Essential insights to understand where the market is heading.
While housing demand appears to be cooling across the U.S., Manhattan’s second quarter metrics remained relatively firm. Sales rose to their highest level in nearly two years, as listing inventory reached its highest level in almost five years. The median sales price increased annually for the third consecutive quarter after four quarters of declines. Cash sales surged to a record-high share as financing contingencies reached the second highest level in a decade. Co-op sales increased year over year for the second time, while condos rose annually for the third time. New development sales surged annually while their listing inventory declined. The median sales price of new developments rose annually for the seventh consecutive month, driven by an increase in the average sales size. Luxury price trend indicators continued to rise year over year as listing inventory for both resales and new development fell sharply. Luxury sales above $5 million surged year over year.
There were more sales with additional price records in Brooklyn this quarter. Median and average sales prices reached new highs for the second consecutive quarter. Sales rose annually for the third time as listing inventory increased for the fifth time. Luxury price trend indicators rose as luxury listing inventory expanded.
The drop in listing inventory in Queens drove prices to new highs, along with an annual decline in sales. The average sales price reached a new high as listing inventory declined annually for the tenth time. Luxury median and average sales prices rose year over year to a new high as luxury listing inventory declined.
Median rent in Manhattan continued to reach new highs for the fourth time in five months. One out of four rentals was leased for a price higher than the last asking price, marking the third-highest level on record. Lease signings increased year over year for the nineteenth time in twenty months. Median rent for non-doorman apartments surged annually at twice the rate of doorman apartments to a record high. Median rent for existing rentals rose to the highest on record for the third consecutive month. Luxury median rent remained unchanged year over year for the third straight month as luxury listing inventory declined annually for the first time in three months. Luxury listing discount was at its second-tightest level on record.
The average rental price per square foot in Brooklyn continued to reach new highs, marking the fifth time in six months. Nearly one out of three rentals were leased for higher than the last asking price since January, while listing inventory and new lease signings have both risen annually for almost a year and a half.
All price trend indicators in Northwest Queens have increased annually since the beginning of the year as bidding wars remained elevated. Nearly one out of four rentals were leased for more than the last asking price, while listing inventory and new lease signings have both risen annually for almost a year and a half.
Median rent in Manhattan rose to a new high for the third time in four months. Listing inventory expanded to its highest level since the summer of 2021 as lease signings fell annually for the third time in fourteen months. The median rent for both doorman and non-doorman apartments reached a new high, and so did existing rentals. Median rent for new development continued to slip as luxury median rent remained unchanged year over year for the second time. Luxury listing inventory increased year over year for the second time in four months as its listing discount was at its third-lowest level on record.
Rental price per square foot in Brooklyn reached a new record in four of the past five months. New lease signings declined year over year for the first time in twenty months. Listing inventory surged annually but has not kept pace with new lease signing growth over the past five years.
All price trend indicators in Northwest Queens pressed higher year over year as listing inventory nearly doubled. New lease signings rose year over year at their lowest rate in twenty months while listing inventory surged annually.
Median rent in Manhattan reached an all-time high for the second time in three months. New lease signings rose annually for the thirteenth time, while listing discount reflected the highest premium on record. Median rent for non-doorman apartments rose to the highest on record, as doorman median rent was the second-highest on record. Median rent for existing rentals reached a new high, as median rent for new development slipped year over year for the first time in three months. Luxury median rent remained unchanged from the prior year as luxury listing inventory rose annually for the first time in three months. Like the overall market, the luxury listing discount reflected a premium by falling to its lowest level on record.
Rental price per square foot in Brooklyn rose to the second-highest on record. New lease signings and listing inventory continued to rise above year-ago levels. Listing discount has reflected a premium for the twentieth consecutive month.
All price trend indicators in Northwest Queens rose sharply year over year. Median rent rose year over year for the fourth time as new lease signings and listing inventory continued to rise above year-ago levels. Listing discount has reflected a premium for the twentieth consecutive month.
Mortgage rates in Manhattan decreased this quarter, and a record-setting rental market pushed more consumers to enter the purchase market. Sales surged for both co-ops and condos on an annual basis, while their listing inventory experienced a more modest increase. All price trend indicators showcased significant gains as the sales mix expanded to larger units. Purchase mortgage sales grew at double the annual rate compared to cash sales. Resales increased year over year at triple the pace of listing inventory. New development sales surged annually at a notably higher rate than resales, particularly for transactions exceeding $5 million, while their average sales size grew annually at its second-fastest rate in over four years. Luxury price trend indicators rose annually at a faster rate than the overall market. The luxury listing inventory – including both resales and new developments - declined year over year.
New price records in Brooklyn were set as the market remained brisk. Median and average sales prices rose to record highs, reflecting an increase in sales year over year for the second time. Listing inventory increased year over year for the fourth time, while luxury price trend indicators demonstrated year over year stability.
The sharp drop in listing inventory in Queens continues to add pressure to more price growth. Price trend indicators pressed higher as the average sales price reached the third-highest on record. Sales slipped nominally year over year for the second time, remaining below the long-term average. Listing inventory declined year over year for the ninth time. Luxury average sales price rose to a record high as the inventory of luxury listings declined annually for the second time.
