In the second quarter of 2024, Manhattan's real estate market is shifting towards buyers as apartment prices drop and inventory increases. Reports from Douglas Elliman and Miller Samuel show that the average sales price in Manhattan has fallen by 3% to slightly over $2 million, with luxury apartment prices taking a hit for the first time in over a year. The rise in inventory has led to over 8,000 apartments for sale in Manhattan, surpassing the 10-year average. This surge has resulted in a 9.8 month supply of apartments for sale, indicating a buyer's market, according to Brown Harris Stevens. This trend in Manhattan contrasts with the national real estate scene, where tight supply has kept prices high. Real estate experts suggest that Manhattan's soaring prices post-Covid were unsustainable, leading to a necessary adjustment in response to a higher interest rate environment.