NYC Real Estate Market – Does It Favor Buyers or Sellers?

What is the NYC real estate outlook for 2025? Buyers, sellers, landlords, tenants, and even investors might have this question. The outlook doesn’t look really good for corporate investors since the introduction of good cause eviction does put limits on rent increases, even for market-rate apartments. A few predictions that may define the real estate outlook for 2025 for different stakeholders are

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.

Based on what you are selling (property type) and in what kind of market (buyer’s or seller’s), the amount of time and effort you need to make your NYC home ready to sell may vary drastically. Many buyers may propose buying the property as-is in the seller’s market. But in the buyer’s market, you may have to make the property more appealing.

If you are planning on buying an apartment in the borough, one question you might have is – What is the average price per square foot for an apartment in Manhattan? The exact answer to this varies from time to time and based on the type of apartment you want to buy, but one consistent fact is that it’s almost always higher than the other four boroughs.

What is the average price to buy an apartment in New York? It’s honestly difficult to find an informative city-wide average because of how drastically the cost shifts from borough to borough and neighborhood to neighborhood.

One of the things many first-time home buyers are surprised to know is they are not on the hook for their agent’s commission. “Does the seller pay buyers agent in NYC?” Is a common question many agents and New York City brokers field, but that might change going forward.

Whether you are selling or buying a property in NYC, there is one process you need to understand, and it’s how to choose a real estate agent in NYC? A good agent/New York City broker can be your ally and help you get the best deal for your money (if you are buying) or your asset (if you are selling). In contrast, an inadequate real estate agent will simply be a financial drain.

If you have an apartment that you want to put on the market, one of the many questions you must ask yourself is – Is it a good time to sell an apartment in NYC? It’s redundant if you have a pressing financial need for which you are selling the apartment. But if you can wait, identifying a good time to sell an apartment in NYC can significantly impact your returns.