Net effective median rent in Manhattan remained at a record high for the second time as new lease signings continued to expand. The tariff war Washington is engaged in will likely push rents higher as mortgage rates trend higher in the near term. The listing discount reflected a premium for the third time. Median rent for non-doorman apartments continued to increase annually at a faster rate than doorman price trend indicators as median rent for existing rentals continued to move higher year over year than the median rent for new development rentals. Luxury median rent continued to edge higher year over year, ahead of the overall market as luxury listing inventory declined year over year for the second time.
Rental price per square foot in Brooklyn increased to a record high for the third straight month as new lease signings and listing inventory continued to grow higher than year-ago levels. The bidding war market share rose annually to the second-highest on record.
All price trend indicators in Northwest Queens continued to rise annually. New lease signings and listing inventory continued to increase above year-ago levels. However, the two-bedroom market share was the only size category to see an annual increase in lease signings.
Median rent in Manhattan hit a new high as the vacancy rate tightened. Bidding war market share reached a new high of more than one in four rentals. New lease signings rose annually for the eleventh time as the vacancy rate slipped for the fourth time. Median rent for non-doorman apartments continued to increase year over year faster than doorman price trend indicators. Median rent for existing rentals moved higher annually than the median rent for new development rentals. Luxury median rent rose year over year for the third time as listing inventory fell annually for the first time in four months.
The rental price per square foot and bidding war market share in Brooklyn reached new highs. New lease signings and listing inventory continued to increase year over year, and bidding wars accounted for more than one in three rentals.
All price trend indicators in Northwest Queens continued to rise annually. The median rent increased year over year for the fourth time in five months. New lease signings and listing inventory also grew year over year, while the listing discount has shown a premium since September 2023.
Median rent in Manhattan rose annually for the fourth time as the listing discount reflected a premium for the first time in six months. New lease signings moved higher annually for the tenth consecutive month as the vacancy rate slipped year over year for the fourth time in five months. Median rent for non-doorman apartments continued to increase year over year faster than doorman price trend indicators. Median rent for existing rentals moved higher annually as median rent for new development rents slid. Luxury median rent increased year over year for the second time, yet luxury listing inventory rose annually for the third time.
The rental price per square foot in Brooklyn rose to a new high as the market share of bidding wars set a new record. Median rent was unchanged year over year as new lease signings continued to rise, triple the same period five years ago. Listing inventory has increased year over year for the past twelve months with the surge in new leasing volume.
All price trend indicators in Northwest Queens rose annually as the listing discount reflected a premium for the seventeenth time. New lease signings continued to rise, more than double the same period five years ago. Listing inventory has increased year over year for the past twelve months.
Sales in Manhattan pressed higher as homebuyers grew tired of waiting for mortgage rates to fall. Listing inventory declined annually for the sixth time in seven quarters. Despite the drop, the median sales price decreased year over year for the fourth time. The market share of cash purchases exceeded the sixtieth percentile for the fourth time in five quarters. Luxury price trend indicators increased year over year as luxury listing inventory declined significantly year over year.
Sales in Brooklyn increased for the first time in ten quarters despite elevated mortgage rates. Median sales price rose annually to the second highest on record as sales increased year over year for the first time in ten quarters. Listing inventory expanded annually for the third time. Luxury median sales price slipped year over year to the third highest on record.
Price trend indicators and new lease signings in Manhattan continued to post year over year gains. Listing inventory increased year over year for the sixteenth time. Price trend indicators for non-doorman apartments continued to rise faster annually than doorman price trend indicators. In addition, median rent for existing rentals continued to rise faster year over year than newly developed rentals. All luxury price trend indicators rose annually for the first time in seventeen months, while luxury listing inventory increased year over year for the second time.
All Brooklyn price trend indicators rose year over year for the third time. New lease signings continued to rise, up annually for the fifteenth time. Listing inventory increased year over year for the eleventh time.
Nearly one in five leases in Northwest Queens were signed above the asking price, the highest market share in almost three years. Median rent slipped annually for the first time in three months as new lease signings continued to rise, up annually for the fifteenth time. Listing inventory also increased, rising year over year for the eleventh time.
Median rent in Manhattan expanded annually for the second time as new lease signings continued to surge. New lease signings have been rising annually for eight months. Listing inventory expanded year over year for the fifteenth time. Median rent of non-doorman apartments continued to rise faster than doorman median rent. Median rent of existing rentals increased year over year faster than newly developed rentals. Luxury price trend indicators declined in an amount consistent with average sales size. Luxury listing inventory increased annually after falling during the previous month.
Median rent in Brooklyn expanded annually for the second time as new lease signings surged. New lease signings have been rising substantially for fourteen months. Listing inventory expanded year over year for the fifteenth time.
Median rent in Northwest Queens expanded annually for the second time as new lease signings continued to surge. New lease signings have been rising substantially for fourteen months. Listing inventory expanded year over year for the tenth time.
