Higher Inventory and Steady Prices Across Boroughs

New York City’s for-sale housing market in 2025 has remained remarkably resilient. Year-to-date data from the RLS and Zillow show the citywide median sale price at roughly $785,000, essentially flat to modestly higher than last year, even as inventory has expanded. As of late summer, about 18,172 homes were listed for sale across the five boroughs, an increase of roughly 11 percent from a year prior. This rise in supply, paired with stable pricing, suggests a market that is gradually finding balance between new listings and steady buyer demand.

Homes continue to move at a healthy pace: the typical NYC listing goes pending in about 63 days, and in August, the median time on market was 83 days, just two days longer than the prior year.

Conditions, however, differ sharply by borough. Manhattan remains the priciest market, with a median sale price just over $1.21 million. In contrast, outer-borough markets such as Queens and Staten Island hover around the mid-$600,000s, while the Bronx remains the most affordable at roughly $417,500. These gaps reflect not only the mix of property types but also local demand. Despite high prices, Manhattan’s inventory has grown as sellers return to the market, with about 6,780 homes currently listed, the most significant supply of any borough. Queens follows with 5,300 homes, and Brooklyn with 3,900, both of which are higher year-over-year.

Encouragingly for buyers, price growth has been muted. Zillow’s Home Value Index for NYC is up just 3 percent YoY, and the median asking price (about $1.1 million in May) barely changed (+2 percent YoY). Combined with slightly lower mortgage rates, this has modestly improved affordability. In Manhattan, the median asking price fell 5 percent YoY in August, trimming the typical monthly mortgage payment by 7.4 percent.

Buyer activity is responding, with new contract signings increasing for nine consecutive months. In August, 1,889 homes entered contract, an 11.2 percent annual jump.

Condos: High Prices and Ample Supply

Condos remain the engine of NYC’s sales market, roughly 37 percent of all citywide transactions, and command the highest prices. So far in 2025, the average condo sale price is around $1 million (median just under that figure), about 25 to 30 percent above comparable co-ops.

New-development condos are lifting averages further: across the city, newly built condos sold for a median of $1.14 million over the past year, compared with $995,000 for older units. In Manhattan’s Lincoln Square, new luxury condos fetched a $6.9 million median, roughly six times the value of existing stock.

Sources: RLS, Zillow, StreetEasy

Manhattan and Brooklyn dominate in both price and inventory. Manhattan alone lists about 7,300 condos, many exceeding $2 million to $3 million in Tribeca and Midtown. Brooklyn’s 4,000 condos cluster in Downtown Brooklyn and Williamsburg, with median prices now rivaling Manhattan’s entry tier, ranging from around $900K to $1 million. Brooklyn’s median asking price overall hit $1.1 million (Aug 2025), up 7.6 percent YoY, the fastest growth in NYC.

Queens’ condo market is more modest, with medians in the high $600Ks and roughly 2,000 active listings, while the Bronx and Staten Island maintain much smaller inventories.

Overall, condo supply has grown year-to-date (up 7.3 percent in 2024, steady in 2025), giving buyers more choice but still at premium pricing.

Co-ops: Bargain Prices and Limited Supply

Co-ops, the city’s quintessential ownership form, account for about 43 percent of all sales, yet they remain significantly cheaper than condos. Average co-op sale prices this year fall between $750K and $800K, roughly 25 percent below condos even after adjusting for size and amenities.

Zillow counts just 3,637 co-op listings citywide, about a quarter of the condo supply. Manhattan dominates co-op inventory (approximately 2,600 units), with Queens and Brooklyn each offering only several hundred active listings.

Typical Manhattan co-ops trade in the mid-$800Ks, with smaller one-bedrooms in the $500K to $900K range. Brooklyn’s co-ops, concentrated in Park Slope and Brooklyn Heights, often sell for $400K to $800K. Queens remains most affordable, with median prices under $500K in Forest Hills and Kew Gardens.

Co-ops continue to attract budget-conscious buyers, as many units sell near or above the asking price. In August, Manhattan homes (mostly co-ops and condos) achieved 97.8 percent of the asking price, and Brooklyn’s ratio hit 99.7 percent.

