As 2026 heads into its final weeks, Manhattan's housing market is sending useful signals. Sellers are bringing more apartments to market, mortgage rates have eased for three straight weeks, and a court ruling has put the city's new tax on high-value second homes back on track. Here is what we're watching.
Manhattan: More New Listings, a Slower Pace
StreetEasy's latest monthly report, covering September, counted 2,689 new Manhattan sale listings, up 6.8% from a year earlier, with resale condo listings up nearly 16%. Total inventory still stood 11.7% below last year at 7,957 homes, and the median asking price eased 6.9% to $1.35 million.
Demand cooled modestly. Some 660 Manhattan homes went into contract, down 6.8% year over year, and the typical listing spent 102 days on the market, 11 days longer than a year ago. Buyers have more options and more time to decide, while well-priced homes still sell.
Mortgage Rates: Three Weeks of Relief
Freddie Mac reported the average 30-year fixed rate at 7.18% for the week of November 5, down from 7.24% a week earlier and its third weekly decline in a row. The 15-year fixed averaged 6.57%. Rates are still about a point higher than a year ago (6.22%), so careful payment planning matters.
The Fed: Holding, for Now
On October 28, the Federal Reserve held its benchmark rate at 3.75% to 4.00% following September's quarter-point increase. Its next decision comes on December 9, and with inflation still elevated, markets are watching closely. Closer to home, Governor Kathy Hochul won reelection on November 3; her administration has emphasized building more housing.
Second-Home Tax: Back on Track
On November 4, a New York appeals court reversed a lower-court order that had halted the rollout of the city's new surcharge on high-value homes that are not an owner's primary residence, so the city can move ahead. After exemptions, the Department of Finance has narrowed the pool of potentially affected properties to fewer than 9,000, and two other lawsuits challenging the tax are set to proceed in December. If you own a Manhattan apartment that isn't your primary home, now is a good time to review your situation with your tax advisor.
Our Take
For buyers, more listings, longer market times and slightly lower rates can mean more room to negotiate on price and terms. For sellers, pricing correctly from day one matters more than ever, because today's buyers are well informed and willing to wait for the right apartment.
Thinking about a move this winter? We'd be glad to walk you through what these numbers mean for your building and your budget. Reach out to The Sapir Team anytime.