Rental prices in Manhattan moved higher for the first time since April as mortgage rates increased. Listing inventory has been rising annually for more than a year, while new lease signings have been surging year over year for the past seven months. Median rent for non-doorman apartments rose faster than non-doorman median rent. Median rent for new development rentals increased faster than existing rentals. Luxury price per square foot rose annually for the third time as luxury listing inventory slipped year over year for the first time in fifteen months.
Rental prices moved higher in Brooklyn for the first time in four months. Listing inventory is up year over year for the ninth time, while new lease signings have been surging for thirteen months.
Northwest Queens rental prices moved higher as median rent rose annually for the first time in eight months. Listing inventory is up year over year for the ninth time, while new lease signings have been surging annually for the past thirteen months.
Despite the 50-basis point rate cut by the Fed in mid-September, it was too late to have a material impact on quarterly sales in Manhattan. Sales slipped annually as cash sales fell to their lowest share in nearly two years. Median sales price slipped year over year for the third time despite the highest market share of bidding wars in seven years. Listing inventory slipped annually for the fifth time in six quarters, remaining consistent with the third-quarter decade average. Luxury median sales price declined year over year for the second time while luxury listing inventory increased annually for the third time due to the expansion of new development supply.
Median sales price in Brooklyn increased to the second highest level on record as bidding wars accounted for nearly one in four sales. Sales slipped annually for the ninth consecutive month as listing inventory expanded. Sales above the $1 million threshold were where the annual gains were seen, especially from $1 million to $2 million and $3 million to $4 million. Cash sales accounted for two-thirds of all condo closings, the second highest on record.
Price trends in Manhattan showed mixed annual results as new lease signings continued to surge. Median rental price slid year over year for the fourth time in five months. New lease signings rose sharply year over year as listing inventory increased for the thirteenth time. Bidding wars occurred in nearly one-fifth of all rentals. Median rent of doorman apartments increased annually as non-doorman median rent remained flat. Median rent of new development rentals rose year over year as median rent for existing rentals declined. Luxury price trend indicators showed mixed year over year trends. Luxury listing inventory increased annually for the thirteenth time as concession market share was at its lowest level since May 2023.
Price trends in Brooklyn declined year over year as new lease signings continued to surge. Median rent declined annually for the third time as listing inventory expanded for the eighth time while listing discount remained a premium. Bidding wars had the third-highest market share on record, accounting for more than one in four lease signings.
Price trends in Northwest Queens declined year over year as new lease signings continued to surge. Listing inventory expanded for the eighth time as listing discount remained a premium. Bidding wars accounted for one in five lease signings, as did new development market share.
Median rent slid annually in Manhattan for the third time in four months as new lease signings surged annually for the fifth time as listing inventory more than doubled. The average square feet of a rented apartment slid annually for the twelfth time. Median rent of non-doorman apartments rose annually but fell for doorman apartments. New lease signings for existing apartments rose annually at three times the rate of new development. Luxury median rental price has declined year over year for an entire year. Luxury listing inventory continued to rise annually but at a lower rate than the remainder of the market.
New lease signings in Brooklyn surged to a new high for the second time. Median rent slipped year over year for the second time as listing inventory rose for the seventh time. The average days on market was the second fastest on record.
New lease signings in Northwest Queens surged year over year to the second-highest on record. Median rent slipped year over year but was still the third highest on record. New lease signings increased annually for the eleventh time to its second-highest level on record as listing inventory increased year over year for the seventh time.
Average rent per square foot in Manhattan rose to the second-highest on record. Median sales price slipped as the average size of a rental fell year over year for the eleventh time. New lease signings rose to its highest level on record for July as listing inventory rose to its third-highest for July. The listing discount was the second lowest on record, representing an average premium above the listing price. New lease signings of non-doorman apartments continued to surge at a much higher annual rate than doorman leases. Luxury price trend indicators dropped year over year largely because average apartment size also continued to fall while luxury listing inventory has continued to expand.
The number of new lease signings in Brooklyn surged to the highest on record. Median rent declined year over year as the average size of a rental fell for the tenth time. Listing inventory rose to its second-highest for July as listing discount was the lowest on record for July, representing an average premium above the listing price.
The number of new lease signings in Northwest Queens surged to the highest on record. Median rent declined annually as the average size of a rental fell for the first time in four months. Listing inventory rose to its second-highest for July as the listing discount was the lowest on record for July.
Mortgage-related sales in Manhattan exceeded cash sales for the first time in two years. Sales rebounded year over year for the first time since mortgage rates began their ascent, accelerating the market pace. Listing inventory rose annually for the first time in five quarters, rising above the second-quarter decade average. While median sales price slipped nominally year over year, it was the second highest level in two years. New development sales, prices, and listings expanded for the first time in a while. Luxury listing inventory rose year over year for the second time after three quarters of declines.
Median sales in Brooklyn rose to a new high as sales continued to decline. Listing inventory increased annually for the first time in nine quarters. Condo median sales price rose to the highest on record, exceeding the $1 million threshold for the first time as co-op price trend indicators declined year over year for the fourth time.
