Prices Are Up, But Unevenly

Manhattan hit a record median sale price in recent 2026 reporting, but the details matter more than the headline: closed sales volume was down and inventory ran meaningfully below year-ago levels, meaning the median rose largely because more high-end transactions closed against thin supply — not because demand broadly strengthened. Citywide, price per square foot has been climbing: NYC's median ran around $812/SF as of June 2026 (up roughly 8.5% year-over-year), with Brooklyn slightly ahead near $1,019/SF. Queens medians moved up to roughly $735,000. These figures shift by quarter and by source — treat them as a general direction, not a precise number for any specific building.

The Condo-Co-op Divergence Is the Story of the Year

The most consistent theme across 2025–2026 market reporting is a widening gap between condo and co-op performance: condo prices and sales volume have been climbing meaningfully, while co-op contracts — especially under $1 million — have softened. See our condo vs. co-op guide for why this gap exists structurally; what's notable in 2026 is that the gap appears to be widening rather than holding steady, which matters directly if you're deciding when to list a co-op.

Inventory Is a Mixed Picture

Citywide, new listings hit a multi-year high through 2025, and overall inventory grew year-over-year for the first time in several years. But Manhattan specifically told a different story — active listings ran meaningfully below year-ago levels, reaching a multi-year low for the borough. Translation: if you own in Manhattan, you may be selling into genuinely tight competition; if you're outside Manhattan, buyers likely have more to choose from than they did a year or two ago.

Mortgage Rates Are Easing, Slowly

The 30-year fixed rate has come down from roughly 6.8% a year earlier to around 6.2% in spring 2026, with some forecasts pointing toward the high-5% range by year-end. Every quarter-point of rate movement meaningfully changes what buyers can afford to bid — a modest further decline could bring incremental buyers back into the market, particularly for financed (non-cash) purchases, which affects condos more directly than co-ops given co-ops' additional down payment requirements.

A New Tax Just Changed the Math for Some Owners

A pied-à-terre-style annual surcharge (roughly 4–6.5%, tiered by assessed value) took effect in mid-2026 on non-primary-residence condos and co-ops valued at $1 million or more. If you own a NYC apartment as a second home or investment rather than a primary residence, this is a new, ongoing carrying cost that didn't exist a year ago — and it may be softening demand at the upper end of the non-primary-residence buyer pool. If this applies to your situation, it's worth factoring into your hold-vs-sell math directly.

Where Demand Is Concentrated

  • Manhattan: Tribeca and SoHo, Upper East Side prewar co-ops, and the Hudson Yards/West Chelsea and Midtown East new-development corridors are seeing the strongest activity; the Upper West Side has offered buyers more negotiating room, with a notable share of recent sales closing below ask
  • Brooklyn: Williamsburg remains the borough's luxury condo engine; Fort Greene, Carroll Gardens, and Windsor Terrace have also shown solid price growth
  • Queens: Astoria has been the standout for appreciation; Forest Hills remains steady, while Long Island City resale has faced more competitive pressure from ongoing new-development supply

New Development Is Setting the Ceiling

New-construction condos have been commanding a premium over comparable resale product — commonly cited in the 15–30% range — which puts pressure on resale sellers to compete on price, condition, or both. A dated, un-renovated resale unit now competes not just against other resale listings but against move-in-ready new product nearby. See our value drivers guide for how condition and finishes factor into your own pricing.

What This Means for You

If you own a condo, 2026 has broadly been a seller-friendly year, particularly in supply-constrained Manhattan. If you own a co-op, pricing has been softer and buyer pools narrower — which makes accurate, building-specific comps (rather than a generic neighborhood estimate) more important than ever. Either way, market conditions are moving quickly enough this year that a valuation from even six months ago may already be dated.