Happy Holidays!

It's officially winter, and I hope you are staying warm! I'm pleased to be able to share with you our November market recap here. Our team wrapped up the last of our 2025 closings this week, ending on a bittersweet personal note for me. Bill and I closed yesterday on the sale of our first co-op apartment in NYC, which we bought back in 2017. We are excited to begin our next chapter on the Upper East Side (now a few short blocks from our kids’ school!) but it has been a bit of a whirlwind the last few weeks between year-end preparations and moving.

Before diving into the market data, I want to start by saying thank you to our clients, friends, and referral partners whose continued trust and support helped make 2025 our team’s second-best year to date. Every one of our deals this year came through referrals or from our network, and nearly a quarter were with repeat clients—something we don’t take lightly. Looking ahead to 2026, I’m excited for what’s ahead, including several upcoming spring listings and the opportunity to finally pair the wonderful buyers I’ve been working closely with this fall with the right homes.

It has been our pleasure and privilege to be part of so many of your home sales and searches. We look forward to continuing to be your trusted NYC real estate resource in the New Year.

Happiest Holidays!

Manhattan Snapshot

The Manhattan market remained solid in November, though activity slowed as expected for this time of year. Both new listings and signed contracts declined from October, with overall supply also trending modestly below last year.

Contract activity was softer than last November, driven primarily by a slowdown in new development (down more than 30% vs. last November), while resale activity proved more resilient. Closed sale prices, which reflect deals negotiated earlier in the fall, remained steady overall, with modest gains in median pricing.

Open house traffic continued to taper through November, with a brief post-election lift followed by quieter holiday weekends. Anecdotally, private weekday showings have increased, consistent with seasonal patterns, as buyer activity has shifted away from weekends.

Brooklyn Snapshot

Brooklyn saw a modest increase in overall supply in November, driven entirely by new development with those new listings up almost 15%, while resale inventory continued to edge lower. Despite the increase in new development listings, market-wide inventory remains constrained, particularly in the most in-demand neighborhoods. Signed contract activity was slightly softer than last November due to an 11% decline in new development contracts, while resale contracts held steady. The divergence between new development and resale data has been a recurring feature of the Brooklyn market this year and has muddied overall metrics.

Closed sale pricing trended higher across the board though again the trends are impacted by disparities between new development and resale. Median sale prices were buoyed by a massive 30.2% increase in median new development sale prices, while median price per square foot gains are attributable to a 12.2% increase in resale price per square foot with new development figures unchanged from last year.

Open house activity was uneven through November, with the final weekend seeing a brief spike driven by a single standout townhouse listing. As has been the case throughout the year, inventory, particularly the timing and location of new spring listings, will remain the key determinant of Brooklyn market activity heading into 2026.

Mortgage Rate Update

Mortgage rates remained relatively stable through November as markets weighed a softening labor backdrop against still-elevated inflation. At its December meeting, the Federal Reserve lowered the federal funds rate by 25 bps, marking its third consecutive cut. While the move signaled increased sensitivity to slowing economic conditions, the lack of consensus among policymakers highlighted ongoing tension between inflation risks, tariffs, and a gradually weakening job market.

Following the Fed’s decision, the delayed November Jobs Report was released, incorporating October data that had not previously been published. The report showed that October job losses were heavily skewed by government layoffs tied to earlier workforce reductions, while private sector hiring remained positive. November job growth came in largely in line with expectations, offering little new pressure on mortgage rates.

One notable takeaway from the report was continued weakness in service and hospitality employment, which often reflects softer discretionary spending. Unemployment has risen to 4.6%, its highest level outside of the pandemic era since 2017, reinforcing the view that labor market conditions are easing gradually rather than deteriorating sharply.

RATE DATA BASED ON BASED ON CITIBANK'S 30-YEAR FIXED-RATE FOR NON-CONFORMING LOANS, COURTESY OF ZACK TOLMIE, SR. LOAN OFFICER.

Real Estate News

Manhattan’s luxury housing market saw a rise in activity following the mayoral election. In November, signed contracts for homes priced at $4 million and above reached 176 deals, up 25 % from the previous month. Brokers report that demand from high-end buyers remains steady, indicating continued interest in the city’s luxury market.

(BLOOMBERG)

Brooklyn is reshaping New York real estate, with 3,700+ new apartments built in Downtown Brooklyn in 2025 and projects like Atlantic Avenue adding 4,600 units across 21 blocks. Rezoning, new infrastructure, and relatively lower prices continue to attract young professionals, tech workers, and entrepreneurs, fueling a vibrant cultural and real estate boom.

(FORBES)

Brooklyn’s luxury townhouse market is booming, with single-family developers targeting high-end buyers in neighborhoods like Brooklyn Heights, Cobble Hill, and Park Slope. In 2025, luxury sales in Brooklyn rose over 23% from 2024, far outpacing the 2% growth in the rest of the market. Developers are converting multifamily buildings into unique single-family homes, with asking prices ranging from $14 million to $26 million, reflecting the borough’s demand for one-of-a-kind properties.

(THEREALDEAL)

Curated Collection

A curated collection of homes with standout fireplaces, offering warmth and character through the city’s cold winters.

Listings & Recent Sales

Hear it from our clients!

“Isil found me my first home in Manhattan after a very aggressive search. She was confident and professional from Day-1, and she made me feel like her only client. Isil was extremely receptive to my feedback and was sensitive to my "wish list items while also providing market knowledge and insightful feedback throughout the search. I would recommend Isil to anyone looking for a home in NYC.”

- Michael and Justine, Buyers of a Co-Op in UWS