Listing discounts in Manhattan represented a premium for the fourth time in five months as bidding wars set a new high. The median sales price was unchanged year over year, remaining tied for the highest June on record. New lease signings reached their second-highest level for June as listing inventory rose to its third-highest for June. Days on market and listing discount were at their lowest levels on record. New lease signings of non-doorman apartments rose at nearly seven times the annual increase of doorman leases. Market-wide, the average size of a leased apartment fell sharply for both new development and existing rentals. Luxury price trend indicators fell annually largely due to the sharp drop in average leased square footage.Prices in Brooklyn set new records for June as new lease signings reached their second-highest point. Listing inventory rose to its second-highest June on record, enabling more lease signings.Prices in Northwest Queens declined annually as new lease signings surged to their second-highest level. New lease signings increased to their second-highest level on record as listing inventory rose to its second-highest June on record.
Cash sales in Manhattan continued to rise, but not enough to keep the overall market rising. Overall price trend indicators slid year over year, on par with pre-pandemic levels. Listing inventory edged lower year over year for the fourth consecutive quarter due to the lock-in effect. Overall sales fell below two thousand for the first time in three years, yet the share of cash sales was the third-highest on record. First-time buyers account for slightly more than one out of four sales, the lowest tracked in a decade. All co-op price trend indicators increased year over year with a near-record market share for cash sales. All condo price trend indicators slipped year over year, pulling down the overall results, but with the third-highest cash market share on record. All new development price trend indicators increased year over year as its market share of overall sales rose. Four out of ten resales that closed in the quarter saw price cuts, more than the previous year. Luxury median sales price, representing the top ten percent of all sales, rose year over year for the fourth consecutive quarter as luxury listing inventory increased for the first time in nearly a year.
In Manhattan , median rent declined year over year for the first time in four months to the second-highest March on record. New lease signings declined annually to the third-highest March on record with the highest market share of bidding wars in twenty months. Doorman median rent rose annually for the third time as non-doorman rent remained flat. Median rent for new development continued to rise yearly as median rent for existing rentals declined. The luxury price per square foot year expanded year over year for the fourth time in five months as luxury listing inventory rose year over year for the seventh time. The luxury market for bidding wars included one in five luxury rentals, consistent with the overall market.Median rent rose nominally year over year in Brooklyn , and new lease signings increased yearly to the highest on record as listing inventory increased annually for the sixth time in seven months.The median rent in Northwest Queens declined year over year for the second time in three months as new lease signings surged to a new high. Listing inventory rose year over year annually for the sixth time in seven months.
In Manhattan , median rent and rental price per square foot unexpectedly increased to the highest for a February on record. New lease signings surged year over year to the third-highest February on record while listing inventory expanded annually for the sixth straight month. Doorman median rent continued to expand annually as non-doorman median rent move sideways. Median rent for new development increased year over year for the third time in four months. Luxury price per square foot year slipped annually for the first time in four months as luxury listing inventory rose year over year for the sixth time.Both median rent and rental price per square foot in Brooklyn unexpectedly increased to the highest for a February on record. New lease signings increased year over year to the second-highest on record as listing inventory increased annually for the fifth time in six months.The median rent in Northwest Queens unexpectedly increased to the highest for a February on record as new lease signings set an all-time high. New lease signings increased year over year to the highest level on record while listing inventory increased annually for the fifth time in six months.
In Manhattan , the lower rents since the recent summer highs likely explain the rise in new lease signings in recent months. Average rent per square foot rose annually to a new high as median rent increased for the first time in three months as the vacancy rate remained above the three percent threshold for the second time. Doorman median rent expanded annually as non-doorman median rent fell over the same period. Luxury price per square foot year rose yearly to the third-highest on record as luxury listing inventory expanded annually for the fifth time.New lease signings in Brooklyn continued to surge year over year, nearly doubling for the third time. After twenty-four months of annual increases, median rent was unchanged year over year. Listing inventory fell year over year for the first time in five months.New lease signings in Northwest Queens surged year over year for the third time, while median rent declined annually for the second time in three months. Listing inventory fell year over year for the first time in five months.
Listing inventory in Brooklyn reached a nearly six-year low as bidding wars persisted. Median sales price slipped annually for the third consecutive quarter. Sales declined annually for the sixth consecutive quarter as listing inventory declined for the seventh. While the bidding war market share fell year over year, it included nearly one in five sales.
Listing inventory reached a nearly three-year low in Queens as bidding wars market share accounted for nearly one in five sales. Median sales price declined year over year for the fifth straight quarter. Sales declined annually for the sixth time as listing inventory declined for the fourth time in five quarters. While the bidding war market share fell year over year, it included nearly one in five sales.
Sales and listing inventory in the Manhattan co-op and condo market continued to fall as prices increased. Median sales price rose year over year for the first time in five quarters to the second-highest fourth quarter on record. Listing inventory declined annually for the third consecutive quarter as sales continued to fall at a diminishing rate. Cash sales surged to exceed two-thirds of all sales to reach a record-high market share. While resales slipped year over year, sales at or above the $5 million threshold surged. Co-op sales increased annually for the first time in six quarters, while the condo median sales price edged higher year over year for the first time in five quarters. Luxury median sales price increased annually for the third time and remained significantly above pre-pandemic levels, as luxury listing inventory fell annually for the third consecutive quarter. New development listing inventory declined year over year for the fourth consecutive quarter, and their sales declined year over year for the sixth time as excess supply was sold off during the pandemic.
