NYC Residential Real Estate Market Update — April 2025

Photo by Florian Wehde on Unsplash

The New York City residential real estate market continues to show resilience and strength across all boroughs as we move through the spring of 2025. Here's a comprehensive look at the latest data, from Manhattan to Staten Island.

Overall Market Overview

The city's total property market value is projected to rise by 5.7% to an impressive $1.6 trillion in fiscal 2025, a sharp improvement from the previous year. Residential properties, including co-ops, condos, and rentals, are leading the way with a 7.3% increase.

However, housing inventory remains tight statewide. In February 2025, the available housing inventory statewide recorded only 22,518 units, the lowest level since 1997 and a 5.3% drop from the previous year. Despite this, the average home value across NYC climbed to $763,358, reflecting a 4.2% year-over-year increase.

Manhattan

Manhattan’s real estate market is enjoying a remarkable resurgence:

• Median Sale Price: Up 12% year-over-year to $1.175 million.
• Resale Condos: Median price hit $1.595 million, an 18% year-over-year jump.
• Sales Activity: Condo and co-op sales surged 28.8% year-over-year to 2,560 transactions in Q1 2025.

Brooklyn

The Brooklyn market continues to show its vibrant appeal:

• Median Sale Price: Increased 8% year-over-year to $980,000.
• Resale Condos: Median price rose to $1.26 million, reflecting a 14% year-over-year increase.
• Sales Activity: Sales rose by 17.5% year-over-year, with 1,915 transactions recorded in Q1 2025.

Queens

Queens is experiencing consistent growth in its residential market:

• Median Sale Price: Up 9% year-over-year to $750,000.
• Resale Condos: Median price increased to $895,000, showing a 10% year-over-year growth.
• Sales Activity: There was a 15% year-over-year increase in condo sales, with 1,470 transactions in Q1 2025.

The Bronx

The Bronx has become a popular choice for those seeking affordable urban living:

• Median Sale Price: Rose by 7% year-over-year to $525,000.
• Resale Condos: Median price is $675,000, an 8% increase year-over-year.
• Sales Activity: Sales saw a 12% year-over-year increase, with 1,150 transactions in Q1 2025.

Staten Island

Staten Island's market continues to attract families seeking more space:

• Median Sale Price: Increased 6% year-over-year to $650,000.
• Resale Condos: Median price reached $635,000, reflecting a 9% year-over-year jump.
• Sales Activity: Condo and co-op sales rose 10.5% year-over-year, with 900 transactions in Q1 2025.

As we enter the spring season, it’s clear that NYC’s real estate market is thriving, with continued growth across all boroughs. Whether you’re looking to buy, sell, or rent, there are significant opportunities to explore. Contact our team at 646-300-2012 if you're in the market to buy, sell, or rent a home in NYC. We’re here to help you navigate this dynamic market with confidence!

Sources: credaily.com, nysar.com, zillow.com, inhabit.corcoran.com, crainsnewyork.com, nypost.com, propertyshark.com, garfieldbrooklyn.com.