As we enter a brand-new year, I’m observing a remarkable shift in the world of New York real estate – something I haven’t experienced in my 21-year career. It’s not a buyer’s market. Not a seller’s market. For the first time since 2004, I’m seeing a balanced market of opportunity for all parties. The seesaw of ups and downs that we’ve experienced for so many years is finally leveling off. And that’s a great way to say “Hello!” to 2025.

Rising and dipping mortgage rates, the pandemic, a financial crisis, political uncertainty and a meager inventory of listings have all shaped market realities over the past two decades. While it’s important to reflect on the past, it’s more encouraging to consider what lies ahead. Buyers and sellers are accepting the fact that

mortgage rates will hover around 6%. And that means both parties are no longer glued to the sidelines waiting for an unrealistic percentage point plunge – or the reverse. Would-be buyers who chose to rent for the past several years are now realizing that ownership is the way to go. Sellers are enjoying a rewarding surge of activity – pricing their listings strategically according to accurate market comps – without the severe price-cutting that characterized many previous years.

-- Recent activity suggests 2025 will be a year of revitalization for the Manhattan and Brooklyn markets – with renewed transactions and rewards for all participants.

I wish you a bountiful balance of health and happiness.

As we say goodbye to the holidays, I look forward to working with you – guiding you through a uniquely promising real estate environment for buyers, sellers and our amazing city!

Data provided by Aaron Ritter of Citizens Bank