million units, and uncertainty about delivery timing since many pipeline projects remain planned rather than under construction.