For first-time buyers, co-ops remain the best value play, offering about a 25 percent discount relative to comparable condos, though limited supply makes competition fierce.

Townhouses: Wide Range from Brownstones to Starter Homes

Townhouses, from grand brownstones to starter homes in outer boroughs, make up roughly 20 percent of citywide sales. They define many neighborhoods and capture the broadest price range in NYC housing.

At the high end, renovated limestones in Park Slope or historic Upper East Side townhouses command $4 million to $8 million, while ultra-luxury properties exceed $10 million. By contrast, more modest two-family homes in Queens, the Bronx, or Staten Island often sell for $400K to $600K.

Staten Island’s median sale price is about $680K, reflecting a market dominated by single-family houses. Queens’ median is $648K, but detached homes in Bayside or Fresh Meadows regularly trade for $800K to $900K. In the Bronx, houses in Throgs Neck or Riverdale range $500K to $700K, while Brooklyn’s townhouses span from $600K in Canarsie to $3 million and higher in Bed-Stuy or Park Slope.

Manhattan’s townhouse stock is scarce but ultra-premium, with only a few dozen sales per year, often above $5 million. Across NYC, the median sale price for 1-to-4-family homes sits in the high $600Ks, a figure anchored by outer-borough transactions.

Zillow shows roughly 888 townhouse and home listings on the market citywide, tiny compared to 14,000 condos. Competition is intense for affordable houses. In Brooklyn, one in three homes sells above asking, often townhouses in high-demand areas. Staten Island moves the fastest,  with a median of 41 days to pending, the shortest timeline in NYC. Manhattan’s luxury listings linger longer, about 85 days.

Looking ahead, the townhouse market appears stable. Prices are up 4 to 5 percent YoY for Brooklyn 1-to-4-family homes, and inventory remains tight. Expect continued competition under $1 million and longer marketing times for properties valued at $5 million plus. The segment spans the city’s extremes, from century-old brownstones to family starter homes, and continues to embody New York’s architectural and economic diversity.

Neighborhood Highlights and Market Trends

Luxury Manhattan

Billionaires’ Row and Tribeca continue to see stratospheric pricing. Along 57th Street, new condos have sold for more than 11× the value of older units, underscoring the premium for views and modern amenities. Even within Manhattan, price variation is broad. The Upper East Side’s typical home value is $1.29 million, while Sutton Place sits below $1 million.

Brooklyn’s Momentum

Roughly 33 percent of Brooklyn homes now sell above asking, the highest share citywide, driven by townhouse and spacious condo demand in Park Slope, Prospect Heights, and Williamsburg. Median asking prices are up 7.6 percent YoY, outpacing Manhattan. Yet more affordable areas like Flatbush still offer typical home values around $691K.

Queens’ Affordability

Queens remains NYC’s entry point for ownership. Neighborhoods like Kew Gardens and Briarwood feature median values in the $400Ks, with two-bedroom co-ops often under $300K. Even Forest Hills sits below $500K. More than 1,000 new listings hit the Queens market in August alone, as sellers capitalize on steady demand.

The Bronx’s Two Markets

The Bronx is divided between its low-priced co-ops and a rising housing market. Co-ops in Parkchester average around $226K, while single-family homes in Pelham Gardens or Morris Park reach $700K. With only about 1,000 homes for sale, supply is tight, pushing prices up about 7 percent YoY.

Staten Island’s Steady Demand

Often overlooked, Staten Island remains NYC’s most affordable place to buy a house—typical home value: just over $700K. 700KAbout 1,132 homes are moving quickly, with a median time on market of 41 days, thanks to local and Brooklyn move-up buyers seeking yards and driveways.

Final Thoughts

The 2025 New York City real-estate market shows a remarkably balanced picture: high prices but manageable growth, rising inventory without a downturn, and a resilient cadence of buyer activity.

Condos remain expensive yet plentiful, co-ops offer value but scarcity, and townhouses span from multi-million-dollar brownstones to starter homes under $1 million. Slightly lower mortgage rates have stabilized affordability, while new listings bring breathing room to buyers without toppling prices.

As the Times might put it, New York’s housing market is cooling healthily, normalizing rather than retreating. Rising inventory meets steady demand, and in a city built on scarcity, that counts as progress.