The NYC real estate market shifted in Q2 — but maybe not in the way you'd expect.

Closed sales declined 6.3% year-over-year, ending five consecutive quarters of growth. At the same time, inventory tightened, negotiability dropped to 3.3%, luxury inventory reached a 22-year low, and a record 57.9% of deals occurred above $1 million.

John and Jonathan break down what happened with mortgage rates, closed sales, inventory, months of supply, pricing and the luxury market — plus the new pied-à-terre tax creating another layer of uncertainty for NYC buyers and sellers.

So, is NYC real estate actually slowing down? Or are buyers simply competing for fewer properties?

Here's what the Q2 2026 numbers really tell us.

Sales were up, inventory was down, and Manhattan real estate started 2026 on solid footing. John and Jonathan analyze the Q1 numbers, discuss the impact of rising rates and global uncertainty, and explain why they remain optimistic about the market's long-term outlook.

Q4 2025 was a turning point for Manhattan real estate.

On Real Talk Real Estate, John and Jonathan break down why the market tightened faster than expected.

Inventory dropped, cash buyers dominated, and homes moved quicker with less room to negotiate. Even with prices staying mostly flat, leverage started shifting back toward sellers.

They also touch on how NYC’s new mayoral administration may have influenced short-term seller behavior, and why Manhattan real estate continues to prove its long-term strength.