So here we are in October of 2025; the peak of Fall market. Demand is higher than the past few years; buyers are recognizing the opportunity and sellers are increasingly fatigued and matching the bids. But the data is all over the place.

According to the UrbanDigs chartroom, Year-over-Year, for Manhattan as a whole, overall supply is up 2%, which favors buyers; however, the Liquidity Pace, which measures contracts signed over the most recent 30 day window is up 7.5%, which favors sellers. The average price per square foot is down 5.7%, which again favors buyers; but the average days on market is down 4.8% to 80 days, which favors sellers. It’s a mixed bag; it’s like a buffet, where you have caviar on one side and corned beef on the other.

But, these are the broad strokes. The market is far more nuanced and segmented than that. For example, as mentioned, overall supply is up 2%; however, if we break it down between inventory above and below $4M, you will see that it is up 6% below and down nearly 12% for properties over that threshold. Likewise, the Liquidity Pace for below $4M is up 8.5% vs. flat for above. This paints a picture of a slowing luxury market and an acceleration in the more moderate price ranges. The reasons for this could be infinite and include the impending Mayoral election which have the wealthy more cautious than others. However, the influential factor is likely the downward trend of mortgage rates, which are at an 11 month low and reflecting an entire point and a half drop in the past 2 years from 8% in the Fall of 2023 to 6.5%. Consider the difference in purchasing power brought on, by this rate change, in the charts below.

Here we can clearly see why the marketplace for the lower price ranges (where mortgages are most often needed) is beginning to gain momentum.

There is a lot of uncertainty out there; however, nothing like some of the things we've seen over the past 5-6 years. New York is resilient and always comes back. With that comes opportunity, before the masses enter the marketplace and create excessive competition and eventually put upward pressure on prices. Not only that, as per usual, once this election passes, so will a lot of uncertainty. It cannot be stressed enough, that New York has survived each and every obstacle and keeps coming back. Buy into the uncertainty; it’s like that ice cream man who comes through the neighborhood every once in a while. You have to take advantage of it.

So find yourself a broker who understands the dynamics of the segmented market that applies to your situation…and Let’s Go Shopping ! ®

And Remember, I always say: 1) Anyone interested in buying or selling, should be rolling up their sleeves to determine whether the time is right to sell or if there's a home/investment property out there for them; and 2) Who represents you matters…your best investment is often in the broker you choose; find someone with experience, who you feel you can trust.

(click to play the above video)

New York new development has a looming inventory crisis - TRD

Real estate donors throw $12M into NYC mayoral race - TRD

Mayoral forum superlatives - TRD

Breaking The Myth: Manhattan Prices Don’t Follow Mortgage Rates - Forbes

Tales from New York’s cautious office comeback – TRD

Mamdani’s rent freeze is more likely than ever. Now what? – TRD

Last Week in Research

Manhattan Weekly Contract Signed Report

Inventory Report (September)

Oxford Economics Global Cities Index - New York is #1

Right in the heart of New York is Washington Square Park, a neighborhood gathering place cherished for its vibrant energy and artistic legacy. Here, on its 100th anniversary, is 32 Washington Square West, one of the premier full service downtown prewar cooperatives.

Within, we find this thoughtfully renovated 7 room, 3 bedroom, 3 bath home; where great attention was placed on every detail. Upon entering, you're struck by the streams of sun and light provided from innumerable outward facing windows and four exposures. See listing details. Watch video.

Despite relatively low inventory, we are seeing robust activity and momentum in the luxury sector compared to pre-COVID levels. This dynamic of positive sentiment out east may very well be as a result of affluent Manhattan buyers seeking refuge from their concerns about economic and political factors. When priced well, properties are selling well, with multiple offers in certain cases. Prices are not running away; they have remained stable. While the market slightly favors sellers, accurate pricing remains critical. This has created an environment of equilibrium which always helps promote contract signings. The significant increase in interest and transactions in the above $10M sector has some describing it as "electrifying". The trend still favors move-in ready properties with special features (waterfront and/or desirable communities like Amagansett Dunes, Southampton Shores, and Sag Harbor), which are faring best. 

Click on each respective image to watch the video.

