Manhattan Luxury:
The Month · July 2026
This report reads one month of Manhattan luxury signed-contract activity against its own recent history. The Week tracks the latest deals. The Quarter sets the longer trend. This page shows whether that trend is starting to shift.
The Month in One Read
Cutoffs are the price a contract must clear to sit in each tier. They are recalculated from the trailing record, so a rising cutoff means the whole field moved up, not that any single deal did.
Top Deals of the Month
The month's highest signed-contract prices across Manhattan.
The pied-a-terre tax took effect July 1, and a pullback from June was already expected heading into Q3's seasonal slowdown. Signed contracts in the top 10% fell to 69, down 28% from June, but the decline sits almost entirely inside Prime, off 54% month over month and 43% year over year. Luxury signings eased only 10% from June and are up 34% from a year ago; Trophy signings fell 29% from June but are up 25% year over year.
Momentum
Each measure below is plotted for the last thirteen months. A reading holding above its own recent months is acceleration. A reading falling back toward or below them is a bounce inside a slower stretch.
Three tiers, five ways to read them.
Choose a metric to redraw the chart. Hover a point for the exact reading.
Line chart of monthly contracts by luxury tier covering 13 periods from Jul '25 to Jul '26. Luxury (Top 10%) rises from 35 in Jul '25 to 47 in Jul '26, up 34 percent, peaking at 60 in Mar '26. Prime (Top 5%) falls from 30 in Jul '25 to 17 in Jul '26, down 43 percent, peaking at 53 in Feb '26. Trophy (Top 1%) rises from 4 in Jul '25 to 5 in Jul '26, up 25 percent, peaking at 19 in Oct '25.
The Luxury Lines
Three tiers defined by the trailing 12 months (TTM) of actual Manhattan signed contracts. Entry prices update monthly as new data enters the window.
Trailing 12-month detail
Trailing 12-month detail
Trailing 12-month detail
Manhattan Market Pulse
Four segments, six ways to read them.
Choose a metric to redraw the chart. Hover a point for the exact reading.
Line chart of monthly signed contracts by segment covering 13 periods from Jul '25 to Jul '26. All Manhattan falls from 858 in Jul '25 to 818 in Jul '26, down 4.7 percent, peaking at 1,041 in Jun '26 and bottoming at 677 in Jan '26. Condos falls from 403 in Jul '25 to 396 in Jul '26, down 1.7 percent, peaking at 482 in Oct '25 and bottoming at 324 in Jan '26. Co-ops falls from 448 in Jul '25 to 408 in Jul '26, down 8.9 percent, peaking at 564 in Jun '26 and bottoming at 334 in Jan '26. Townhouses rises from 7 in Jul '25 to 14 in Jul '26, up 100 percent, peaking at 26 in Feb '26 and bottoming at 5 in Sep '25.
Contracts and Volume by Unit Size
Where activity concentrates this month: by bedroom count, both by number of deals and total dollar volume.
Donut chart of dollar volume by unit size across 5 categories totalling $1.79B. Largest is 2-Bed at $563M, 31 percent of the total. Smallest is Studio at $56M, 3 percent. Full breakdown: 2-Bed $563M, 31 percent; 4+ Beds $482M, 27 percent; 3-Bed $408M, 23 percent; 1-Bed $281M, 16 percent; Studio $56M, 3 percent.
Donut chart of contracts signed by unit size across 5 categories totalling 872. Largest is 1-Bed at 293, 34 percent of the total. Smallest is 4+ Beds at 69, 8 percent. Full breakdown: 1-Bed 293, 34 percent; 2-Bed 285, 33 percent; 3-Bed 118, 14 percent; Studio 107, 12 percent; 4+ Beds 69, 8 percent.
July's slowdown touched every price tier's new signings. Prime signings fell 54% month over month to 17 contracts. Trophy signings held at 5, up from 4 a year ago, though the small count keeps this figure directional rather than firm.
Supply and Absorption
Months of supply is the count of active listings divided by the monthly contract pace. It answers how long the current inventory would last if demand held steady. Absorption is the share of that inventory that went to contract during the month.
| Segment | Active listings | Contracts signed | Months of supply | Absorption |
|---|---|---|---|---|
| All Residential | 5,667 | 817 | 6.9 | 14.4% |
| Luxury (Top 10%) | 947 | 47 | 20.1 | 5.0% |
Closings told a different story than signings. Recorded condo sales rose 16% month over month to 632, and recorded co-op sales rose 12% to 732, even as new condo and co-op contracts both fell. Signings and closings are moving in opposite directions this month, consistent with contracts signed earlier in the year now working through to close.
Neighborhoods
Three views of the same neighborhood data. Largest Luxury Markets ranks by trailing 12-month (TTM) dollar volume. Most Concentrated ranks by trailing 12-month (TTM) luxury share among neighborhoods with at least 11 qualifying contracts. July 2026's Activity ranks by the month's own signed contracts and cross-tags each row against the other two views.
Most Concentrated
TTM % Lux · min. 11 qualifying deals · updates monthly| Rank | Neighborhood | % Lux |
|---|---|---|
| 1 | tribeca · n=82 | |
| 2 | soho · n=64 | |
| 3 | west chelsea · n=52 | |
| 4 | west village · n=65 | |
| 5 | upper east side · n=148 | |
| 6 | flatiron · n=32 | |
| 7 | nomad · n=18 | |
| 8 | carnegie hill · n=52 | |
| 9 | midtown · n=65 | |
| 10 | hudson yards · n=19 |
Where luxury deals make up the biggest share of local sales.
