February 2025 Real Estate Review - NYC Edition

I hope you find this February?2025?Real Estate Review - NYC Edition?useful and encourage you to share it with anyone who may find it interesting.

StreetEasy has published their Monthly Market Report for January 2025, and the key takeaways were:

• The NYC sales market saw a strong start to the new year, with a sharp 10.7% jump in the number of homes going into contract.
• The citywide median asking price declined 2.1% year-over-year, and the median price of homes entering contract fell 3.7% to $890K.
• Recently listed homes in key Manhattan neighborhoods are more affordable than a year ago, as new sellers strategically set prices.
• Heightened buyer competition is fueling price growth in Brooklyn, with median asking prices topping $1M in 34 neighborhoods — the most on record.
• While mortgage rates will likely stay elevated throughout the year, less volatility should help buyers and sellers better plan their finances, leading to increasing transactions.

Like most New Yorkers, I spend much of the winter complaining about the cold, only to turn around and complain about the heat in the?summer... but, it gives us something to do! With that said, I am?very ready for Spring!

Regards,

Andrew

Manhattan New Signed Contracts

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Since July, the number of newly signed contracts has continued to surge year-over-year, a trend sustained by the rising?number of listings entering the market.

Luxury contracts and new listings at or above the $4 million threshold are rising at a similar rate to the overall market.

January 2025?Year-Over-Year Highlights

COOPS

• Signed Contracts increased?55.4%
• New Listings increased?54.4%

CONDOS

• Signed Contracts increased?48.8%
• New Listings?increased?40.9%?

1-3 Family Homes (Townhouses)

• Signed Contracts increased?271.4%
• New Listings increased?161.1%

Brooklyn New Signed Contracts

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Since April, the number of newly signed contracts has surged?year-over-year almost every month, a trend supported by the recent rise in?the number of listings entering the market.

Luxury contracts and new listings at or above the $2 million mark are increasing faster than the overall market.

January?2025 Year-Over-Year Highlights

COOPS

• Signed Contracts?increased?72.6%
• New Listings?increased?72.0%

CONDOS

• Signed Contracts?increased?79.6%
• New Listings?increased?42.3%

1-3 Family Matrix

• Signed Contracts increased?73.7%
• New Listings?increased?58.7%

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January 2025?Manhattan, Brooklyn & Queens Rentals

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Median rent in Manhattan rose annually for the fourth time as the listing discount reflected a premium for the first time in 6?months. New lease signings moved higher annually for the tenth consecutive month as the vacancy rate slipped year-over-year for the fourth time in 5 months. Median rent for non-doorman apartments continued to increase year-over-year faster than doorman price trend indicators. Median rent for existing rentals moved higher annually as median rent for new development rents slid. Luxury median rent increased year-over-year for the second time, yet luxury listing inventory rose annually for the third time.

The rental price per square foot in Brooklyn rose to a new high as the market share of bidding wars set a new record. Median rent was unchanged year-over-year as new lease signings continued to rise, triple the same period 5?years ago. Listing inventory has increased year-over-year for the past 12 months with the surge in new leasing volume.

All price trend indicators in Northwest Queens rose annually as the listing discount reflected a premium for the seventeenth time. New lease signings continued to rise, more than double the same period 5 years ago. Listing inventory has increased year-over-year for the past 12 months.

January 2025?Manhattan, Brooklyn & Queens Rental Report

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Wondering About Home Value? Are you curious about the value of your home? Try our?value estimation tool,?What is Your Home Worth?? Keep?in mind that these?models never replace the custom valuation and market insight that our team can offer, specific to your building and neighborhood.

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