Welcome to the start of the summer season! The market has entered seasonality as supply and contract signings have dropped for June and are expected to remain low until Labor Day. Both sellers and buyers are on vacation in increasing numbers and so summer seasonality has now started to take effect. Taking a closer look at the markets supply and demand numbers for this month, we are also in a slight buyer's market compared to the neutral market we were in a bit ago.
In Manhattan, supply dipped to 1,430 units with contracts signed at 952. Contracts signed for this time of year are usually around 1,055.
In Brooklyn, things have been a bit busier than in Manhattan and has not yet started to show as much seasonality slow down. Listing supply is still down a bit at 874 while contracts signed are up at 633.
On the flip side, the rental market is very busy with pricing records being broken and intense competition. Buyers who have opted out of purchasing this year and sellers who have decided not to sell are finding themselves drawn to rentals rather than sales as macroeconomic impacts and uncertainty disturb their sale plans.
This pivot towards renting has resulted in record breaking prices in Manhattan and Brooklyn, with Manhattan’s median rental price rising for the third time in 4 months.
The FARE Act has also taken effect this month, resulting in lower inventory as landlords rework their inventory marketing strategies. This may be a temporary dip as listings may come back on the market since summer is peak rental season. Early data so far has shown a 4 to 12% increase in the rental list price for units that have been put back online. Now that this is in effect, tenants are to note that they can still hire their own agent for assistance with the rental process and would pay for those services directly.
Has this been informative for you? What are your plans for housing this summer season? Contact me to discuss!
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May 2025 NYC report
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Contract Numbers:
Manhattan had a total of 952 contracts signed.
Brooklyn had a total of 633 contracts signed.
