Key Takeaways:
- The number of homes entering contract in New York City trended upward for the seventh consecutive month in March.
- While homes are entering contract faster, rising inventory is keeping the NYC sales market in balance.
- Recent declines in mortgage rates led to improved buying power for both buyers and sellers in March.
- Declining rental inventory in Manhattan has intensified competition in the borough and pushed the citywide median asking rent up 2.8% to $3,700.
- Increased rental inventory in Brooklyn and Queens, driven by new developments, is providing more options for renters and will help stabilize the city’s rental market this year.
Mortgage rates declined substantially from January to March amid economic outlook concerns in the financial markets. Though consumer sentiment has eroded due to unease over inflation and job security, the recent declines in mortgage rates have so far been enough to push sidelined buyers and sellers into the New York City sales market.
StreetEasy® data shows the number of homes entering contract trended upward for the seventh consecutive month in March, with 2,177 homes entering contract across the city, 8.7% higher than a year ago. These homes spent a median of 61 days on the market before entering contract, a week faster than March of last year.
NYC Homes Under $1.5M on StreetEasy Article continues below
Though homes are entering contract faster, inventory is rising in NYC and replenishing supply, leading to more opportunities for buyers. There were 16,311 homes on the market in March, 11.9% higher than a year ago. The NYC market appears balanced, with neither sellers nor buyers having a clear edge.
The affordability improvements due to lower mortgage rates (relative to recent years) will likely continue to support market activity this spring, though the economic outlook is rapidly evolving. The monthly mortgage burden of a new homeowner in NYC, based on typical sale prices tracked by the StreetEasy Price Index, fell 0.7% year-over-year to $3,204 in March, suggesting improved buying power for both buyers and sellers looking for their next home.
In the rental market, declining inventory in Manhattan led to tougher competition among renters in the borough, driving citywide inventory down and median asking rents up. In March, 30,035 rentals were on the market in NYC, down 1.9% from a year ago, while the citywide median asking rent rose 2.8% year-over-year to $3,700. Manhattan was the only borough that saw a decline in inventory in March, falling 9.8% year-over-year to 13,459 rentals. With competition picking up in Manhattan, the borough’s median asking rent rose 3.0% to $4,425.
Renters can find more opportunities by looking outside Manhattan. Thanks to a recent surge in new developments, Brooklyn and Queens combined offered 14.4% more rentals than Manhattan in March. Rising inventory in the outer boroughs will help stabilize the city’s rental market — one of StreetEasy’s NYC housing market predictions for 2025. As new developments continue to enter the market, more rentals in the city are offering concessions, defined as leases with at least one month of free rent. In March, 15.6% of NYC rentals offered concessions, up from 12.8% a year ago.
NYC Rentals Under $3,500 on StreetEasy Article continues below
As we head further into the spring home-shopping season and toward the summer renting season, this recent data suggests there are plenty of New Yorkers ready to jump into the market. Rising inventory across the East River provides more opportunities for renters. Despite a turbulent economy, buyers and sellers have shown eagerness to join the market after waiting on the sidelines in recent years. However, the ongoing financial market turmoil and the jump in mortgage rates in April will test some home shoppers’ fortitude. No matter where mortgage rates head next, there are emerging opportunities for buyers across NYC, thanks to more sellers meeting buyers halfway with strategic price cuts.
NYC Market Data: March 2025
Sales
 NYC |  Manhattan |  Brooklyn |  Queens | |
|---|---|---|---|---|
| Median asking price | $1,099,888 (+7.3% YoY) | $1,495,000 (-0.2% YoY) | $1,125,000 (+7.7% YoY) | $699,000 (+16.3% YoY) |
| Number of homes for sale | 16,311 (+11.9% YoY) | 8,582 (+11.1% YoY) | 3,977 (+11.3% YoY) | 2,864 (+15.2% YoY) |
| Homes entering contract | 2,177 (+8.7% YoY) | 1,077 (+14.3% YoY) | 584 (+3.4% YoY) | 390 (+2.4% YoY) |
| Median days on market | 61 (-7 YoY) | 74 (-29 YoY) | 48 (-5 YoY) | 58 (±0 YoY) |
Rentals
NYC | Manhattan | Brooklyn | Queens | |
|---|---|---|---|---|
| Median asking rent | $3,700 (+2.8% YoY) | $4,425 (+3.0% YoY) | $3,500 (+3.1% YoY) | $3,000 (+1.0% YoY) |
| Number of homes for rent | 30,035 (-1.9% YoY) | 13,459 (-9.8% YoY) | 10,614 (+1.7% YoY) | 4,778 (+13.2% YoY) |
| Share of rentals with price cuts | 13.3% (-1.2pp YoY) | 15.2% (-0.4pp YoY) | 11.9% (-2.5pp YoY) | 12.3% (-0.4pp YoY) |
| Share of rentals offering concessions* | 15.6% (+2.8pp YoY) | 13.2% (±0.0pp YoY) | 15.3% (+4.1pp YoY) | 19.6% (+0.6pp YoY) |
StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. All data for uncited sources in this presentation has been sourced from Zillow data. Copyright © 2025 by Zillow, Inc. and/or its affiliates. All rights reserved.
