Like clockwork, astronomical spring starts on the vernal equinox. Real estate spring doesn’t have a clear starting point. Instead, it’s considered to start in March when many sellers hit the market and buyers usually show up en masse. This year’s spring season confirms what every seasoned New Yorker buyer, seller, and real estate broker already knows: Manhattan is never just one single market. While overall numbers point to a busier season so far, different buyer patterns across different areas and neighborhoods can lead to local timing mismatches.
As New York City entered the spring 2025 real estate season, many buyers, sellers, and brokers expected Manhattan’s most active time of year to offer clarity, and perhaps even a jolt of energy, to a market that’s essentially been drifting sideways since late spring 2022. But instead of a borough-wide resurgence, what emerged was a more fragmented picture. Different parts of Manhattan moved at different speeds. Some areas gained traction, while others held steady, and a few still seem to be waiting for momentum to arrive.
This analysis looks at five main areas of Manhattan, each comprising several neighborhoods:
- Downtown: from the southern tip of Manhattan up to 14th Street
- Includes neighborhoods such as TriBeCa, SoHo, and Greenwich Village
- Midtown: from 14th Street to 59th Street, river to river
- Includes neighborhoods such as Chelsea, Turtle Bay, and Hudson Yards
- Upper East Side: from 59th Street to 96th Street, east of Central Park
- Includes neighborhoods such as Lenox Hill, Carnegie Hill, and Yorkville
- Upper West Side: from 59th Street to 110th Street, west of Central Park
- Includes neighborhoods such as Lincoln Square and Manhattanville
- Upper Manhattan: north of 110th Street, west of 5th Avenue, north of 96th Street east of 5th Avenue
- Includes neighborhoods such as Harlem, Washington Heights, and Inwood
To understand market conditions, we looked at this year’s weekly market progress in terms of new listings and contracts signed compared to their average levels from the last two years: 2023 and 2024. While the full dataset covers January through mid-April, this piece focuses on the March-to-April period — the true heart of Manhattan’s spring market.
First, let’s look at the overall market.
Overall Manhattan
After a quiet start to the year, Manhattan’s listing activity gradually improved. By late March, new supply reached parity with 2023/24’s average, briefly turning positive before leveling off. Meanwhile, buyer activity showed a more dynamic recovery with deal volume rising to +5% above the previous two years’ average by early April.
While no breakout has occurred, the numbers suggest Manhattan is moving in the right direction, with supply and demand trending upward as the core spring season unfolds. Notably, it’s the first time since early 2022 that sellers and buyers appear to be constructively aligned, with neither side holding a clear leverage advantage over the other. However, a closer look reveals distinct pacing across submarkets.
Now, let’s break it down, area by area.
Downtown Manhattan
Downtown Manhattan usually sets the tone for aspirational buyers with its cobblestone streets, lofts, and sleek minimalist vibe. This spring, however, it’s less trendsetting and more treading water.
Supply & Demand Overview
New listings began the season down from the 2023-2024 average, and while the deficit narrowed, inventory did not meaningfully surge. Contracts signed initially jumped in January but cooled through February and March, with only a modest rally at the end. Buyers are selective, and sellers seem unwilling to flood the market. As Downtown is often the most sought-after area, the mid-season quiet shown by buyers speaks loudly.
Midtown Manhattan
Midtown, which, due to its size, typically has the most volume among the areas analyzed, tends to have something for everyone. Over the last couple of years, that’s meant a lot of smoke, but no fire. This spring, though, with demand on the rise, the embers may finally catch.
Supply & Demand Overview
Midtown saw a cautious start with supply slightly below average, but that turned around by early February Week Six, with new listings climbing to +5% in early April Week 14. Demand staged an even more dramatic recovery: after starting the year down, contract activity soared to a double-digit lead (+11.06% in Week 15) over the 2023/24 average. With inventory and buyer interest both up, Midtown could claim the most active title for this spring season.
Upper East Side
The restrained elegance of the Upper East Side is evident in its limestone facades, crown moldings, and tree-lined streets. This spring, however, that genteel exterior is concealing a quietly competitive market underneath.
Supply & Demand Overview
The new supply has stayed negative all season and remains so into April (-11 %). Buyers didn’t seem to mind, though. While the neighborhood might not be setting records for deal activity, contracts signed have been consistently positive from early January onward. In a low-supply market with steady demand, the UES could be well-positioned for pricing strength, especially for turn-key, well-positioned units.
Upper West Side
The Upper West Side is defined as much by its Central Park and Hudson River borders as by its connection with brownstones, bagels, and Broadway. This spring, with supply and demand finally in sync, it feels like a classic everything bagel: a little something for everyone.
Supply & Demand Overview
After spending the first several weeks lower than the 2023/24 average, new listings flipped positive by mid-March and stood at +3% by early April. Meanwhile, contracts signed rose from below average to +11%. The increase in both buyer and seller activity makes the Upper West Side one of the more balanced areas this season, suggesting that pent-up demand may find some refreshing supply.
Upper Manhattan
Stretching from the top of Central Park to the top of Manhattan, Upper Manhattan has long been a bastion of space and value. This spring, the sellers are ready, but the buyers appear to be stuck in a wait-and-see mode.
Supply & Demand Overview
Interestingly, Upper Manhattan was the only area where new listings consistently exceeded the 2023/24 average for most of the season. However, contracts signed lagged behind and have yet to turn positive, although they’re close. Buyers simply have not shown up in force yet, hinting that sellers may face pressure to adjust pricing.
A Market of Microclimates
This spring confirms what every seasoned New Yorker buyer, seller, and real estate broker already knows: Manhattan is never just one single market.
The Upper West Side and Midtown are showing signs of life, with rising inventory and increasing buyer momentum. The Upper East Side is steady and competitive, especially with supply remaining low and slow. Downtown is waking up, but at an unexpectedly slower pace than usual. Finally, Upper Manhattan still appears to be a value play, especially for those willing to buy while others remain on the fence.
For buyers, that means selective leverage may be found in areas where demand hasn’t yet caught up to supply. For sellers, success depends on appropriate pricing, being realistic, and recognizing the fact that buyers who are active know exactly what fair value looks like.
The first 15 weeks of the year have shown that most Manhattan neighborhood markets are trying to break past the lower levels seen in 2023/24. With recent macroeconomic headwinds blowing in clouds of uncertainty, this remains a market for the patient, the informed, and the opportunistic.
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