July – 2025 Market Update

We at the LevinKong Team hope you are well and enjoying your summer thus far. While this time of year is typically a slower season for NYC real estate, this July proved to be more active than last July. Surprisingly, a similar number of deals went into contract this month as in June. However, we anticipate that August will return to its typical lull as we are already seeing the trend begin.

In Brooklyn, the average price per square foot ticked up 6% from last month; up 3% year-over-year. That market is still heavily leveraged in the seller’s favor, where more than 25% of transactions exceed the asking price. In Manhattan, the average price per square foot was flat from last month, up approximately 3% from last year. Pending sales have increased a robust 15% year-over-year. The luxury market in particular has been performing incredibly well.

Interest rates are still a headwind. This is particularly the case in the middle portion of our market. Lower price points and the luxury segment have seen more activity all year. The central bank kept interest rates steady for a fifth straight meeting. Many analysts expect a rate cut to come at the Fed’s September meeting. We shouldn’t expect significant movement in interest rates, but any lowering will help loosen the market areas currently constrained by their reliance on financing.

With the LevinKong Team, you can confidently navigate the dynamic and intricate real estate market. Our decades of experience and data-driven, research-based approach are your best tools for success in this environment. We’re here to maximize your goals, protect your investments, and answer any questions or concerns you may have about the market or complex decisions. Our commitment to your success is unwavering, and we are dedicated to supporting you every step of the way.