The spring housing market in NYC trudges on!
Supply while not meeting the numbers needed to fully satisfy demand has had a steady positive progression upward. Demand is also slowly rising at a steady pace at the same time and overall we are seeing both of these pick up at a nice rate for this spring real estate market. While numbers are not expected to rise greatly before we start to slow down for summer, around mid May, well priced sellers and well prepared buyers have been having quick contract signing action.
Now what does this mean for you on a macro / micro level?
For sellers- We are now past the best window to sell in, March. If you haven't gotten a contract signed yet, what are your plans for the rest of the year?
Proper pricing, fantastic marketing, a great negotiator of an agent and other plans can help you still succeed with selling during the late spring-early summer months.
For buyers- Your windows of opportunity continue and most likely will over the next few months. 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.
For renters- The median rent price in Manhattan has now hit 5K for the first time ever. With so many would-be buyers renting coupled with the already strained supply of housing, demand has skyrocketed.
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 spring
or just watching the market for now?
Interest rates are currently at 6.30% 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 1,108 contracts signed.
Brooklyn had a total of 530 contracts signed.
