The Season – Holidays, Sales, and Rentals – What’s in Store for 2026?

New York has a way of surprising you when the familiar turns new, and the unknown feels like home.

 

You feel it most this time of year, stepping out of your brownstone as snow drifts down and the city hums beneath a canopy of lights. Then wandering through SoHo after dusk, shopping bags in hand, storefronts glowing, time slowing as you catch up with an old friend.

 

It’s in this same seasonal pause that the market reveals its own mood. Let’s take a look at the data and see how the city is feeling right now.

 

There are currently 5,980 homes for sale, down 10.1% from last month and down 1.1% from last year. Monthly contract activity for November had 770 contracts signed, down 26.9% from the previous month. Signed contracts were down 12.3% from last year. Pending Sales are down 2.1% month-over-month and up 1.3% year-over-year.

 

For buyers, this moment in the market is a rare blend of opportunity and timing. Inventory has tightened compared to last month, but not dramatically enough to create the hyper-competitive conditions we saw in past cycles. Instead, buyers find a calmer landscape, marked by motivated sellers, real-time price discovery, and greater negotiating power for those prepared to act. The dip in signed contracts month-over-month signals a seasonal slowdown rather than a shift in fundamentals.

 

With the Fed instituting its third interest rate cut to end the year, it remains to be seen how this will impact mortgage rates as we head into 2026. The gift of New York City is that even in a slower season, the right home has a way of revealing itself to buyers who stay engaged and prepared.

 

We are at all-time highs for average rent, median rent, and rental price per sf. Average rents were up 0.6% month-over-month. Average rents increased 12.7% from last year to $5,686. Median rent advanced 13.1% for the year to $4,750. This marks the highest level on record and the strongest growth rate since January 2023. Listing inventory fell 2.2% year-over-year. The number of new leases was up 2.1% for the year.

 

For renters, the story of this season is defined by an increase in rents, even in what is historically the slower time of year for rentals. New York’s rental market continues to signal deep demand, limited turnover, and a renter base that remains resilient even as prices climb. The modest dip in listing inventory only tightens the landscape further, reinforcing the importance of preparation and speed when the right apartment becomes available.

 

As the city slips into its holiday cadence, the data affirms what New Yorkers already know: the market never sleeps. It simply changes tempo. Success favors those who stay patient, guided by experience rather than reaction. Even in moments of pause, the next chapter is already taking shape.

 

Wishing you a happy holiday season and a bright start to the new year!