Market Update: Mid Q1 2025

Despite sobering economic news and a recent Bloomberg article* indicating sleepy home sales elsewhere in the US, NYC is off to a strong start this year. 

Relative to Q3 and Q4 2024, we’re seeing an increase in serious buyer activity, and property sales are gaining traction faster. This is despite interest rates holding steady between 6-7.25%. The reality is, people who put their purchases on hold, hoping for interest rates to drop, can no longer wait. Families need to upsize, downsize, and relocate.

There is healthy activity in the NYC market. In addition to an increase in activity among buyers who need financing, a sizable percentage of sales are going to cash purchasers. Pre-covid, cash purchases accounted for approximately 20% of transactions. They account for more than 50% of purchases now. This certainly stands to change but is the current reality, as Corcoran has been tracking these stats.

* Click/tap here: US Existing-Home Sales Drop Back Again With Mortgage Rates at 7%