NYC Real Estate Market Update – May 2025
As we head into the summer season, the New York City real estate market continues to show signs of resilience—though with unique trends unfolding in Brooklyn and Manhattan. Here’s what you need to know from the latest May 2025 market data.
Brooklyn: A Market Gaining Momentum
The Brooklyn market showed notable strength this month, especially in the condo sector, which outpaced co-ops and houses in pricing growth.
Key Stats – Brooklyn, May 2025
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Average Sale Price: $1,434,521 (↑12.5% YoY)
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Median Sale Price: $1,120,000 (↑12.4% YoY)
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Average Price/Sq Ft: $985 (↑13.1% YoY)
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Average Days on Market: 133
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Contracts Signed: 596 (↓13.2% YoY)
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Average Discount: 4%
Condo Highlights
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Average Sale Price: $1.47M
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Median Sale Price: $1.22M
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Days on Market decreased 18.3% month-over-month, showing rising buyer urgency
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Average Price/Sq Ft: $1,276
While inventory increased by 2.6%, buyer interest remained strong enough to boost prices—especially in the condo segment, where prices jumped over 16% YoY.
Manhattan: Softening at the Top, But Still Holding
Manhattan’s numbers this month show a slight market cooldown, especially in the luxury condo and townhouse markets, which saw price pullbacks compared to April. That said, year-over-year metrics remain positive, reflecting long-term stability.
Key Stats – Manhattan, May 2025
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Average Sale Price: $2,336,735 (↑7.6% YoY)
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Median Sale Price: $1,320,000 (↑5.6% YoY)
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Average Price/Sq Ft: $1,588 (↑5.7% YoY)
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Average Days on Market: 227
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Contracts Signed: 935 (↓11% YoY)
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Average Discount: 7%
Condo Highlights
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Average Sale Price: $3.02M (↓11% MoM)
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Median Sale Price: $1.8M
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Average Price/Sq Ft: $1,782
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Contracts Signed: 434
Townhouses saw a dramatic year-over-year jump in average sale price (↑57%), but that spike is driven by a few high-end sales rather than broad market trends.
Takeaways for Buyers & Sellers
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Buyers: Brooklyn condos present a fast-moving, competitive environment—act decisively. In Manhattan, the current discounts and longer days on market could offer negotiation opportunities.
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Sellers: Well-priced listings—particularly in Brooklyn—are moving faster and for closer to asking price. In Manhattan, prepare for longer marketing periods, especially at the higher end of the market.
If you're thinking about buying, selling, or simply want to understand your home’s value in today’s market, I’d love to connect.