The February 2025 Manhattan & Brooklyn Real Estate Update
Manhattan at a Glance
February brought noteworthy gains in Manhattan’s housing market. The average sale price reached $2.55M—up an impressive 47.8% from last year—and the median price hit $1.3M. Inventory nudged slightly higher to around 5,900 total listings, but that didn’t hold buyers back: contracts signed climbed 14.5% compared to January, signaling robust demand. Days on market rose to 204, indicating buyers are taking a bit longer to finalize deals, yet higher asking prices and strong contract activity underscore continued confidence in the Manhattan market.
Brooklyn Highlights
Brooklyn also put up solid numbers. The borough’s average sale price hit $1.38M, reflecting a 15.8% jump year-over-year. The median price is now at $1.08M—up 20% from last February. Inventory stood at 3,055, virtually flat from last month but slightly below year-ago levels. Contracts signed jumped nearly 28% month-over-month, showing that even with a modest uptick in days on market (128 vs. January’s 116), buyers remain motivated to take advantage of Brooklyn’s still competitive landscape.
Market Outlook
Both boroughs benefit from steady buyer interest, buoyed by a mix of new listings and ongoing demand. Manhattan’s surge in luxury properties and Brooklyn’s strong appeal for varied budgets suggest the market will remain lively heading into spring. If you’re considering buying or selling, staying on top of local trends is key—don’t hesitate to reach out for specific neighborhood data or tailored insights.