Is Lower Manhattan, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lower Manhattan has remained a Buyer's Market.
Key Takeaway
Lower Manhattan is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lower Manhattan, NY
How much do homes in Lower Manhattan, NY cost?
Median Sold Price
$1,814,686
$1,732/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lower Manhattan have sold for 3.9% more than they did a year ago.
Summary: The median home sold price in Lower Manhattan was $1,814,686 in May 2024, up 3.9% from last year, and the median price per square foot was $1,732.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $1.0M | $1.0M | +2.6% |
| 2 Bedrooms | $2.2M | $2.1M | -3.6% |
| 3 Bedrooms | $4.2M | $4.2M | +2.2% |
| 4 Bedrooms | $6.8M | $6.9M | +2.9% |
| 5+ Bedrooms | $9.8M | $10.4M | +6.6% |
Summary: Lower Manhattan housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.6%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes increased by 6.6%.
Median Sold Price Compared To Nearby Neighborhoods
| Lower Manhattan | $1.7M | $1.8M | +3.9% |
| TriBeCa | $3.6M | $3.4M | -5.3% |
| Financial District | $1.3M | $1.0M | -23.5% |
Housing Supply in Lower Manhattan, NY
How many homes are available in Lower Manhattan, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,487 | 1,475 | -0.8% |
Summary: The Lower Manhattan real estate market had 1,475 homes for sale in May 2024, a 0.8% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 522 | 518 | -0.8% |
| 2 Bedrooms | 504 | 489 | -3.0% |
| 3 Bedrooms | 272 | 281 | +3.3% |
| 4 Bedrooms | 117 | 109 | -6.8% |
| 5+ Bedrooms | 72 | 78 | +8.3% |
Summary: The Lower Manhattan housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 0.8%, 2 bedroom homes decreased by 3%, 3 bedroom homes increased by 3.3%, 4 bedroom homes decreased by 6.8%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 104 | 116 | +11.5% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
93 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower Manhattan, expect to pay close to the asking price. 80.2% of homes here sold near the asking price last month.
Summary: A total of 116 homes were sold or pending in Lower Manhattan in May 2024, up by 11.5% month-over-month. Of the 116 sold homes, 16% were sold under asking, 80% were sold at asking, and 4% were sold over asking.
Days on Market for Lower Manhattan, NY
How long does it take to sell a home in Lower Manhattan, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 154 Days | +801.9% |
Summary: Homes in Lower Manhattan had an average of 154 days on market in May 2024, up by 801.9% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Lower Manhattan are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 116 homes were sold in Lower Manhattan; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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Information being provided by Brooklyn Multiple Listing Service is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. 
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.