Dear Clients and Friends,

The market pulse increased slightly in August 2025, driven by a greater decline in new monthly listing supply versus contracts signed. While aggregate negotiation leverage continues to hover in neutral ground, individual properties’ renovation level, price-point, and relative value proposition all impact whether buyers or sellers hold a marginal advantage. Sharply priced move-in ready homes transact in a slight seller’s market, while residences which require work and are aspirationally priced operate in more of a buyer’s market. Segmenting by price-point, for properties over $4M year-over-year demand is up by 6% and supply is down by 16%, while for properties under $4M year-over-year demand decreased by ~2% and supply increased by ~2%.   

Focusing on the luxury $4M+ market: there were 92 contracts signed in August – 26% greater than the same month in 2024 and the highest August total since 2021. 

In final noteworthy real-estate news, the City Council just approved the most significant residential rezoning in 20 years: The Midtown South Mixed-Use Plan. This residential rezoning will cover 42 blocks located between 42nd – 23rd Street and is anticipated to net ~9,000 new housing units while advancing the neighborhoods’ trajectory from commercial hubs to full lifestyle destinations.