06/15/2026
Here are Douglas Elliman's latest Contract Signed numbers. New York City’s residential market continued to demonstrate resilience in May, with the number of signed contracts rising modestly year-over-year to 1,499 deals (+0.5%), led by strength in the luxury and townhouse segments.
Single-family and townhouse contracts surged 28.1% from a year ago, reflecting continued demand for larger homes despite higher borrowing costs, while condos posted a healthy 2.7% increase in activity and commanded the highest average price per square foot at $1,631.
Co-ops remained the lone soft spot, with contract volume declining 3.8% year-over-year, though activity has rebounded sharply from its winter lows.
Overall pricing remained stable to higher across most property types, with the average Manhattan contract price reaching $2.04 million.
The strong recovery in contract activity since January, particularly in the condo and townhouse markets, suggests buyers are regaining confidence and positioning ahead of the traditionally active summer selling season, while limited inventory continues to support values across much of the city.