The Latest Market Reports | Sales: 



Manhattan's Q3 (2025): click here

Manhattan Contract Signed Report: click here

Inventory Report (August): click here

Last Week in Research: click here 

10-Year Manhattan Townhouse Report: click here

Rental Report (September): click here

Rental Concessions Report (Sept): click here

Brooklyn's Q3 (2025): click here

Brooklyn Townhouse Report - First-Half 2025: click here

Queens Q3 (2025): click here

Riverdale Q3 (2025): click here

Other Markets:

Hamptons Q2 (2025): click here

Connecticut Q3 (2025): click here

Westchester Q3 (2025): click here

Essex County, NJ First-Half (2025): click here

Hudson Valley Q2 (2025): click here

Miami Beach Q2 (2025): click here

Palm Beach Q2 (2025): click here

Interactive Rent vs. Buy Calculator:

(courtesy NY Times) click here

Emily Neville Fisher

One cannot help but be seduced Emily's vision and imagery. Photographs which reveal "real life" paintings, isolated in ways only Edward Hopper was able to communicate about his day. Through her lens we engage in pools of color and the contrast of a seeming stoicism...a solitude with nature and its peaceful heartbeat, which you could swear that you can hear. Selective in her choices, she brings us something remarkably textured, a deep and yet simple short story which has us longing for the before and after. Engage.

Limusina

Eater's Heat Map (click below) - Some of the Hottest Restaurants open right now. This list will be updated monthly.

Eater editors get asked one question more than any other: Where should I eat right now? Here, we’ve put together a map of the latest Manhattan debuts drawing NYC’s dining obsessives.

New to the list in October:  Time Out Market with standout stalls like Kebabwala, seafood newcomer Seahorse, the Eighty Six in the former Chumley’s, and Mexican Limusina from the Bad Roman team. Banh Anh Em exits the heatmap, along with Ha’s Snack Bar, both of which opened in March; Adda, and Printemps’ Maison Passerelle, which opened in April.

For more New York dining recommendations, check out the new hotspots in Brooklyn and Queens.

Photo by Patrick Capriglione, courtesy of Danny’s NYC

New to the Hit List (October 2025):

Lucky for you, we’re in peak fall opening season, and that means plenty of new restaurants to check out, from the second outpost of a beloved nonna-operated pasta institution (Nonna Dora’s Tribeca) to a new option for sushi omakase in Brooklyn (Koju). Head here for all the latest new openings in New York.

We’ll Toast to That: Wondering where (and what) to drink as the air turns crisp? Check out our guide to all the fall drinks you’ll want to have this season, from a Spice Isle at Ye’s Apothecary 夜莺 to a Kardamom Bun from Kabin. And if you’re looking for someplace new, head to Mixteca in the West Village or Peacock Alley at Waldorf Astoria New York, both of which are from the Please Don’t Tell (PDT) team. For excellent zero-proof options, head to Soft Bar + Cafe. And for coffee, head to the new Maru Coffee in Williamsburg where they’ve also got pastries from Lysée Thursdays through Sundays.

Cookbook Author, Culinary Journalist and Food Humorist©, Rob is a Manhattan born man-about- town who writes, produces and hosts programs about food. I highly recommend his new book for Dads like myself. There is a new kind of dad, and he's doing far more domestic duty than at any time in history, including cooking. Although it's written with a sense of humor, this book is a serious resource for dads and anyone else interested in upping their game to make great tasting foo d bat home, even if they have never used a chef's knife or a roasting pan before. 

Order:  Short Order Dad ...A Great Gift for Dad!

With Partnering Worldwide, Brown Harris Stevens continues to leverage

its very productive relationships with top brokerages nationally and

internationally by inviting partners to high-light key properties in their

respective markets on BrownHarrisStevens.com, and to feature

our important properties on their sites. 

Learn more.

Roberto Cabrera

Licensed Associate Real Estate Broker

New York City • Hamptons • Connecticut • New Jersey • Hudson Valley • Miami • Palm Beach

E. rcabrera@bhsusa.com O. 212-906-0554 M. 917-701-3907

Instagram: @rcabrera1

Twitter: @cabrera_roberto

Brown Harris Stevens

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Disclaimer: The opinions and content in this newsletter are assembled solely by Roberto Cabrera (a licensed real estate broker in New York State) for informational purposes only and and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No financial or legal advice provided. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Equal Housing Opportunity. Everyone has unique circumstances and should consult the their own respective professionals.