There’s no denying a lull in the Manhattan market right now. Many sellers are frustrated by fewer showings, quiet open houses, and low—or no—offers. But behind the headlines, the story is more nuanced.
What we’re seeing:
Shrinking quality inventory. Well-priced, desirable properties are scarcer than ever.
Buyer hesitation. Many remain in no rush to make deals, content to “wait and see.”
Strength at the top. The luxury market tells a different story. Homes priced above $5M—particularly move-in ready new developments and townhouses—are closing at record highs, often in all-cash transactions.
Which properties are struggling?
Homes needing updates. Rising costs for materials (thanks to tariffs) and fewer available workers (with expiring immigration status impacting the labor force) have made renovations daunting.
Units with heavy carrying costs. High monthly charges and special assessments tied to capital improvement projects, such as Local Law 11 and 97 compliance, are giving buyers pause.
So, what about August?
Conventional wisdom says Manhattan real estate hibernates this month. I disagree. August often ushers in some of the very best buying opportunities of the year.
Why?
Motivated buyers and sellers don’t disappear in August—they get noticed.
Homes overlooked in spring start receiving renewed attention.
Serious buyers face less competition and are better prepared to negotiate and transact.
With mortgage rates hovering near 6.5%, buyers seem to have adjusted expectations. Looking ahead, inflation and even the upcoming mayoral election may impact the fall market. Nonetheless, August serves as the launch pad. By September, when the market rhythm picks up again, savvy buyers are already educated, engaged and ready to act. August isn’t about settling for less—it’s about uncovering hidden treasures when fewer are in town. It's about recognizing that sometimes the best deals happen when no one else is looking.
Conventional wisdom says Manhattan real estate hibernates this month. I disagree. August often ushers in some of the very best buying opportunities of the year.
Our team is currently representing three overlooked properties that truly stand out as value opportunities in today’s market. Each offers quality, location and value.
120 East 81st Street, 8A – A south-facing, elegantly proportioned two bedroom co-op with high floor rooftop views off Park Avenue.
315 East 65th Street, 1H – A spacious two bedroom with 9’ ceilings and direct private access to a unique backyard.
639 West End Avenue, 1C – A charming one-bedroom in a stately prewar priced well below market.
August often sets the stage for a busy fall. If you’re considering selling, the rest of this month is the perfect time to prepare your property so it shines when fall activity accelerates. If you’re a buyer, August may be your best opportunity to find the home you’ve been waiting for.