Should I sell my house now or wait until 2025? People who asked this question in 2024 and were asked to wait might have to wait a little longer, especially if they are selling a co-op or are selling their house in Queens.
The average price has risen modestly between Q3 and Q4 in both Brooklyn and Manhattan. Assuming that this growth trend has continued into the new year, it might be a good time to sell in both these boroughs. However, co-ops didn’t perform as well in Brooklyn and the average price fell for almost all categories in Queens.
For co-ops, the outlook (as we go deeper into 2025) seems positive. Multiple sources, including Streeteasy have made the prediction that co-ops are making a comeback in 2025. So if you plan on selling yours, you may consider waiting till that prediction comes true so you can fetch a relatively better price.
Another thing you need to look at if you are determining whether to sell now or wait is competing inventory.
New listings have risen significantly in Manhattan in December 2024 compared to December 2023 – co-ops by 34.7% and condos by 46.2%. This means buyers will have more options, and if not enough buyers are lining up to buy in Manhattan, your chances of selling at an attractive price might go down. The competition is even fiercer in Brooklyn, especially when it comes to condos. The number of new listings increased by over 193%.However, these general trends may not apply to your house. If it’s in a happening neighborhood, you may fetch a good price even with few buyers in the market. A good New York City broker can help you identify whether it’s the right time to sell your house or not.
