We are now in a neutral housing market — meaning it’s neither a buyer’s nor a seller’s market. While the market remains neutral, it’s showing more strength and a better outlook compared to the past two years, which were marked by a housing slump.
In Manhattan, supply has risen to 2,022 units, as April typically marks the peak of spring listings. Contracts signed were at 1,060, slightly below the expected 1,089, with a seasonal high goal of 1,710. Although numbers aren't quite where they’ve been in previous years, the seasonal uptick is still on track.
Brooklyn currently has 1,045 units in supply and 588 contracts signed. Compared to Manhattan, the borough is experiencing a much hotter market with massive price increases. Brooklyn is even setting new pricing records, signaling a very active and competitive environment.
Queens, on the other hand, has seen a drop in housing supply. This lower inventory has led to rising prices and, in some cases, bidding wars. The pressure on available homes is intensifying market activity in the borough.
Looking at Q1 overall, Manhattan hasn’t experienced dramatic increases in inventory or contract activity. The market remains relatively balanced, even though the numbers are on the lower end of typical seasonal expectations.
Zooming out to all of NYC, prices across the city have remained relatively steady over the last 12 years. Compared to other national markets, NYC hasn’t seen as much growth. One contributing factor is the city’s large stock of co-op buildings.
When it comes to sales, the neutral market has led to unique challenges. Properties that need work, are poorly located, or are overpriced are struggling to sell. On the flip side, buyers are having a hard time finding listings that truly meet their needs.
As a result, many sellers are choosing to rent their properties instead of selling, while buyers are putting off purchases and opting to rent instead. This “wait and see” approach is fueling a red-hot rental market.
Rental demand is soaring across Manhattan, Brooklyn, and Queens. Rentals are moving quickly, and prices are inflating rapidly. This season has been especially active as both sellers and buyers turn to renting as a temporary solution.
So, what do you make of all these changes? From the 12-year housing trend in NYC to the Q1 2025 overview and the current spring market—how will you move forward? Will you rent, sell, or buy this season?
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Contract Numbers:
Manhattan had a total of 1,060 contracts signed.
Brooklyn had a total of 588 contracts signed.
