Mortgage Demand From Homebuyers Hits Highest Level Since September
Info via CNBC
Despite average contract interest rates rising, mortgage applications last week rose 6% in their strongest pace since September. This November has had its strongest start since 2022, marking an exceptionally good beginning to the month.
This all comes despite the rising mortgage rates, which might typically mean lower mortgage application rates. However, as fall comes to a close, home prices tend to soften. Many homebuyers are taking the opportunity to snap up as many good deals as they can.
Monthly New York City Market Summary
Info via Realtor.com, Zillow, StreetEasy
October 2025
# of Homes Sold
▼ 2650 (-6.6% YoY)
October 2025
Median Listing Price
▲ $847,000 (+5.2% YoY)
October 2025
Average Home Value
▲ $799,871 (+3.1% YoY)
October 2025
Inventory for Purchase
▲ 18,188 (+4.1% YoY)
October 2025
Median Days on Market
▲ 66 (4 Days Longer YoY)
Updates to Rental Affordability
Info via Realtor.com
This September was the 26th month YoY to see decreases in rent pricing for 0-2 bedroom properties since trend data began in 2020. It’s Although the median asking rent in all 50 largest metros has decreased since its peak in August 2022, it has still not decreased to pre-pandemic levels.
In terms of affordability relative to income, we have also seen a decrease from (24.9% in Sept. 2024 to 23.4% in Sept. 2025) in the percent of their income renters spend on rent. Although the percentage is higher in metropolitan areas, even those have seen a decrease.
Borough Market Summary (October 2025)
Info via StreetEasy
Manhattan
Total Sales Inventory
▲ 8966 (+11.94% YoY)
Median Asking Price
= $1.5 million (No change YoY)
Median Days on Market
▼ 75 (-19.35% YoY)
Total Recorded Sales
▼ 620 (-33.47% YoY)
Brooklyn
Total Sales Inventory
▲ 4239 (+11.2% YoY)
Median Asking Price
= $1.1 million (No change YoY)
Median Days on Market
▲ 56 (+9.8% YoY)
Total Recorded Sales
▼ 479 (-40.13% YoY)
Queens
Total Sales Inventory
▲ 3009 (+14.11% YoY)
Median Asking Price
▲ $674,700 (+0.85% YoY)
Median Days on Market
▲ 71 (+29% YoY)
Total Recorded Sales
▼ 687 (-34.94% YoY)
Bronx
Total Sales Inventory
▲ 722 (+18.75% YoY)
Median Asking Price
▼ $349,000 (-0.29% YoY)
Median Days on Market
▲ 90 (+2.27% YoY)
Total Recorded Sales
▼ 150 (-42.97% YoY)
Staten Island
Total Sales Inventory
▲ 307 (+35.84% YoY)
Median Asking Price
▲ $788,000 (+5.21% YoY)
Median Days on Market
▼ 44 (-4.35% YoY)
Total Recorded Sales
▼ 72 (-81.59% YoY)
