April 25, 2025
The first quarter of 2025 brought a mixed bag to the NYC real estate market. While the broader market is showing signs of stabilization, individual boroughs are charting distinct paths. Two trends stand out: Brooklyn continues to dominate in transaction volume, while Manhattan still reigns supreme in pricing power.
Brooklyn saw the highest number of closed sales in Q1, driven by continued demand for townhomes, multi-family properties, and new developments in neighborhoods like Bushwick, Crown Heights, and Sunset Park.
Buyers are still gravitating toward the borough’s mix of space, character, and relative affordability.
Meanwhile, Manhattan’s market has remained steady, if not a bit cautious. Luxury properties are still commanding top dollar, especially in areas like Tribeca and the West Village.
But days on market have crept up slightly, and price negotiations are becoming more common—even at the high end.
Queens showed moderate activity, with first-time buyers targeting areas like Forest Hills and Long Island City. Inventory is ticking up, offering more options, but prices are generally holding firm across the borough.
What does this mean moving forward? The Q1 data signals a market that’s not declining—but not accelerating either. Sellers should adjust expectations, especially in outer boroughs where competition is increasing. Buyers have more leverage than they’ve had in years but should be prepared to act quickly on well-priced homes.
With the potential for interest rate cuts on the horizon, Q2 could shift again. As always, keeping a close eye on local trends—not just national headlines—is key to navigating the NYC market successfully.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
