Is It Still a Seller’s Market in New York? — June 2025

New York’s housing market shows nuanced signs as we head into mid‑2025. Unlike Cleveland’s clear seller’s dominance, NYC is experiencing a mixed market—strong in some areas, balanced or leaning buyer‑friendly in others.

🧮 1. What Does the Market Look Like Right Now?

• Citywide Average Price: As of May, the median home sold price in New York City is around $796K, marking a +3.4 % year‑over‑year increase nypost.comrocket.com.

• Borough Breakdown:

  • Manhattan sits at about $1.13 M, up 4.2 % year over year .

  • Brooklyn and Queens show moderate growth (~+2–5 %, Brooklyn ~+2 %, Queens ~+5 %) .

📝 Takeaway: Price growth is modest but consistent. High-value NYC cores are stable, while outer boroughs continue to climb.

🔍 2. Inventory & Market Speed

• Inventory Trends: NYC had about 15,500 homes on market as of late May closedbymo.com+1theluxuryplaybook.com+1nypost.com+3redfin.com+3rocket.com+3. Metro‑area inventory is inching upward but staying below long-term averages architecturaldigest.com+3fingerlakes1.com+3closedbymo.com+3.

• Time to Sale:

  • Citywide 48 days to pending, ~36 days median DOM zillow.com.

  • Manhattan lags with an average of 171 days—up 30 % YoY realtor.com+9rocket.com+9nypost.com+9.

📝 Takeaway: Sellers in outer boroughs move faster; in Manhattan, listings linger, giving buyers more leverage.

📈 3. Seller Power: Where It’s Strong (and Where It’s Cool)

• Upstate vs Downstate Split: Upstate areas like Buffalo, Rochester, Saratoga, and Tompkins remain red‑hot—selling fast, with low inventory and rising prices (+1 to +2 % early‑year) fingerlakes1.com+1closedbymo.com+1.

• NYC’s Core:

  • Manhattan remains balanced, with ~88 % of listings selling at or near asking rocket.com+2redfin.com+2reddit.com+2rocket.com.

  • Citywide ~20 % of sales exceed list price; ~68 % sell below list price zillow.com.

📝 Takeaway: Sellers retain power in upstate and desirable boroughs. More negotiation room exists in Manhattan and parts of Brooklyn.

🏦 4. Mortgage Rates & Affordability

• Mortgage Rates: Holding steady around 6–6.3 % in 2025 nypost.com—higher than recent lows, pressuring affordability.

• Buyer Caution: High rates, slower prices, and rising inventory mean buyers are more cautious, prompting more price reductions .

📝 Takeaway: Sellers must price competitively. Buyers can find opportunities, especially outside red-hot segments.

🏗️ 5. Supply Boosters & Policy Changes

• Conversions & Construction: NYC is actively converting office towers into apartments (e.g., 5 Times Square for 1,250 units) nypost.comen.wikipedia.org+1en.wikipedia.org+1.

• Zoning Reforms: Efforts like the SoHo–NoHo rezoning may offer more housing supply—but large‑scale effects take years en.wikipedia.org+1en.wikipedia.org+1.

📝 Takeaway: Long-term supply may improve, but near‑term inventory remains constrained.

📰 Market Forecast: What’s Ahead?

• Modest Home‑Price Growth: Zillow predicts +1.6 % in NYC through late 2025 nypost.comclosedbymo.com+1barrons.com+1.

• Upstate Strength: Rochester/Monroe among hottest U.S. markets; Buffalo remains #1 architecturaldigest.com+1nypost.com+1.

• Resilient Premium Market: Redirect.com notes a 14 % surge in prime NYC closings but warns of volatility from tariffs and policy shifts ft.com.

💡 Bottom Line: Should You Sell in New York?

🔑 Final Takeaways

• NYC is not a blanket seller’s market, but pockets—especially outside Manhattan—still favor sellers.

• Manhattan remains quiet, with longer listing times and more negotiation room.

• Mortgage affordability is a concern; both buyers and sellers must adjust expectations.

• Supply-side relief is brewing but slow to arrive.

• Strategy: Sellers outside Manhattan should act now; Manhattan sellers will need patience and professional polish.

📌 Actionable Tips

1. Seller prep: Invest in staging—homes can sell faster and for more .

2. Market positioning: Use comparable sales to justify pricing—local expertise matters.

3. Timing is key: Mid‑2025 shows stability, not frenzy—stay agile as mortgage and inventory data evolve.

4. Buyer focus: If listing Manhattan soon, weigh staging, repair, and timing to stand out.