February – 2025 Market Update

We at The LevinKong Team hope this finds you well. We are excited that the spring season and the warm weather accompanying it are around the corner. Along with many New Yorkers, we eagerly await al fresco dining, picnics in the parks, and our other favorite outdoor activities in this incredible city.

With spring, comes our active season. This year, we saw more activity than usual in the typically slower winter months. We anticipate this momentum to continue and increase as we enter warmer, more active months. In Manhattan, supply is down 2.5% from last year, and demand is up 14.5%. This is putting some upward pressure on pricing. Price per square foot is up 1.5% from last year, and the median sales price is up 2.2%. In Brooklyn, supply has increased 2% year-over-year, and demand is up 14.5%, which has led to an 8% increase in median sales price.

Manhattan currently has 5.5 months of inventory, a relatively balanced market between buyers and sellers. Buyers still have some opportunity to secure good value, but that is trending away from them. There are only 3.1 months of listings in Brooklyn, which signals a strong sellers’ market. At the same time, new development inventory is dwindling due to developers slowing down over the last couple of lean years.

Recently, treasury yields have moved lower, leading to the lowest mortgage interest rates since mid-December. Across the nation, mortgage applications have not increased; however, there is a significant uptick here in NYC. Again, all trends are pointing to a very active spring market.

With the LevinKong Team, you can confidently navigate the complex and evolving real estate market. Our decades of experience and a data-driven, research-based approach are invaluable assets in this environment. We are committed to helping you achieve your goals, protect your investments, and address any questions or concerns you may have about the market or your decisions. Our steadfast dedication to your success reflects how much we value and care for our clients.