In January 2025, New York City saw a notable 10.7% year-over-year increase in homes entering contract, despite mortgage rates hitting 7%. This surge, juxtaposed with a drop in median pricing, particularly in Manhattan, suggests strategic pricing by sellers accommodating buyer budgets. The inventory decreased by 3.5% amid a 12.6% increase in new listings, indicating a tighter market. The overall median asking price declined by 2.1%, highlighting the dynamic nature of New York City's real estate landscape as it adapts to changing financial conditions.
Across the entirety of New York City, the median asking price dropped 2.1%, from almost $1.099 million in January 2024 to $1.075 million in January 2025.
Despite rising mortgage rates, homes entering contract rose year-over-year by 10.7%, showcasing resilience in the housing market during typically low winter months.
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