“Buildings are like people to me; they tell stories.”
Donna Dennis – Artist
What is the value of real estate? Art & Commerce: Finding home.
Great art and real estate each have the ability to speak to us. Art and commerce share a common language: movement, balance, and timing. The best moves often feel like the moment when you stand before a painting and just know that this is the right piece, the right place, the right time. It is when the work of the artist or architect somehow speaks to us as a friend.
Let’s look at the data and see what this market is telling us.
Manhattan Sales Market:
There are currently 6,121 homes for sale, down 9.8% from last month. Monthly contract activity for July had 899 contracts signed, down 7.5% from the previous month. Signed Contracts were up 3.5% from last year. Pending Sales are down 1.4% month-over-month and up 11.1% year-over-year.
What This Means for Buyers:
Summer is typically a slower season for sales, so it wouldn’t be surprising to see additional month-over-month declines in contract activity once the August numbers are released. Even so, several indicators point to a healthy market with more growth ahead. Signed contracts and pending sales are both higher than they were a year ago, suggesting strong underlying demand.
Now may be the right time to make a move, before September ushers in an even more active market. While the data provides important context, there’s also the intangible value of a home that resonates with you in ways that no chart or trend line can capture. This could be the window to act on the place that feels right, before competition intensifies next month.
Manhattan Rental Market:
Manhattan’s rental market continues to push higher, with median rent reaching new records nearly every month this year. In July, the median rent climbed 9.3% year-over-year to $4,700, its fifth record in the past six months. Average rent rose 6.8% annually to $5,497, the third-highest level on record. Listing inventory ticked up 3.1% from last month, but remains 0.5% lower than a year ago.
What This Means for Renters:
The rental market is already tighter than last year, with rents significantly higher. Since the FARE Act took effect in June, rents may continue rising even after the peak rental season ends in September. The new law adds challenges for renters, landlords, and agents alike. If you find the perfect apartment, securing a lease now could be a smart move, with the right agent, of course.
Final Thoughts:
There is an art to real estate. It’s a dance between creativity and calculation, intuition and informed strategy. The data show a market in motion, with both sales and rentals carrying unique opportunities depending on how you move. Whether you’re seeking a home that feels right or an investment that aligns with your vision, this could be your moment. We’re here to help you curate your next chapter, balancing vision, value, and timing.