Largest Luxury Markets
TTM $ Volume · updates monthly| Rank | Neighborhood | Luxury $ Vol |
|---|---|---|
| 1 | upper east side | $1.76B |
| 2 | west village | $1.09B |
| 3 | midtown | $964.3M |
| 4 | upper west side | $939.9M |
| 5 | lenox hill | $920.4M |
| 6 | lincoln square | $831.7M |
| 7 | tribeca | $705.1M |
| 8 | west chelsea | $526.7M |
| 9 | soho | $525.6M |
| 10 | greenwich village | $523.1M |
Where the luxury business is largest, measured by total dollar volume.
July 2026's Activity
Signed contracts · July 2026| Rank | Neighborhood | Signed | Volume |
|---|---|---|---|
| 1 | upper east side | 12 | $92.0M |
| 2 | west village | 7 | $69.1M |
| 3 | upper west side | 7 | $44.8M |
| 4 | midtown | 5 | $76.9M |
| 5 | lenox hill | 5 | $50.5M |
| 6 | lincoln square | 5 | $32.1M |
| 7 | soho | 4 | $48.5M |
| 8 | flatiron | 3 | $29.6M |
| 9 | chelsea | 3 | $27.2M |
| 10 | carnegie hill | 3 | $16.7M |
July 2026's most active neighborhoods by signed contracts, ranked 1 to 10. Names marked with an asterisk do not appear on either trailing 12-month board, so this month is a step up from their usual level of activity.
| TTM baseline | |||||||
|---|---|---|---|---|---|---|---|
| Volume Rank | Neighborhood | Luxury Dollar Volume | Contracts | Nbhd Median | Avg Sale | % Lux (Intensity Rank) | Volume Rank vs. 1yr Ago |
| 1 | upper east side | $1.76B | 148 | $9,156,136 | $11,910,838 | 18.9% (#5) | ◆ |
| 2 | west village | $1.09B | 65 | $10,248,750 | $16,839,000 | 21.6% (#4) | ◆ |
| 3 | midtown | $964.3M | 65 | $9,085,000 | $14,835,908 | 16.1% (#6) | ▲ 1 |
| 4 | upper west side | $939.9M | 120 | $6,575,000 | $7,832,679 | 10.6% (#9) | ▲ 1 |
| 5 | lenox hill | $920.4M | 85 | $7,100,000 | $10,827,918 | 11.4% (#7) | ▲ 2 |
| 6 | lincoln square | $831.7M | 72 | $7,390,000 | $11,550,972 | 10.1% (#10) | ▼ 3 |
| 7 | tribeca | $705.1M | 82 | $6,497,500 | $8,598,488 | 33.1% (#1) | ▼ 1 |
| 8 | west chelsea | $526.7M | 52 | $8,122,500 | $10,128,442 | 23.6% (#3) | ◆ |
| 9 | soho | $525.6M | 64 | $6,500,000 | $8,211,838 | 32.2% (#2) | ▲ 2 |
| 10 | greenwich village | $523.1M | 50 | $7,897,500 | $10,462,400 | 11.0% (#8) | ◆ |
Rows are ordered by trailing 12-month luxury dollar volume, so the number at the left is the volume rank. The figure in parentheses beside % Lux is the intensity rank: where the neighborhood places on luxury share of local sales. The last column shows how the volume rank has moved against the same month a year ago.
Upper East Side led the borough in trailing 52-week luxury volume. Tribeca led on intensity, with just under a third of its trailing-year contracts landing above the borough's luxury line.
What This Means
Reading the month
The split lines up with who buys at each tier. Prime skews more toward second-home buyers than Luxury or Trophy, and the pied-a-terre tax lands squarely on that group, tracking with Prime being the one segment down both month over month and year over year. Trophy buyers are wealthy enough that the tax isn't a meaningful factor in the decision, and Luxury's base is mostly full-time residents to begin with, both consistent with those two tiers holding or gaining ground. Nineteen neighborhoods now qualify for the intensity ranking (11 or more trailing-year luxury contracts).
Recommendation. Watch Prime specifically over the next few months. A tax-driven pullback among second-home buyers may persist longer than an ordinary seasonal dip would. Luxury and Trophy's year-over-year gains suggest the broader luxury market isn't losing momentum, just redistributing away from the second-home segment. Trophy's five-deal sample this month is still too small to read as a trend on its own.
Method and Notes
Figures cover signed contracts recorded between July 1, 2026 and July 31, 2026 in Manhattan. Tier cutoffs are percentile thresholds recalculated from the trailing record, so they move with the market rather than being set by hand.
Any figure drawn from fewer than 5 transactions carries a small-sample note beside it. Read those figures as directional.
Abbreviations
- DOF
- Department of Finance, the New York City agency that assesses property value for tax purposes.
- PPSF
- Price per square foot.
- DOM
- Days on market, the time from listing to signed contract.
- MoM
- Month over month, this month compared with the month before it.
- YoY
- Year over year, this month compared with the same month one year earlier.