In Q2 2026 the median price of a Manhattan apartment reached a record $1.25M — 4.2% higher than a year earlier. Yet there were fewer deals: 2,849 sales closed, 6.3% below last year. Supply fell 15%, and in the luxury segment only 796 apartments were listed — the fewest in 22 years of tracking.
The price record did not come from a rush of buyers. The median is high because of the mix of deals: more expensive apartments are selling amid an overall shortage of supply. This is a market of scarcity, not of frenzied demand.
For a foreign buyer the takeaway is twofold. Bargaining is harder in a shortage, especially at the top of the market. And the entry price is not the only item: the full cost of owning on Manhattan is also made up of taxes at the deal, running costs and the withholding on sale.
