November 2025

November Newsletter —

There's lots to be thankful for as we enter the holiday season! In this month's newsletter, we delve into the October market report, discuss the latest real estate news, and more.

Sales Market Update

New York City’s sales market held steady in October, with median and average prices running higher than a year ago and activity rebounding from a slower September. Nationally, mortgage rates have eased from their early-2025 peak and are now hovering in the mid-6% range for a 30-year fixed loan, compared to ​more than 7% a year ago, and recent Federal Reserve rate cuts have helped stabilize buyer sentiment, even as affordability remains a challenge. Against that backdrop, New York ​City continues to behave like its own ecosystem, with buyers re-engaging selectively and well-priced homes continuing to attract serious interest.

In Manhattan, the median sale price rose to about $1.315M, up 9.6% year-over-year, while the average sale price reached roughly $2.26M, up 4.4% from last October. Price per square foot increased to approximately $1,533. Contract activity improved​ by​ 32% from September, though that figure was still about 6.4% below last year’s level. Inventory rose to 6,876 listings, up 5.1% year-over-year, giving buyers slightly more options.

Brooklyn posted a steadier October. The median sale price climbed to just over $1.05M, up 2.2% year-over-year, and the average sale price increased to roughly $1.41M, up 1% from last year. Contract activity rebounded ​significantly month-over-month but remained about 3.7% below October 2024. Inventory held relatively flat at 3,386 listings, up just 1.2% year-over-year​ and down by .6% month-over-month. 

Looking ahead, limited inventory and stabilizing borrowing costs are helping to support price levels across the city, even as buyers remain ​s​elective and value-driven. As we move further into the holiday season, the foundation for early 2026 activity is already forming, with engaged buyers quietly positioning themselves for the next wave of opportunities.

Let's take a closer look at the statistics from Manhattan and Brooklyn.

+16.5%

Month-Over-Month

+9.6%

Year-Over-Year

+32%

Month-Over-Month

-6.4%

Year-Over-Year

Days on Market

-3.7%

Month-Over-Month

-4.6%

Year-Over-Year

Inventory

+3.4%

Month-Over-Month

+5.1%

Year-Over-Year

Source: Compass October 2025 Manhattan Market Report

-4.3%

Month-Over-Month

+2.2%

Year-Over-Year

Contracts Signed

+13.9%

Month-Over-Month

-3.7%

Year-Over-Year

Days on Market

+15.4%

Month-Over-Month

0%

Year-Over-Year

Inventory

-0.6%

Month-Over-Month

+1.2%

Year-Over-Year

Source: Compass October 2025 Brooklyn Market Report

Rental Market Update

The rental market remained tight in October, with resilient demand and low vacancies continuing to limit available options across the city.​ T​he citywide median asking rent reached $3,950, up 8.2% year-over-year, as declining new ​rental listings kept overall inventory constrained.​ The number of newly listed rental units in October was down 2.7% compared to last year, and the city's overall rental inventory is down 6.8% year-over-year as well.  

Manhattan led the pullback in supply, with inventory down 11.5% from last year, marking the twentieth consecutive ​month of annual decline​s. Median asking rent​ in Manhattan held steady at $4,600​, and supply shortages pushed more renters toward Brooklyn and Queens, where competition intensified and asking rents continued to climb. Brooklyn’s median asking rent rose 7.2% year-over-year to $3,752, while median asking rent in Queens increased 6.7% to $3,200. Inventory in Brooklyn and Queens declined by 4% and 5.1%, respectively.

Read the Compass October 2025 Rental Report here.

In the News

• The incoming NYC mayor Zohran Mamdani has named 24 members to his housing-focused transition committee, selecting representatives from nonprofits, tenant groups, YIMBY organizations, and private developers. The committee includes prominent real estate figures such as Jed Walentas of Two Trees Management and Lisa Gomez of L+M Development Partners, marking a mix of industry and advocacy voices in the housing policy conversation.

• A proposed City Council bill known as the Community Opportunity to Purchase Act (COPA) is raising concern among industry experts who warn its passing could slow transactions and risk chilling investment in multifamily buildings, as the bill would give qualified nonprofits a first shot at purchasing any residential properties with three or more units. Under COPA, sellers would need to notify New York City Department of Housing Preservation and Development (HPD) at least 180 days in advance, and buyers from nonprofits would get a 120-day exclusive right to match other offers. 

• Last Friday, Donald Trump said during his meeting with Zohran Mamdani that he was “surprised” by how much they agreed, particularly on housing policy. Trump noted that Mamdani supports building more housing as a way to bring rents down, aligning with Trump’s own stated priorities. The two also discussed reducing regulatory delays that can slow new housing construction. While they differ on other policy areas, both indicated a willingness to work together on shared housing goals. You can read more here.

