The spring housing market in NYC has officially started!
Supply is up across the city, and we have gone from a challenging market to a neutral one where both sellers and buyers have even better chances of meeting their housing goals. While supply is up compared to last year and is expected to continue to rise, it is still at lower levels than years past such as 2022. This signals that sellers are not feeling pressured to put their homes on the market. This increase in activity is expected to last from March through late May if this season follows normal seasonal trends.
Now what does this mean for you on a macro / micro level?
For sellers- March is the best time to list your home if you want to get a contract signed and quickly sell this year. The uptick in buyers searching due to better weather, lower interest rates and pent-up demand are also helping homes that were lingering even a few months ago sell fast. Now while demand is up and we are in a better selling environment, this does not mean it is ok to aspirationally price the home or forgo typical marketing structures. Smart preparation and getting your home on the market with the correct pricing and marketing this spring is the best way to maintain your negotiating edge and sell for the highest price with the best terms.
For buyers- Your windows of opportunity just got even better! For the first time in 3.5 years the interest rates on mortgages dropped below 6% as of last week. While a large influx of buyers is not expected from this, more buyers are starting to enter the market again and will be out there competing with you. Sellers in the market today are serious sellers and therefore the opportunity to get a home with a great price and terms is within reach.
A side bar for foreign buyers- in addition to all that was said above, the US dollar value has decreased by around 11% since January 2025 and depending on your currency exchange, has given US housing a price cut. It has since started to rebound a bit and stabilized at a 9% discount, making your window for a good deal a bit narrower. Explore this attractive option while you still can, let's talk. Link
Are you thinking about making a move this year
or just watching the market for now?
Interest rates are currently at 6% according to Freddie Mac's US weekly avg. on a 30-year fixed and display rates stabilizing as volatility has decreased. Click here.
Contract Numbers:
Manhattan had a total of 984 contracts signed (should end the month at 1,150).
Brooklyn had a total of 534 contracts signed.
