The Manhattan real estate market this summer is steady and balanced—not heavily favoring buyers or sellers. While summer often brings a bit of a lull as many New Yorkers head out of town, it can also open up real opportunities. Buyers and renters who stay local and act quickly may find less competition in certain areas. We're no longer in the frenzy of bidding wars we saw in past years, but the market is far from quiet. Activity is still strong, especially in the $2M+ range, and well-priced, quality homes in prime locations are continuing to attract serious attention. For buyers, this is a moment to be strategic—you likely won’t find major discounts on top-tier properties, and when the right home hits the market, it's important to be ready—competition for the best inventory is still very real. 

On the new development side, we’re seeing increasing interest in boutique condos, and luxury properties designed with hybrid work lifestyles in mind. Despite high interest rates and rising construction costs, the luxury segment is performing well—cash deals made up a record 69.1% of all transactions in Q2, and the $20M+ market is especially active. Buyer confidence is clearly coming back, even as prices remain more measured than during the post-pandemic surge. Meanwhile, the rental market continues to be incredibly competitive and inventory staying tight.