The median rent in Manhattan stabilized as new lease signings rose year over year. The vacancy rate returned above the three percent threshold to its highest level since July 2021. Doorman median rent slipped yearly, while non-doorman median rent increased over the same period. Rental price per square foot for new developments surged year over year to return above the $100 threshold. Luxury price per square foot year edged higher year over year but was short of the prior month s record while luxury listing inventory rose annually for the fourth time.The median rent in Brooklyn rose year over year for the twenty-fourth time but slipped for the fourth time in five months from the record set in July. New lease signings doubled year over year and remained more than double the decade average for the month. Listing inventory expanded annually for the fourth straight month.The median rent in Northwest Queens and new lease signings surged year over year at the highest rate in twenty-one months. Listing inventory rose year over year for the fourth straight month.
The median rent in Manhattan continued to trend lower from the August record to the lowest level since May 2022. Median rent slipped month over month for the third consecutive time and annually for the first time in twenty-seven months. New leases rose year over year for the first time in five months. The vacancy rate expanded annually for the fourteenth month but remained below three percent. Doorman s new lease signings slipped year over year, while those from non-doorman buildings surged over the same period. Rental price per square foot for new developments fell year over year for the first time in four months. Luxury price per square foot year reached a new high and exceeded the $100 threshold for the first time in more than a year. Luxury listing inventory fell year over year for the third time in four months.The median rent in Brooklyn has continued to fall short of July s record price but remains sharply above the pre-pandemic level. Median rent rose year over year for the twenty-third time in two years. New lease signings surged annually, more than doubling the November average of the decade. Listing inventory expanded year over year for the third consecutive month.The median rent in Northwest Queens has continued to fall short of the record price reached in August and has been at the lowest level since last December. Median rent slipped year over year for the first time in eleven months. New lease signings surged annually at the highest rate in twenty months. Listing inventory expanded year over year for the third consecutive month.
The median rent in Manhattan continued to fall short of the August record. Median rent has peaked as it hasn t increased monthly since July. New lease signings fell annually for the fourth month as landlords emphasized renewals. The vacancy rate fell back below three percent after one month above the threshold. Doorman new lease signings declined annually but remained well above pre-pandemic levels, while those from non-doorman buildings were slightly less than the prior year. Rental price per square foot for new developments increased year over year for the seventh time. Luxury price trend indicators declined year over year but remained sharply above pre-pandemic levels as luxury listing inventory declined annually for the second time in three quarters. The luxury market share of bidding wars remained higher than the overall market.The median rent in Brooklyn has fallen monthly since reaching a new high in July. New lease signings expanded year over year for the first time in five months as listing inventory jumped annually for the second straight month.The median rent in Northwest Queens has fallen monthly since reaching a new high in August. New lease signings expanded year over year for the first time in seven months, while listing inventory rose sharply year over year for the second straight month.
Listing inventory and sales continued to slide in Queens . Median sales price declined year over year at a diminishing rate for the second time. Listing inventory declined year over year for the third straight quarter, well below pre-pandemic levels, as sales fell year over year for the fifth straight quarter, below pre-pandemic levels.
Prices in the Manhattan co-op and condo market are beginning to stabilize as listing inventory continues to fall. Sales declined annually, likely the last quarter of distortion caused by the spike in mortgage rates over the past year. Listing inventory declined annually for the second consecutive quarter as would-be sellers remained wedded to their existing low mortgage rates. The market share of bidding wars slipped to its second lowest level in ten quarters, and the market share of new development sales reached its highest level in over a year, well above the average for the decade. The market share of cash buyers slipped to the third highest on record from the prior-quarter high. Co-op median sales price rose year over year to a new record after falling annually in each of the prior three quarters. Condo's new development listing inventory declined year over year at a higher rate than resales. New development average sales size fell annually for the fourth consecutive quarter. The luxury median sales price rose year over year for the second straight quarter as luxury listing inventory declined year over year for the second time.
Median rent in Manhattan slipped from the prior month s record as listing inventory expanded, suggesting the market is past peak levels. Since May, new lease signings slipped to their lowest level as landlords emphasized renewals. The vacancy rate exceeded the three percent threshold for the first time in more than two years. Doorman s new lease signings were just above pre-pandemic levels, while those of non-doorman buildings were substantially lower. Median rental price for new developments declined year over year for the first time in five months as median rent in existing buildings continued its more than two-year ascent. Luxury price trend indicators slipped year over year but remained sharply above pre-pandemic levels as listing inventory expanded annually for the first time in three quarters. The luxury market share of bidding wars was higher than the overall market.Price-trend indicators in Brooklyn came down from the summer records. Median rent slipped month over month from the July record but is still well above pre-pandemic levels. New lease signings fell year over year for the fourth time while listing inventory rose annually for the first time in four months.Median rent in Northwest Queens slipped from the prior month s record as listing inventory expanded. New lease signings fell year over year for the sixth time, remaining above the pre-pandemic level. Listing inventory rose annually for the first time in three months.
