Fall Real Estate Season has begun! Inventory is still low but steadily climbing during this month of September. Listing activity is still much lower compared to the pre-pandemic years, but this year is looking a bit stronger than last year. September is the month of listings going on the market in fall and October is the month when most contracts are signed.
Now compare these seller numbers to buyer demand and we have an uptick in buyer demand for the 1 - 4 million dollar price range. The 1M and under market overall has remained a bit low and the 10M and up market has had a large decrease.
To give you an idea of where supply/demand is and where it should be, take a look at Manhattan: which has a supply of 1,597 when it should be 1,757 units by the end of September and contracts signed of 706 which should be 707 by the end of the month.
In Brooklyn supply has remained steady (830) with no major jumps or troughs and in Brooklyn the buyer demand has remained robust with a lot of contracts usually being signed from October all the way into mid-November.
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. when pricing and marketing your unit will help you sell during this fall real estate season. This is especially important if you need to sell before the end of the year.
For buyers- having flexibility in area and unit condition can give those of you who are looking this fall the ability to get a great unit for your needs. Lots of sellers often need to sell before the end of the year for tax purposes, giving you plenty of opportunity to settle into a new home of your own before the end of the year.
A side bar for foreign buyers- in addition 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. This may make purchasing a home state-side more attractive.
Has this been informative for you? What are your plans for housing this Fall? Contact me to discuss!
Interest rates are currently at 6.35% according to Freddie Mac's US weekly avg. on
a 30-year fixed. Click
here. The Fed cut the rates yesterday by 25 basis points.
Contract Numbers:
Manhattan had a total of 706 contracts signed.
Brooklyn had a total of 498 contracts signed.
