Here we are in the middle of the summer season! The housing market for rentals has been overperforming while the market for non-luxury sales has been underperfroming.

In the under 2 million dollar market there have been less units of supply added and less contract signings. While July and August represent the lowest months for deal activity typically (due to summer vacations, etc) these last few summer seasons have been underperforming compared to summer seasons pre- 2022. Due to this, sellers have found selling their homes more challenging over the last few months while buyers, who have not stopped looking, have opportunities to negotiate better deals and face lower competition. 

In juxtaposition to these findings, the luxury market (2M and up in Brooklyn, 4M and up in Manhattan, and 1M and up in Queens/Bronx) has been outperforming luxury summer seasons of the past and outperforming the under 2M dollar market this year. They are less impacted by mortgage rates, etc. 

Now what does this mean for sellers and buyers on a macro/ micro level? 

For sellers- keeping in mind your specific neighborhood, building amenities, unit condition, etc as well as the summer seasonality when pricing and marketing your unit will help you sell or even pivot and lease during this challenging time. 

For buyers- having flexibility in area and unit condition can give those of you are looking this summer the ability to get a great unit for your needs. While inventory is low, so is competition and finding a unit now may aid in your negotiating power which may otherwise be less in a more competitive environment. 

A side bar for foreign buyers- in addtion to all that was said above, the US dollar value has decreased by around 10.5% since January 2025 and depending on your currency exchange has given US housing a price cut. Combing this drop with the lower competition during summer may make purchasing a home state-side more attractive. 

This month's spotlight is on Forest Hills!  

The Austin is Forest Hill's newest condominium in a neighborhood mostly made up of coops and single family homes. 

If you are looking for something more than a coop but less than a house coming to Forest Hills where you can get space, tranquility and lifestyle is the move for you. 

Contact me to discuss as more units are available off market.