Median price, sales, rising neighbourhoods and buying costs: the state of the New York property market in autumn 2026 for a buyer coming from France.
In Manhattan, the median price of an apartment sold reached $1.25 million in the third quarter of 2026, a record for a third quarter according to the report from the Corcoran network published on 2 October 2026. Prices there have risen year on year for seven consecutive quarters. In Brooklyn, median and average prices rose by 11% over one year in the second quarter of 2026 and have reached levels never seen before.
The New York market therefore remains expensive and upward-trending, but it is slowing at the margin: signed contracts are falling, mortgage rates are back above 7% and a new surtax on high-value second homes is worrying the top end. Here are the recent figures, the gaps between neighbourhoods and the costs to plan for if you are buying from France.
The report by the appraisal firm Miller Samuel for The Real Deal, quoted by Brick Underground, arrives at the same median price of $1.25 million, identical to the second quarter. It shows sales up 8% and properties for sale down 10.7% over one year.
Signed contracts fell by 6% over one year in Manhattan, to 2,532, only the second drop in ten quarters. Corcoran attributes this to higher rates, the surtax on pied-à-terre homes and the lack of supply. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage stood at 7.28% in the United States on 1 October 2026. Brown Harris Stevens, quoted by Brick Underground, expects a quieter fourth quarter for closed sales, after a sharp drop in contracts in September.
The quarterly reports do not give a price for each neighbourhood, but they show where demand and price rises are concentrated.
Resale condos are driving the Manhattan market: 1,266 sales (+15%) and a record median price of $1.65 million. The median price of resale co-ops stayed stable at $875,000. Sales above $3 million jumped by 25% and account for 19% of transactions, a record level matched. Sales below $1 million now make up only 42% of the market.
In the second quarter of 2026, Corcoran reports in Brooklyn a record average price of $1,185 per square foot and a median price for resale condos of $1.15 million, up 15%. Contracts rose by 15% over one year and the time to sell fell to 72 days, the shortest for a second quarter in ten years. Sales of new homes above $2 million are concentrated in Williamsburg, Downtown Brooklyn and DUMBO. Supply above one million fell by 5%, while this segment accounts for more than 40% of sales.
In Manhattan, new homes offered by developers fell to 564 in the third quarter of 2026, the lowest level since late 2012 and a decline for the thirteenth consecutive quarter. For a buyer, this means little choice in new builds and stronger competition for well-located resales.
In a cooperative (co-op), a purchase needs the approval of the building's board. According to an agent from the Compass network quoted by Brick Underground in October 2026, the pied-à-terre surtax makes these boards even more reluctant toward buyers who will not live there as their main home, which pushes demand toward condos. If you are buying a home you will not occupy all year, target condos first.
Passed with the New York State budget at the end of May 2026, this surtax targets homes that are not their owner's main residence and whose market value is at least $5 million. According to Brick Underground (August 2026), a judge suspended its rollout after a challenge by owners, and the city planned to appeal. If your budget is close to this threshold, have its status checked at the time of purchase.
The city's Department of Finance levies a transfer tax (Real Property Transfer Tax). For a residential property, such as a one- to three-family house or a condo unit, the rate is 1% of the price up to $500,000 and 1.425% above that. Other costs come on top: have a full budget drawn up before making an offer.
When a non-US seller sells a property, the buyer must generally withhold 15% of the sale amount under the FIRPTA law, according to the US tax authority (IRS). Plan for this with a tax adviser from the time you buy.
If you are searching from France, a Remoters home finder based in New York can spot properties, view them for you, gather the building's documents and support you through to signing. The first conversation and the quote are free.
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Sources cited in this article
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