Today in Real Estate

The real estate market has been stuck in the winter doldrums due to a persistent lack of new inventory. Buyer demand is there, but there simply haven't been any new listings to for them to consider. Well-priced listings continue to attract multiple bids, and with the recent break in snow, we’re starting to see early signs of renewed activity. Even our team has held off on our new listings, with our first 2026 listing just launching this week. For buyers who have been patiently waiting: it’s coming.

While buyer interest signals a promising spring market, interest rates and global events have introduced a new variable. Rates hit a multi-year low in late February, but have since ticked up an eighth of a percent amid renewed conflict in the Middle East which have softened expectations of a June cut — putting upward pressure on rates.

Our full February report is below, including our thoughts on the “Manhattan-naissance.” If you’re considering a move this year or simply want to talk about the market, we’d love to connect.

Manhattan Snapshot

In the wake of one of the coldest Februarys in recent history, new inventory fell below even January levels, and was down double digits year-over-year. Even so, signed contracts rose meaningfully from January and dipped only slightly compared to last February, underscoring steady buyer demand despite limited options.

While there were fewer closings this February than last, for both new development and resales, overall closed sale prices edged higher, driven by vigor in the resale segment.

Taken together, the data reflects a resurgence building in Manhattan over the past year. Against a backdrop of political and economic uncertainty, the borough continues to demonstrate durability — and gives us reason for optimism as we head further into 2026.

Brooklyn Snapshot

Brooklyn inventory mirrored Manhattan, with new listings down month-over-month and year-over-year, though Brooklyn figures were already anemic, so the lack of inventory was felt even more strongly, particularly with resales. Contracts signed outpaced new listings, but couldn't make up for the deficit, and both figures trended below last year.

Total number of closings was down considerably from February of last year, with resale closings down close to 30% and new development closings down a whopping 48%. Closed sale prices remained fairly even though median price per square foot was up materially.

Mortgage Rate Update

While we closed out last week with the lowest mortgage rates we've seen in 3+ years, rates are climbing this week in response to the conflict in the Middle East. The prospect of increased oil prices has also lowered the probability of a June rate cut, which is likely to continue to eat away at any rate gains in February.

The Jobs Report comes out this Friday, and the second-to-last Fed Meeting under Powell is later this month. Neither of these is expected to have a meaningful impact on where mortgage rates are now.

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

Cash is still a major player in NYC’s condo market. Cash purchases have remained steady since 2021, and 34% of condo sales in 2025 were all-cash, just slightly below 2024 - a sign that demand from cash buyers remains strong. Manhattan led the way at around 41%, while Brooklyn saw cash deals closer to 22%. With mortgage rates still elevated, cash offers remain attractive to sellers for their speed and certainty.

(THEREALDEAL)

Despite one of the coldest Februaries on record, Manhattan’s luxury market saw 123 contracts signed on properties priced at $4 million and above, totaling roughly $1.4 billion — an increase in both deal count and overall dollar volume compared to last year. The performance underscores continued strength at the high end despite tight inventory and broader market constraints.

(CRAINS)

A proposed property tax hike in New York City aimed at helping close the city’s budget gap would apply broadly to property owners, but analysts note the effects may not be evenly felt. The plan, backed by Mayor Zohran Mamdani, could place added pressure on renters through higher rents and create additional hurdles for first-time buyers facing tighter affordability constraints.

(BLOOMBERG)

In January, median rent in New York City’s Manhattan hit $4,695, marking the third-highest level on record and up roughly 8% from a year earlier as demand stayed strong and inventory remained tight. New lease signings were up year-over-year even as available listings declined, reflecting continued pressure in the rental market.

(CRAINS)

Curated Collection

A curated collection of some of our favorite lofts, each with its own unique character and style.

Listings & Recent Sales

Hear it from our clients!

"From our very first phone call, it was clear that Isil really knew what she was doing and had my back. As a first-time buyer, I really didn't know anything about the process, but Isil was very patient with all of my questions and always had everything under control, even when I didn't!"

- First-time Homebuyer of a Co-Op on the UWS