Average rental prices and net effective average rental prices in Manhattan reached new highs. Listing inventory declined year over year for the first time in ten months as the number of new lease signings fell annually for the second consecutive month. Doorman s new lease signings were slightly below pre-pandemic levels, while non-doorman buildings saw substantially lower new leasing levels. Luxury listing inventory declined year over year for the third time in four months as luxury median sales price rose annually for the sixth consecutive month.Average rent per square foot and average rental prices in Brooklyn set new records. New lease signings declined annually for the fourth time in five months. Listing inventory dropped by more than half year over year and was well below pre-pandemic levels.Average rent per square foot, average rental prices, and median rental prices in Northwest Queens reached new highs. New lease signings declined year over year sharply for the fifth time. Listing inventory dropped by more than half year over year and remained well below pre-pandemic levels.
All three overall rental price trend indicators in Manhattan reached new highs. Median and net effective median rent reached all-time highs for the third time in four months. New lease signings slipped from the prior month as the market approaches the seasonal summer peak. The vacancy rate declined from the preceding month and remained below the decade average for July. Non-doorman and doorman median rental prices rose to new records for the second month. The average price per square foot for new development rentals remained above the $100 threshold for the third month as the luxury median sales price was the second-highest on record for the second time. Luxury listing inventory slipped annually for the second time in three months, while luxury landlord concessions remained tied at their lowest level in nearly six years.Average and median rental prices in Brooklyn set new records. Net effective median rent and median rent set new records for the fourth straight month as new lease signings fell year over year for the third time in four months. The bidding war market share remained at about one in five new lease signings.Average and median rental prices in Northwest Queens also set new records. Net effective median rent and median rent set new records for the third time in four months as new lease signings fell year over year for the fourth straight month. The listing discount did not reflect a premium for the first time in nearly two years.
The Manhattan co-op and condo market is nearing the end of price distortions experienced with comparisons to the pandemic-era sales boom. Median sales price slipped year over year for the third time to the third-highest on record. Listing inventory slipped year over year as the number of sales remained well below the year-ago boom. The market share of cash buyers soared to a record two-thirds of all closings because of fewer purchase mortgage transactions. Co-op median sales price slipped annually for the third straight quarter and was on par with the same quarter in 2019. Condo new development average sales size fell, pulling condo average and median prices lower, whereas condo resale prices increased as the average size expanded. New development average price per square foot edged higher year over year for the fourth consecutive quarter as new development listing inventory declined annually for the second consecutive quarter. Luxury median sales price expanded annually for the fifth time in six quarters and luxury listing inventory declined year over year for the first time in four quarters. The market share of luxury bidding wars was the third-highest on record.
After three months of reaching new highs, the median rent in Manhattan slipped to the second-highest on record. New lease signings continued to see a seasonal rise with an expected late summer peak. Listing inventory continued to expand but at a cooling rate since the beginning of the year. Non-doorman and doorman median rental prices reached new highs. Landlord concession market share remained higher for new development than existing leases. The luxury median sales price reached the second-highest on record, while luxury days on market fell to their lowest level in four years.The median rent in Brooklyn reached a new high for the third consecutive month. New lease signings declined annually for the second time in three months, as listing inventory declined annually for the first time in seven months.The median rent in Northwest Queens reached a new high for the second time in three months. New lease signings declined annually for the third consecutive month while listing inventory rose year over year for the fourth straight month.
The median rent in Manhattan pressed higher to a new record for the third consecutive month. New lease signings surged back to trend after the April banking crisis lull. Listing inventory continued to expand but remained well below the decade average for May. Non-doorman median rental price continued to experience more significant year over year gains than doorman median rental price. The market share of landlord concessions remained larger for new development than existing leases as the market share of landlord concessions for luxury rentals was about half that of non-luxury rentals. Luxury listing inventory fell year over year for the first time since last summer as lease terms for luxury rentals were at their most extended length since the beginning of 2022.The median rent in Brooklyn reached a new high for the second straight month. New lease signings surged from the prior month's lull and rose annually for the third time in four months. Listing inventory rose year over year for the sixth consecutive month.The median rent in Northwest Queens was the second-highest on record, just short of the prior month s record. New lease signings surged from the prior month's lull but slipped annually for the second month while listing inventory rose year over year for the third consecutive month.
The median rent in Manhattan reached a new high for the second consecutive month. Concessions paid by landlords fell to their lowest level since November 2019. Listing inventory expanded annually for the sixth month but remained more than ten percent below the decade average for April. Non-doorman median rental price continued to see a more significant annual increase than the doorman median rental price. The existing rental price per square foot outpaced that of new development. Luxury median rent rose annually to the third highest on record as luxury listing inventory experienced a substantially lower rate of annual growth than the previous three quarters approximately one out of six luxury rentals leased above the last asking price.The median rent in Brooklyn rose to a new high, exceeding last August s record. Net effective median rent and median rent reached new highs. New lease signings fell annually for the first time in three months as listing inventory expanded annually for the fifth month.All price trend indicators in Northwest Queens rose annually to new records. New lease signings fell annually for the second time in three months as listing inventory expanded annually for the second consecutive month.
