September 2025 Housing Market Report
Key Takeaways:
NYC Sales Market
- New York City saw 1,721 homes enter contract in September, the most for the month since 2021, as declining mortgage rates improve affordability compared to a year ago.
- Unlike sellers in the national market, NYC sellers have been pouring into the market, resulting in a 9.6% increase in new listings.
- As the fall market heats up, homes entering contract spent nine fewer days on market than a year ago, and one in five homes sold above asking in September.
NYC Rental Market
- As the summer leasing season winds down, the median asking rent in NYC fell 1.4% to $3,995 in September from August, broadly in line with historical seasonality in 2017–2019.
- Across the city, 2.5% fewer rentals hit the market in September, with more renters likely staying put amid affordability challenges in the sales market and receding labor market confidence.
- In Manhattan, inventory decreased for the 19th consecutive month in September amid continued high demand.
NYC Sales Market
New York City saw a brisk start to the fall home-shopping season as declining mortgage rates pulled additional buyers from the sidelines. In September, 1,721 homes entered contract across the city, a 10.3% increase from a year ago and the highest for the month since 2021.
Unlike sellers in the national market, NYC sellers are pouring into the market in response to enthusiastic buyers. In September, 4,581 listings joined the market, up 9.6% from a year ago. The sharp increase in fresh listings, together with eager buyers, will likely provide a jolt of activity in the fall buying season this year.
NYC Homes Under $1M on StreetEasy Article continues below
The market is moving more quickly as a result. Homes that entered contract in September spent a median of 77 days on the market, a decline of nine days from last year. As the market heats up, NYC buyers appear more willing to pay up to beat the competition. In September, 19.2% of homes sold above their latest asking price, a modest increase from 17.9% a year ago but still below 20.3% in September 2021, when low mortgage rates and easing pandemic lockdowns amplified buyer demand.
Compared to the rest of the city, homes in Brooklyn are more likely to sell above asking. One in four (25.5%) Brooklyn homes sold above asking in September, and six of the 10 neighborhoods with the highest shares of homes sold above asking were in the borough. In Prospect Heights, close to half of homes sold above asking.
NYC Neighborhoods With Most Homes Sold Above Asking, Sep. 2025
| Neighborhood | Borough | Share of Homes Sold Above Asking | Median Sale Price | |
|---|---|---|---|---|
| 1 | Prospect Heights | Brooklyn | 47% | $1,310,000 |
| 2 | Park Slope | Brooklyn | 44% | $1,395,000 |
| 3 | West Village | Manhattan | 38% | $1,355,000 |
| 4 | Brooklyn Heights | Brooklyn | 33% | $1,035,000 |
| 5 | Greenwich Village | Manhattan | 28% | $1,257,500 |
| 6 | Crown Heights | Brooklyn | 25% | $1,255,000 |
| 7 | Williamsburg | Brooklyn | 25% | $1,337,500 |
| 8 | Forest Hills | Queens | 23% | $425,000 |
| 9 | Sheepshead Bay | Brooklyn | 20% | $434,500 |
| 10 | Riverdale | Bronx | 17% | $387,500 |
Rising new contracts also point to resilient demand for homes in Brooklyn despite strong competition. In September, 494 homes in the borough entered contract, up 10.8% from a year ago, and spent a median of 64 days on market, 10 days faster than a year ago. Amid strong buyer demand, the median asking price in Brooklyn rose 4.6% from last year to $1.098M.
In Manhattan, 756 homes entered contract in September, a 10.4% rise from a year ago. The median time on market for a home entering contract was 90 days, 11 days faster than a year ago. Declining asking prices along with decreasing mortgage rates likely lowered the barrier to entry for buyers. The median asking price in Manhattan was $1.447M in September, down 3.2% from the previous year — marking the 15th straight month of year-over-year declines. The luxury segment, comprising the top 10% most expensive homes in NYC, saw 63 new contracts in Manhattan in September, a healthy 6.8% increase compared to the previous year.
In Queens, 343 homes entered contract, a solid 7.5% increase from September of last year. Co-op sales are driving growth in the borough with 152 co-ops entering contract in September, up 20.6% year-over-year. Consistent with trends in Manhattan and Brooklyn, homes in Queens are also spending less time on the market. Homes entering contract in September spent 71 days on market, five days faster than a year ago.
NYC Rental Market
The citywide median asking rent in September was $3,995, a 7.2% increase from a year ago. Compared to August, the median asking rent decreased by 1.4% in September, broadly in line with the average monthly decline in this month from 2017–2019 of 1.1%. As leasing activity winds down in September, asking rents in NYC typically fall from their summertime peak.
As the labor market slows in the city and across the country, renters are more likely to renew their leases rather than seek out new apartments. With more renters staying put, fewer homes are becoming available for rent. In September, 20,392 rentals entered the market, 2.5% lower than the prior year.
NYC Rentals Under $3,000 on StreetEasy Article continues below
Fewer new listings reduce the options for renters looking to move. At 34,873 rentals, total inventory in September was 6.9% lower than last year following a busy summer leasing season. In Manhattan, inventory decreased for the 19th consecutive month in September as the flurry of return-to-office policies in 2023 began to push up renter demand for the borough. As a result of persistent high demand against dwindling supply, there were 15,494 rentals on the market in Manhattan in September, an 11.9% decline from a year ago, and the borough’s median asking rent rose 7.8% year-over-year to $4,600. As competition extends from Manhattan, inventory in Brooklyn and Queens declined by 3.3% and 3.6%, respectively, in September.
Declining mortgage rates may not be enough to alleviate the pressure in the rental market. The expected monthly mortgage payment for a median-priced home in NYC with a 20% down payment was $5,228 in September. While this is 2.8% below a year ago, a would-be buyer must earn at least $209,120 annually to keep mortgage payments below 30% of their income, which is 2.6 times the NYC median household income of $81,228 according to the latest American Community Survey. With mortgage rates expected to stay above pre-pandemic levels through next year, many NYC renters who may have considered buying will likely stay put. As a result, slower turnover is expected to keep the pressure on low rental vacancy rates, especially in neighborhoods with few new developments.
NYC Market Data: September 2025
Sales
 NYC |
 Manhattan |
 Brooklyn |
 Queens | |
|---|---|---|---|---|
| Median asking price | $1,050,000 (+1.9% YoY) | $1,447,000 (-3.2%) | $1,098,000 (+4.6%) | $685,000 (+5.5%) |
| Number of homes for sale | 16,849 (+11.8%) | 8,718 (+11.1%) | 4,121 (+8.5%) | 2,985 (+16.7%) |
| Homes entering contract | 1,721 (+10.3%) | 756 (+10.4%) | 494 (+10.8%) | 343 (+7.5%) |
| Median days on market | 77 (-9) | 90 (-11) | 64 (-10) | 71 (-5) |
Rentals
|
NYC |
Manhattan |
Brooklyn |
Queens | |
|---|---|---|---|---|
| Median asking rent | $3,995 (+7.2% YoY) | $4,600 (+7.8%) | $3,800 (+7.0%) | $3,207 (+6.9%) |
| Number of homes for rent | 34,873 (-6.9%) | 15,494 (-11.9%) | 13,456 (-3.3%) | 4,634 (-3.6%) |
| Share of rentals with price cuts | 19.0% (-1.4pp) | 23.6% (-0.8pp) | 15.4% (-3.0pp) | 17.1% (+2.4pp) |
| Share of rentals offering concessions* | 19.9% (+3.3pp) | 15.9% (-1.0pp) | 22.8% (+7.4pp) | 18.9% (+3.0pp) |
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