• A federal lawsuit filed on November 12, 2025, asserts that the Housing Stability and Tenant Protection Act of 2019 has rendered at least 26,000 rent-stabilized apartments in New York City effectively vacant because owners cannot charge enough to cover renovation costs. The litigation is focused exclusively on new leases of vacant units and argues that preventing market rents in empty apartments amounts to an unconstitutional taking. The outcome could have ripple effects throughout cities with large regulated-housing stocks if similar models are challenged.

City Spotlight: Bronx Zoo Holiday Lights

Step into a winter wonderland at the Bronx Zoo’s beloved Holiday Lights, a sparkling seasonal celebration that transforms the grounds into an illuminated landscape of wildlife and wonder. Millions of animated lights and hundreds of glowing animal lanterns line six immersive lantern trails, bringing creatures and ecosystems from around the world to life after dark.

Fan favorites like the holiday train and the Enchanted Sea return this year, alongside new attractions including snow tube slides, a glowing ice-themed throne for photos, and interactive virtual snowball throwing.

Holiday Lights runs on select dates from November 21, 2025 through January 4, 2026, at the Bronx Zoo. Click here for more information.

Just Listed

Upper East Side

360 East 88th Street, Unit 31C

3 BD 3.5 BA 2,237 SF $3,495,000

This newly renovated, sun-soaked home is a showstopper with stunning wraparound river and city views from southern, eastern, and northern exposures. Enjoy private outdoor space, a large eat-in kitchen, high ceilings, and an in-unit washer/dryer, all in a full-service luxury condo.

Upper East Side

530 East 72nd Street, Unit 4F

2 BD 2 BA 1,790 SF $1,230,000

At nearly 1,800 square feet, this split-layout two-bedroom home showcases direct East River views from the expansive living room, both bedrooms, and the sunroom. Highlights include a south-facing formal dining room that can easily be converted into a large third bedroom, nine closets (including two oversized walk-ins), and new floors throughout.

Just Closed

Upper East Side

131 East 81st Street, Unit PH15

2 BD 1.5 BA 1,075 SF $1,495,000

Welcome to PH15, a private full-floor corner penthouse in the heart of the Upper East Side. This light-filled home offers two balconies, private elevator entry, in-unit washer/dryer, a custom LEICHT kitchen, 1.5 baths, and skylights throughout, including one in the en-suite bath with heated floors.

In Contract

Upper East Side

345 East 81st Street, Unit 6D

1 BD 1 BA $575,000

Located in a prime Upper East Side location, this beautifully renovated home offers bright east-facing light and an expansive private outdoor space, perfect for morning coffee or evening entertaining.

Upper East Side

305 East 88th Street, Unit 5G

1 BD 1 BA $599,000

This thoughtfully renovated home offers windows in every room, blending prewar charm with modern comfort on a peaceful, tree-lined block. Original details like herringbone hardwood floors, high ceilings, moldings, and a cedar closet add warmth and character throughout.

Sutton Place

345 East 54th Street, Unit 2G

1 BD 1 BA $595,000

Set on a tranquil, tree-lined street, this renovated south-facing residence offers generous proportions, beautiful light, and a serene sense of space.

Coming Soon

NOMAD

Fully Renovated

Two-Bedroom

This luxurious east-facing split two-bedroom, two-and-a-half-bathroom home features oversized windows with open views, ceilings over 10 feet high, an in-unit washer/dryer, a separate office area, and central AC, all a building with more than 10,000 square feet of amenities.

Most Recent Mortgage Rates

Rates are from Citibank and are effective as of 11/24/2025. Rates are subject to change without notice.

Everyone’s mortgage needs are different. I have great relationships with mortgage brokers and loan officers from big banks and small banks who can help find the best loan for you. If you're looking for a lender you can trust, I'd love to help. Email me for more.

Rebecca's Resources

I'm an expert at successfully repositioning and selling homes that were previously listed without success. Click here for examples of how I have transformed listings to showcase a property's full potential, securing favorable deals where other agents could not.

Find out how Compass Concierge can help you prepare your home before coming to market by fronting the costs of upgrading, renovating, and staging at no interest.

I'm born and raised in New York City. If you've got a question, I've got you covered. For recommendations on anything, from the best holiday light displays to the coziest spots for hot chocolate, it's as simple as sending me an email.

Licensed Associate Real Estate Broker

M: 917.952.0414

rebecca.orbach@compass.com