Today in Real Estate

We hope your new year is off to a smooth and healthy start.

In the opening weeks of the market, inventory across New York City remained tight, yet signed contracts held steady despite a historic snowstorm, indicating durable buyer demand. Well-priced, in-demand properties continued to attract multiple bids, underscoring that supply constraints remain the market’s defining feature.

One notable development is the growing share of off-market activity. While public inventory remains limited, on Compass alone, there are nearly 500 listings being marketed privately across Manhattan and Brooklyn. This increase in “shadow inventory” is reshaping buyer access and may also be affecting market data that relies solely on public listings.

If you're considering a real estate move this year or have any questions about the market, we'd love to hear from you.

Manhattan Snapshot

Despite record-low temperatures and a major snowstorm, indicators continued to point to strong buyer demand in Manhattan amid very limited new inventory. The 8% year-over-year decline in listings understated the constraints on the resale market, as new development inventory actually increased, masking a steeper drop in resale supply.

Despite low inventory, January contracts came in essentially even with last year, and median days on market were down 8%. Absorption of new listings was swift, leading to decreasing net inventory numbers. Closed sale prices (both median and PPSF) ticked up compared to both December and January of last year, though the movement was most likely due to a higher percentage of new development closings this January, and not representative of a greater market shift.

Open house traffic was shaped by early-year seasonality and weather disruptions but was consistent with building buyer demand. Activity rose modestly through mid-January, was sharply interrupted by the winter storm, and then rebounded by the first weekend of February with 1.48 average visitors.

We are optimistic for a strong but balanced market going into February and anticipate activity to be buoyed by a solid uptick in inventory as the weather improves.

Brooklyn Snapshot

In Brooklyn, January brought no relief to inventory woes. Monthly new listings were down by double-digits (more than 13% if looking only at resales) compared to January of last year, and contract activity mirrored this decline, down 11% borough-wide and almost 13% for resales alone.

Median sale prices ticked down, while closed-sale PPSF remained essentially flat, suggesting the softness was driven by fewer new development closings (down more than 50% year over year) and a shift in transaction mix rather than a broader market decline.

Interestingly, other than the weekend of the snowstorm, Brooklyn open house traffic in January trended higher than last year, hitting levels we haven’t seen since April 2025 indicating very strong buyer demand. We are hopeful that new inventory will begin to enter the market this Spring to meet at least some of the pent-up demand.

Mortgage Rate Update

Despite major economic and political changes, rates have been stable since the beginning of the year.

In some recent news, it was announced last week that Kevin Warsh is set to replace Jerome Powell as the next Fed Chair. Following the Jobs Report which was released today, mortgage rates remained flat. While there was a sizable downward of correction 2025 figures, January came in better than expected. Since the Jobs Report was in line with expectations (read: not worse than what was anticipated), the Fed is very unlikely to move rates again before May.

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

Heading into 2026, NYC’s residential market looks set for gradual adjustment rather than a sharp reset. Modest rate cuts may help unlock long-frozen inventory. Until then, rents are likely to remain elevated amid limited new supply, while growing price sensitivity could drive renewed interest in unrenovated co-ops as value opportunities. Brooklyn is also expected to absorb additional inventory without significant pricing pressure, underscoring its continued resilience relative to Manhattan.

(FORBES)

Manhattan’s luxury housing market is nearly back to its 2016 peak. After a decade of ups and downs—including pandemic-era softness and shifting buyer behavior—high-end prices have climbed back close to where they were during the condo boom.

(MANSIONGLOBAL)

After an unexpectedly active finish to 2025, New York City’s residential market is showing early momentum heading into spring. December contract activity came in stronger than typical for the season, signaling that both buyers and sellers are re-engaging sooner than usual. Rising inventory and improving buyer confidence—helped by more stable mortgage rates—are setting the stage for an active spring market.

(NYPOST)

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