In Manhattan , the market continues to transition out of the pandemic-era boom a year ago with lower sales and modest inventory growth as mortgage rates are more than double last year s. Median sales price slipped year over year for the second time since the pandemic era began but remained slightly above pre-pandemic levels. Listing inventory was nearly flat compared to the year-ago quarter and slightly less than the five-year quarterly average. With lower sales, the pace of the market has been at its slowest rate in two years. Co-op listing inventory declined annually, slightly less than the five-year quarterly average. Condo listing inventory edged higher for the fourth consecutive quarter to a level consistent with the five-year average. The market share of luxury bidding wars rose to a new record as price trend indicators showed mixed annual trends. Luxury listing inventory expanded annually for the third consecutive quarter. New development sales as a percentage of all sales had the smallest market share in four years. The average new development sales square footage was the smallest since 2008.
Manhattan 's median rent reached a new high as new lease signings were the second-highest March on record. Listing inventory expanded annually for the fifth consecutive month. Non-doorman price trend indicators representing the lower half of the market continued to see higher annual gains than doorman price trend indicators. New development lease signings rose at triple the annual rate of existing rental lease signings. Luxury median rent rose annually for the twenty-first month as more than half of all luxury tenants signed two-year leases for the third straight month.Net effective median rent in Brooklyn reached the second-highest level on record as new lease signings set a new record for the month of March. Listing inventory expanded annually for the fourth time as supply was drawn in by rising rents.Median and net effective median rent in Northwest Queens reached their second-highest levels on record. New lease signings rose to a new record for March. Bidding wars rose to more than one in five leases, the highest in more than two years of tracking.
Manhattan's rental prices have continued to move sideways since peaking in the summer as new leasing expanded sharply. Net effective median rent rose annually for the eighteenth month to the highest February on record. Listing inventory fell month over month at a much higher rate than the February decade average. Non-doorman price trend indicators continued to see a higher year over year increase than doorman price trend indicators. Luxury median rent remained at the third highest on record, and premiums paid over the landlord ask was nearly twenty percent. Luxury listing inventory has expanded from last year s record low but remains below pre-pandemic levels.Rents in Brooklyn fell from record and near-record levels last month as new lease signings surged. Net effective median rent rose to the highest February on record. New lease signings increased annually for the first time in five months. Bidding war market share has remained at about one in five new leases over the past year.Average and median rents in Northwest Queens rose annually to the highest February on record. The market share of two-year leases reached an all-time high as new leases reached their second-highest level for a February on record.
The median rent in Manhattan rose to the third-highest on record as the vacancy rate slipped for the first time in nine months. The median rent was the highest on record for the month of January and the third-highest overall. The number of new leases expanded annually for the first time in three months. Non-doorman price trend indicators grew annually more than doorman price trend indicators. New development new leases rose year over year at five times the rate of non-doorman rents. Luxury median rent remained at the third highest on record as luxury bidding wars accounted for nearly one in five rentals. Luxury listing inventory expanded but remains below pre-pandemic levels.Average rent in Brooklyn soared above the August peak as median rent rose to the second-highest on record. New lease signings rose month over month for the first time in four months. Concessions paid by the landlord were at their highest level since the fall of 2021.Average and median rents in Northwest Queens surged over the summer highs to set new records. Net effective average and median rents also rose to the highest on record. New lease signings slipped annually but were sharply higher than pre-pandemic levels, while the market share of two-year leases was at its highest level in two years.
The net effective median rent in Manhattan rose annually to a new high at the largest rate on record. The month saw the most significant annual decline in listing inventory on record and the vacancy rate remained under two percent for the fifth consecutive month. Doorman's net effective median rent surged annually at a record rate for the eighth time in nine months and non-doorman rent rose by a record rate that was higher than for doorman rent over the past two months. Luxury median rent and luxury net effective median rent rose year over year to their second-highest levels. Bidding wars accounted for more than one-third of all luxury rentals. Luxury landlord market share of concessions fell to the lowest on record for the third straight month.
The net effective median rent in Brooklyn increased year over year to the third-highest level on record at a rising rate for the past six months. Landlord concession market share fell to its second-lowest level in four and a half years. New lease signings reached the second-highest level for the month of April on record.
In Northwest Queens, net effective median rent increased year over year at the second-largest rate to the highest level on record. Listing inventory collapsed annually for the fifth consecutive quarter. Landlord concession market share fell to its second-lowest level in five and a half years.
The net effective median rent in Manhattan rose to the highest on record but with a deceleration in the annual growth rate. The vacancy rate remained below two percent for the fourth consecutive month. New leasing volume surged from February but fell annually for the sixth successive month. Bidding wars accounted for one in five new lease signings. Doorman's net effective median rent surged yearly for the ninth straight month to the highest level on record. Non-doorman rent increased at a higher annual rate than doorman rent for the first time in fifteen months. Luxury price trend indicators rose to their third-highest levels on record and were well above pre-pandemic levels. Luxury listing inventory dropped to its lowest March level in six years of tracking.
