June 2025 NYC Real Estate Market Report: Trends, Insights & Analysis
As the heat rises in New York City, so too does the intrigue surrounding the real estate market. June 2025 reveals a city in quiet recalibration. On the surface, things appear stable—but when we read between the lines, subtle shifts in buyer behavior, seller confidence, and borough-level trends tell a richer story. This month, we unpack how the numbers reflect more than just movement; they signal meaning. Whether you’re eyeing a brownstone in Brooklyn or a high-rise condo in Midtown, understanding June’s metrics gives you a window into tomorrow.
New Inventory Trends
New listings dropped 20.7% since mid-May. Contract pace fell from 10.4% in April to 6.4% in June. Buyers are taking more time; sellers are pulling back.
Inventory is always a key indicator of sentiment, and June 2025 gives us a slight pullback. We saw 1,690 new listings hit the market by June 23, just under the 1,720 seen earlier in the month—and well below the 2,130 recorded just one month prior on May 13. That’s a 20.7% drop in new inventory within 40 days. More telling is the contract velocity: only 6.4% of these listings went into contract within 30 days, compared to 10.4% in April. This suggests a dual cooling—both in seller enthusiasm and buyer urgency. Compared to last summer’s 5.5% contract pace, this still represents a slightly more engaged market, but one treading carefully.
Current Inventory Levels
Inventory is flat, but seller behavior is changing. More listings are off-market or experimental (like Make Me Sells). Compared to January, total supply is up 30.8%.
As of June 24, NYC stands at 8,870 total listings, including 288 Private Exclusives and 109 “Make Me Sells.” The total is marginally down from mid-May (8,910), but what’s striking is how consistent inventory has been since February, hovering between 8,200 and 8,900 listings. This plateau is deceptive: while volume holds steady, the nature of listings has changed. Make Me Sells and off-market testing reflect a more hesitant seller psyche. Compared to a post-COVID inventory low of 6,780 in January, today’s figure represents a 30.8% rise. Sellers are in the market—but only with one foot.
Absorption Rate Trends
The absorption rate rose to 7.2 months, reinforcing a buyer’s market. It’s up from May but still lower than a year ago. Deceleration could mean buyers are pausing.
At 7.2 months, June’s absorption rate reinforces a buyer-favored market. However, that’s up 5.9% from May (month-over-month, or MoM) and down 5.3% year-over-year (YoY), highlighting a market in transition. In Q1, inventory was being absorbed quickly, with rates sitting closer to 6.5 months. But the jump in June signals deceleration. Seasonality plays a role, however this level of pullback—especially in tandem with slower contract signings—suggests a buyer base that is pausing, recalculating, and perhaps anticipating further price flexibility.
Price Per Square Foot by Neighborhood
PPSF rose 1.1% MoM and 1.3% YoY. Brooklyn neighborhoods outpaced Manhattan. Price growth is tied to neighborhood lifestyle, not citywide trends.
The citywide average of $1,441 per square foot is up 1.1% MoM and 1.3% YoY, continuing a stable upward trend. But this number masks diverging borough stories. While parts of Manhattan have flattened, neighborhoods in Brooklyn have seen strong PPSF (price per square foot) growth. Buyers are signaling willingness to pay a premium in areas that offer lifestyle value and future upside. These micro-trends suggest that market resilience is tied more to neighborhood identity and buyer psychology than blanket citywide conditions.
Median Listing Discount Over Time
Discounts dropped to 4.5%. Sellers are negotiating less, signaling confidence—even as absorption slows.
The median listing discount now sits at 4.5%, down 0.3 points from May and 0.8 points YoY. This tightening discount—despite elevated inventory—signals growing seller confidence. In markets with discounts falling but absorption slowing, it often indicates a standoff. Sellers aren’t dropping prices quickly, and buyers aren’t rushing in either. The result: price firming in premium tiers and longer DOM (days on market) in mid-tier segments.
Days on Market (DOM)
DOM dropped from 74 to 65 days. Well-priced homes are moving quickly; the rest may sit or get pulled.
The average listing now sits for 65 days—down from 74 in May and 67 last June. That’s a 12.2% monthly drop in DOM. It’s a sharp contraction that typically reflects increased buyer decisiveness—but the broader context (slower absorption, fewer over-ask sales) complicates the interpretation. What we’re likely seeing is a bifurcation: quality, well-priced homes are moving quickly, while others linger longer or are pulled from the market.
Sales Over Asking & Buyer Confidence
Sales over asking declined MoM but rose YoY. Buyers are still motivated, but more selective about bidding.
Sales over asking are down 1.3 points from May but up 2.1 points YoY. This reflects a nuanced buyer pool. The bidding wars of 2021–2022 may be gone, but buyers still recognize when a property is undervalued. Strategic pricing is generating limited bidding scenarios. This trend, coupled with tighter listing discounts, supports a psychology shift: buyers want deals, but they’re also willing to compete if they sense value.
Contract Activity & Market Velocity
Contract signings slowed in June. MTD is under historical averages. Momentum tapered mid-month.
Only 749 contracts were signed MTD (month-to-date) by June 23—below the historical June average of 1,086. While May was healthy at 1,030, June’s decline appears seasonally consistent with past years (e.g., 994 in 2024, 975 in 2023). The concern isn’t volume—it’s velocity. The 237 contracts signed in the last 7 days marks a tapering in momentum. This could suggest buyer fatigue or rate sensitivity returning as summer travel and uncertainty take focus.
Open House Foot Traffic & Borough Divergence
Manhattan saw modest OH growth; Brooklyn traffic jumped 42%. Buyer interest is shifting across boroughs.
Open house traffic diverges starkly: Manhattan averaged 0.73 parties per listing (a modest 4.3% increase from the prior weekend), while Brooklyn averaged 2.23 parties (a 42% jump). This is a clear signal of shifting demand. Inventory in Manhattan is meeting less urgency; Brooklyn homes are seeing multiple sets of eyes per showing. If we take attendance as a proxy for future contracts, July may be Brooklyn’s month to shine.
conclusion
June 2025 paints a picture of a market that is stable, but not static. Inventory remains elevated, but smarter. Buyers are still cautious, but increasingly decisive when value is clear. Manhattan holds the volume, but Brooklyn holds the momentum. Whether this trend continues or resets after summer remains to be seen. But for now, NYC real estate is not cooling off—it’s concentrating. And the savvy are paying close attention.
