April 2026 NYC housing market report
Key takeaways:
NYC sales market
- Based on the citywide median asking price, it would take nearly two decades for an aspiring homeowner earning the median household income in NYC to save up a 20% down payment, down four years from 2019.
- Despite the high barrier to homeownership, recent declines in mortgage rates supported buyer activity, with Manhattan seeing the highest number of homes entering contract since May 2022.
- Competition is gradually rising across the city as affordability conditions improve, with homes selling for a median of 97.9% of their latest asking price in April.
NYC rental market
- The citywide median asking rent rose 7.0% year-over-year to $4,120, the highest on StreetEasy record since 2010.
- Inventory declined annually for the 26th consecutive month in Manhattan, the longest streak ever recorded.
- As competition spread, the median asking rent rose 6.8% to $3,845 and 3.2% to $3,200, respectively, in Brooklyn and Queens.
Manhattan homes under $1.5M on StreetEasy Article continues below
NYC sales market
Despite recent declines in mortgage rates and asking prices, homeownership is still out of reach for many New Yorkers. A 20% down payment for a median-priced home in NYC in April was $209,000. Assuming an aspiring homeowner earning the estimated median household income for the NYC metro area as of April ($105,481) saves 10% every year before taxes and other expenses, it would take them nearly 20 years to build enough savings for a down payment.
While two decades is a long time, this is an improvement from nearly 24 years to save for a 20% down payment on the median-priced home in April 2019 prior to the pandemic, based on home prices and household income at the time. While the StreetEasy Buyer Trends Report shows 73% of successful buyers with a mortgage in NYC put down at least 20% as a down payment, 24% of them found a way to finance the purchase with a down payment of less than 20%. Although the citywide median asking price has remained near or above $1M over the past seven years, income gradually rose and reduced the number of years it would take to save up a down payment.
However, there are neighborhoods where home buyers starting from scratch can save up for a down payment within a shorter timeframe. Based on the estimated median household income for each borough, we calculated the number of years it would take for a buyer earning that income to save a 20% down payment for a median-priced home in each neighborhood. Six out of 10 neighborhoods were in Queens, followed by three in Manhattan and one in Brooklyn.
Neighborhoods where buyers can save for a down payment the fastest
| Neighborhood | Borough | Median 20% down payment, Apr 2026 | Years to save down payment |
|---|---|---|---|
| Oakland Gardens | Queens | $69,800 | 7.8 |
| Kew Gardens Hills | Queens | $71,000 | 7.9 |
| Jackson Heights | Queens | $83,000 | 9.2 |
| Rego Park | Queens | $83,400 | 9.3 |
| Kew Gardens | Queens | $83,800 | 9.3 |
| Forest Hills | Queens | $84,000 | 9.3 |
| Washington Heights | Manhattan | $109,800 | 9.7 |
| Hamilton Heights | Manhattan | $119,800 | 10.6 |
| Coney Island | Brooklyn | $95,400 | 11.1 |
| East Harlem | Manhattan | $139,000 | 12.3 |
In addition to the declines in down payments, the primary driver of strong buyer activity has been lower mortgage rates. While rates rose sharply in late March, some of the increase has since been reversed, with the average 30-year mortgage rate falling below last year’s level in April. Across the city, 2,225 homes entered contract, up 8.5% from a year ago. Homes that entered contract spent a median of 55 days on the market, just two more days than a year ago. In Manhattan, new contracts rose 8.0% year-over-year to 1,121 homes, the highest since May 2022. Brooklyn experienced a 6.2% increase to 602 new contracts.
Brooklyn Homes Under $1M on StreetEasy Article continues below
Although more homes entered contract compared to this time last year, increases in new inventory absorbed demand. Across the city, 4,672 homes were listed for sale in April, up 10.7% from a year ago. Amid rising inventory this year, new sellers have been adjusting prices accordingly. As a result, the median asking price in NYC fell 2.8% year-over-year to $1,045,000 in April.
Despite the improvement in affordability, current market conditions are still challenging for buyers. Homes that sold in April received a median of 97.9% of their latest asking price, up slightly from 97.7% a year ago. Among those that sold, 18.7% sold above their latest asking prices, up from 17.1% in April last year. These data points indicate the NYC sales market is heating up, and buyers on the market should expect to see competition for well-priced homes. Meanwhile, sellers looking to make the most of rising market activity should work with their agents to create strong pricing strategies to draw buyer interest.
Queens Homes Under $1M on StreetEasy Article continues below
NYC rental market
The NYC rental market set new records in April as the median asking rent rose 7.0% year-over-year to $4,120, the highest StreetEasy has recorded since it began tracking rental data in 2010. Amid low vacancy rates, the city will continue to see faster rent growth in the rest of 2026. While new developments have expanded the rental supply over recent years, NYC still has a large gap to fill due to decades-long undersupply of new housing.
In April, 30,563 rentals were on the market in NYC, a 7.0% decline from a year ago. Rental inventory in Manhattan fell 7.2% year-over-year to 14,493 units, extending the borough’s streak of consecutive inventory declines to 26 months. The median asking rent in Manhattan soared 8.2% year-over-year to $4,869, the highest on StreetEasy record for the borough.
NYC Rentals Under $3,500 on StreetEasy Article continues below
While new developments in Brooklyn over the past few years have expanded the supply of rentals, demand still outpaces supply in the borough. In April, 7,242 rentals entered the market, up 2.7% from a year ago, but total inventory in Brooklyn dipped 2.0% to 10,920, likely due to an uptick in lease signing. The supply of rentals slowed in Queens, with the new listings falling 12.1% from a year ago. Combined with resilient demand, the borough’s inventory fell 13.9% year-over-year to 4,202 in April.
Amid declining inventory, the median asking rent rose 6.8% to $3,845 and 3.2% to $3,200, respectively, in the two boroughs. In 2025, demand as measured by renter inquiries about listings on StreetEasy peaked in June. As the city heads toward peak rental season this summer, renters on the market should expect increased competition amid fewer options.
NYC market data: April 2026
Sales
 NYC |
 Manhattan |
 Brooklyn |
 Queens | |
|---|---|---|---|---|
| Median asking price | $1,045,000 (-2.8% YoY) | $1,395,000 (-2.1%) | $1,095,000 (+2.7%) | $685,500 (+4.4%) |
| Number of homes for sale | 17,203 (+9.9%) | 8,877 (+4.1%) | 4,292 (+13.3%) | 3,120 (+23.1%) |
| Homes entering contract | 2,225 (+8.5%) | 1,121 (+8.0%) | 602 (+6.2%) | 397 (+10.9%) |
| Median days on market | 55 (+2) | 61 (+3) | 43 (+1) | 59 (0) |
Rentals
|
NYC |
Manhattan |
Brooklyn |
Queens | |
|---|---|---|---|---|
| Median asking rent | $4,120 (+7.0% YoY) | $4,869 (+8.2%) | $3,845 (+6.8%) | $3,200 (+3.2%) |
| Number of homes for rent | 30,563 (-7.0%) | 14,493 (-7.2%) | 10,920 (-2.0%) | 4,202 (-13.9%) |
| Share of rentals with price cuts | 10.9% (-0.6pp) | 13.0% (-0.3pp) | 9.4% (-0.9pp) | 9.0% (-1.1pp) |
| Share of rentals offering concessions* | 15.9% (+2.6pp) | 12.8% (+3.1pp) | 17.8% (+4.3pp) | 18.6% (-1.1pp) |
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 © 2026 by Zillow, Inc. and/or its affiliates. All rights reserved.
