Life is like riding a bike — you have to keep moving to stay balanced.
Buying a home is kind of the same way. While stability is important, being open to change can help you find the right place. So, let’s get moving and see what opportunities are out there!
Manhattan Sales Market: Right now, there are 5,600 homes for sale, which is 5.1% more than last month. However, compared to last year, there are actually 5.2% fewer listings. In January, 708 homes went into contract, slightly fewer than last year.
As for mortgage rates, they appear to be staying between 6% and 7%—and many experts think they’ll stay that way for the next couple of years. The Federal Reserve (the Fed) influences these rates, but even if it cuts rates in 2025, mortgage rates may not drop much.
On a positive note, pending sales are up 16.5% from last year, and we expect more homes to hit the market this spring, especially between March and June.
What This Means for Buyers: If you’re thinking about buying, now might be a good time to lock in a deal before more homes come on the market. Prices could be better now than later, but you may have fewer choices. It’s all about balance—waiting for more options or buying at a lower price. Either way, having a great agent on your side is always a plus!
Manhattan Rental Market: Rent prices are rising. The median rent is up 4.8% from last year, with the average rent now at $5,130. More people are signing new leases—16.2% more than last month and 27.1% more than last year. This is partly because high mortgage rates are keeping some people in the rental market.
What This Means for Renters: Right now, it’s the slow season for rentals. Prices are expected to go up in May when more people start looking. That means February could be a great time to rent at a better price before demand pushes costs higher.
Final Thoughts: Whether you’re buying or renting, sometimes it’s nice to just enjoy your new place. Other times, the excitement of the search and the journey is what makes it all worth it. New York City never stops moving—and just like riding a bike, you have to keep going to find the best opportunities!
