Manhattan and Harlem housing markets show divergent trends

The Manhattan housing market exhibits distinct seasonal patterns, with peak activity for condo and co-op sales typically occurring between March and June, as well as in October. Data from Corcoran Sunshine indicates that from January to July 2026, Manhattan saw 7,239 closed sales, with monthly volumes exceeding 1,000 during the spring months. Historically, September sees the highest volume of new listings, while December sees the fewest.

Luxury sales for properties exceeding $5 million have shown increased activity, with 576 sales recorded from January to July 2026, surpassing the historical average of 495 for that period. This uptick follows the implementation of a pied-a-terre tax by Mayor Zohran Mamdani.

In contrast to broader cooling trends in New York City, Harlem has emerged as a more affordable alternative for buyers. While Manhattan and Brooklyn median prices have risen to approximately $1,399,239 and $1,150,000 respectively, Harlem’s median home price sat at $842,207 for the three months ending in June 2026. Harlem also saw a 16% year-over-year increase in home sales in June 2026, even as Manhattan sales declined by 8.8%.