In March 2025, New York City experienced a surge in real estate activity, with homes entering contract rising 8.7% year-over-year, while inventory increased by 11.9%. The median time on the market shortened to 61 days. Mortgage rates dropped to $3,204, enhancing affordability and boosting potential activity in the Spring market. New developments in Queens and Brooklyn offset declines in Manhattan, stabilizing the rental market and prompting more concessions. Overall, these trends indicate a favorable environment for both buyers and sellers in NYC's diverse real estate landscape.
In March 2025, homes entering contract in NYC increased 8.7% year-over-year, indicating a strong demand despite a simultaneous rise in available inventory.
The number of homes on the market rose by 11.9% compared to the previous year, providing potential buyers with more options and helping balance the market.
Mortgage rates in NYC have decreased to $3,204 in March 2025, improving affordability and likely boosting real estate activity heading into Spring 2025.
New developments in Queens and Brooklyn are offsetting inventory declines in Manhattan, contributing to stability in the rental market and increased rental concessions.
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