The net effective median rent in Brooklyn exceeded pre-pandemic levels for the first time, while new lease signings rose annually for the first time in three months. Listing inventory fell year over year by more than eighty percent for the fourth consecutive month.
In Northwest Queens, new lease signings surged annually for the twelfth consecutive month as new lease signings reached their highest level for March in at least a decade. Net effective median rent rose yearly for the seventh successive month. Listing inventory fell year over year by more than seventy percent for the fourth straight month.
Low listing inventory in Brooklyn has kept the record pricing pattern going. The first quarter saw the highest number of sales since 2006 after six consecutive quarters of annual increases. The market share of sales above $1 million rose to a record level. Median sales price reached a new record in the past eight quarters for the seventh time.
Record prices in Queens continue to define the borough’s housing market. There was the highest number of first-quarter sales since 2007 after five consecutive quarters of annual increases. Listing inventory fell year over year for the third successive quarter. Median sales price reached a new record for the fifth time in the past six quarters.
Record prices in Queens continue to define the borough’s housing market. There was the highest number of first-quarter sales since 2007 after five consecutive quarters of annual increases. Listing inventory fell year over year for the third successive quarter. Median sales price reached a new record for the fifth time in the past six quarters.
In Riverdale, which includes Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil, overall price and sales trends continued to press higher. The number of sales increased annually for the fifth consecutive quarter. The median sales price last declined year over year in the third quarter of 2020. Listing inventory increased year over year for the sixth time in seven quarters.
Sales in Manhattan continued on a tear, setting records for the third straight quarter as the market catches up with the region. The quarter saw the highest number of sales for a first quarter in thirty-three years of tracking. Overall price trend indicators were higher than in the same period before the pandemic. Bidding war market share rose to the highest level in four years for the fourth straight quarter. Co-op median sales price posted significant annual gains for the fifth consecutive quarter and was higher than pre-pandemic levels. Condo sales were up by more than fifty percent annually to reach the most first-quarter sales in fifteen years of tracking. Luxury listing inventory fell annually for the third straight quarter and remained below pre-pandemic levels. The luxury market saw the second-highest market share of bidding wars in five years of tracking. New development price trend indicators continued to remain well below pre-pandemic levels. New development sales were nearly double year-ago levels, the fourth straight quarter of significant annual increases.
In Northern Manhattan, sales rose much faster than listing inventory resulting in the continuation of a fast-paced market. For co-ops and condos, median sales price rose year over year for the fourth quarter but fell short of pre-pandemic. Sales nearly doubled from the prior-year quarter and were more than double pre-pandemic levels. For townhouses, the average sales size continued to fall after peaking at the end of 2020, skewing price trend indicators lower. Falling months of supply suggested the fastest market pace in more than a year and much quicker than pre-pandemic.
Price trend indicators in Manhattan rose to record levels by record rates as listing inventory continued to collapse. The market share of rental bidding wars rose year over year from nominal levels to nearly one out of five new lease signings. Net effective median rent and all the face rent price trend indicators rose to their highest levels on record. The vacancy rate fell to its lowest level for the month of February since 2008. Listing inventory fell year over year by its fastest rate on record. Doorman’s net effective median rent surged year over year for the seventh straight month by a record rate. Non-doorman net effective median rent jumped annually at a record rate for the second straight month for the fifth consecutive month of gains. All luxury price trend indicators reached new records after more than a decade of tracking while luxury listing inventory fell to a record low for the third straight month.
All price trend indicators in Brooklyn rose annually but fell short of pre-pandemic levels. Net effective median reached the third-highest level for a February in a dozen years. New lease signings rose to the second-highest February since tracking began in 2008 as listing inventory fell year over year by the second-highest rate on record.
In Northwest Queens, price trend indicators rose annually as listing inventory continued to plunge. Net effective median rent rose to its second-highest level for the month of February as the number of new leases increased to the second-highest on record. Listing inventory fell year over year by the second-highest rate on record.
A low vacancy rate combined with a rapid drop in listing inventory led to record prices in Manhattan. Net effective median rent increased annually at its highest rate to the second-highest January ever recorded. Listing inventory fell year over year at a record rate for the sixth straight month, and the vacancy rate fell below pre-pandemic levels for the second consecutive month. Doorman median rent surged year over year for the sixth straight month at a record rate, and non-doorman rent jumped annually at a record rate but remained below pre-pandemic levels. Luxury average rent rose to the highest level in more than eleven years, and luxury listing inventory fell to the lowest in six and a half years of tracking. The luxury landlord market share of concessions dropped by half before the pandemic began.
Against the backdrop of a sharp decline in listing inventory, heavy leasing volume in Brooklyn led to rapid rental price gains. As a result, listing inventory fell year over year by the highest rate on record. New lease signings rose to the second-highest January since tracking began in 2008. It follows that net effective median rent rose year over year at the third-highest rate for the month of December.
In Northwest Queens, record January leasing volume and a rapid decline in listing inventory resulted in a surge in rental price gains. Subsequently, the net effective median rent rose at its second-fastest annual rate on record. In addition, listing inventory fell year over year by the largest rate on record. Consequently, the number of new leases reached its highest level for January on record.
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