If you’re a homeowner in Manhattan wondering, "What is my apartment worth right now?", you’re not alone. This is one of the most frequently asked questions we receive from sellers, and it’s a crucial one to understand before making any decisions about listing your property.
Key Market Snapshot (2025)
Average Condo Price per Square Foot (PPSF): \$1,886 (up 7% year-over-year)
Average Co-op PPSF: \$1,236
Median Sold Home Price in Manhattan: Approximately \$1.2 million
Condo Price Range (by Size): \$771,907 (Studio) to \$10.8M (4+ Bedrooms)
Co-op Price Range (by Size): \$468,155 (Studio) to \$5.1M (4+ Bedrooms)
These values are estimates based on recent market reports and fluctuate depending on location, size, building amenities, and whether your home is a condo or co-op.
Understanding Price per Square Foot
Price per square foot (PPSF) is a widely used metric to assess value in Manhattan. In 2025, condos are averaging around \$1,900–\$2,100 PPSF, while co-ops range between \$1,200–\$1,300. Luxury buildings or larger units in prime neighborhoods command higher PPSF, sometimes exceeding \$2,500.
Factors That Affect Your Apartment's Value
1. Type of Property: Condos generally sell at a premium over co-ops.
2. Location: Neighborhoods like Midtown, Tribeca, and the Upper East Side often see higher values.
3. Size & Layout: Larger apartments with efficient layouts tend to yield higher prices.
4. Condition & Renovations: Modern finishes, updated kitchens, and bathrooms can significantly increase value.
5. Building Amenities: Full-service buildings with doormen, gyms, and rooftop decks are more desirable.
Quick Value Estimation Formula
To get a ballpark estimate:
1. Determine your apartment's square footage.
2. Multiply it by the average PPSF for your property type.
Example: A 1,000 sq ft condo in Midtown might be worth \$2,000,000 (\$2,000 PPSF).Market Trends to Watch
Seller Confidence: Sellers are receiving approximately 96.9% of asking prices.
Days on Market: Down 7% from last year, indicating strong buyer demand.
Luxury Market Influence: High-end sales are pushing average PPSF up, especially in new developments.
Ready to Get an Accurate Valuation?
Online calculators and general data can only take you so far. For the most accurate valuation, a professional Comparative Market Analysis (CMA) is essential. As a local Manhattan real estate expert, I provide complimentary CMAs to help you understand your home's true market value.
Let’s Connect
Whether you’re thinking of selling soon or just curious, I’d be happy to provide a personalized, no-obligation evaluation of your apartment.
