NYC will see a busier-than-normal sales season this spring see why
New York City’s real estate market stayed unusually hot through the holidays, signaling a busy spring ahead.The city’s brokers typically expect to take it easy towards the new year, but the 1,712 homes that entered contract in December kept them on their toes.The number of new deals rose 0.7% between November to December, according to an atypically active end-of-year study by StreetEasy.Rental and sales market data collected by the local real estate listings portal promise an increasing flurry of sales activity in 2026 — meaning potential relief for renters.Things look to be loosening up on the sales side.
Thanks to new construction, for-sale housing supply in December increased by 9.3% from the same period in 2024.The StreetEasy report identified particular hotspots of inventory growth in Brooklyn and Queens, including Brighton Beach, Bushwick, Midwood and Flushing.A total of 14,000 homes sat on the market last month, but they didn’t stay long.
The market tenures of for-sale homes in Manhattan and Queens shrunk by six and 17 days, respectively.A friendlier buyer’s market is good news for the city’s beleaguered cohort of renters.The rental market saw a 5.8% year-over-year decline in vacancy rates in December and a nearly 8% uptick in median asking rent, up to $3,874.A long-term housing shortage is largely to blame for the city’s skyrocketing rents.
A total of 26,238 rentals were on the market last month, down 5.8% compared to December 2024.A limited number of newly constructed rental buildings in Manhattan has left renters competing for a tight supply of aging, prewar properties.Limited supply over the past several years was further tightened up up by would-be buyers waiting out high rates and stubbornly high price tags.Declining mortgage rates and eager sellers are expected to draw some of these buyers away from their leases in 2026.Rental concessions are on the rise, as well.
Nearly one in four rentals offered at least one month of free rent last...