NYC Real Estate Had a Strong September

The Weekly Recap

Good morning and happy Friday! Mortgage rates keep inching closer to 6%, US consumer prices rise less than expected in September keeping rhe Fed on track for another rate cut. Annual inflation picked up slightly, existing home sales gained momentum in September, renters are faking their way into luxury buildings, Wall Street bonuses are expected to be huge amongst earnings reports. The Louvre was broken into and the REI CO-OP in SoHo is closing.

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NYC Real Estate Had a Strong September

September brought a notable shift across both the sales and rental markets in NYC, showing renewed energy as mortgage rates eased and buyers regained confidence. Sellers returned to the market in greater numbers, while renters began to see modest seasonal relief after a summer of record-high prices. These trends paint a picture of a market finding balance that reflects both the resilience and cyclical nature of NYC real estate.

NYC Neighborhoods With Most Homes Sold Above Asking, Sep. 2025

(source: StreetEasy)

New York City’s housing market recorded 1,721 homes entering contract, the highest number for the month since 2021, as easing mortgage rates improved affordability compared to last year. Unlike other national markets where sellers remain hesitant, NYC sellers have been returning in force, leading to a 9.6% increase in new listings. With more inventory meeting steady demand, homes entering contract spent nine fewer days on the market than a year ago, and one in five homes sold above asking price, showing the city’s continued competitiveness.

On the rental side, the market followed some familiar seasonal trends. As the summer leasing season winds down, the median asking rent dipped 1.4% to $3,995 from August, a modest adjustment consistent with pre-pandemic cycles seen between 2017 and 2019. Across all five boroughs, 2.5% fewer rentals were listed as many renters chose to stay put amid affordability pressures in the sales market. Manhattan’s rental inventory declined for the 19th consecutive month, reflecting persistent demand and limited turnover in the city’s most sought-after neighborhoods.

NYC Market Data: September 2025

Sales

(source: StreetEasy)

Overall, September marked a transition month for both buyers and renters as improving affordability is driving sales activity and leading to more inventory for sale while strong rental demand continues to keep inventory tight across the city.

Market Performance

Here are how some other indexes and asset classes have performed as of this morning’s opening bell.

NYC Market Update

Here is a view of NYC market activity over the past week.

Mortgage Rate Update

The 30-year fixed-rate mortgage continued to trend down this week, hitting their lowest level in over a year. At the start of 2025, mortgage rates surpassed 7%, while today it hovers a full percentage point lower. The continued dynamic has kept refinancing activity high, accounting for more than half of all mortgage activity for the sixth straight week.

News You Can Use

• Early US Earnings Point to Best Corporate Results in Four Years Bloomberg

• Existing Home Sales Gain Momentum in September Amid Falling Mortgage Rates Inman

• Renters Are Conning Their Way Into Luxury Apartments Wall Street Journal

• Wall Street Bonuses Poised for Record as Bank Profits Surge Bloomberg

• Why Massive New Manhattan Office Towers Are Breaking Ground Now NY Post

• Fed Floats Plan With Much Smaller Capital Hikes for Big Banks Bloomberg

• US Bank Rout Prompts Deal Speculation Reuters

• Gold Notches Biggest Gain Since 2020 as Precious Metal Goes Parabolic Yahoo Finance

• Jamie Dimon Wants Everyone In the Office. Is a $3 Billion Building the Answer? Wall Street Journal

• US Government Shutdown is Now Second Longest in History Bloomberg

• New Yorkers Are Losing Their Favorite Bathroom: REI Wall Street Journal

• Thieves Steal Crown Jewels in 4 Minutes from Louvre Museum CNBC

The Deep Insight

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