The RightWay Recap: NYC Market Report – June 2025

With spring now behind us, the summer rental season in NYC is heating up—and so are prices. June was more aggresive than May. Not a nerd? Skip to the TL:DR section ;).

🏙 Manhattan: Record Rents, Bigger Inventory

Median rent in Manhattan climbed to a new record high of $4,652, a 7.6% year-over-year increase. This marks the fourth time in five months that a new rent record has been set. The market share of bidding wars climbed to 25%, with winning renters paying an average 11.2% above asking. The number of new leases increased 7.8% annually, reflecting more urgency in the market, possibly due to the FARE act and renters trying to secure inventory before guideline increases.

🔽 TL;DR: Manhattan saw fewer apartments on the market in May than June, but market conditions are making renters act quickly and aggressively as the selling season persists.

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🏡 Brooklyn: High Prices, Tapering Demand

Brooklyn's median rent hit $3,733 in June, up 1% year-over-year and 1.4% month-over-month. Average rent per square foot soared 6.2% YoY to a record $60.89. New listings increased by nearly 7% compared to May, while listing inventory increased by 22.3%, signaling new development and vacancy. The sharp increase in inventory has not yet translated into rent relief, but it could lead to discounts in the fall.

🔽 TL;DR: Brooklyn remains competitive, especially for large units. But the rise in available listings could lead to better deals by August.

🚇 Queens: Rising Rents, Slowing Leases

In Queens, median rent rose 10.8% year-over-year to $3,600, with a monthly decrease of just over 2%. Inventory jumped from last year, up 34.1% to 1,120 listings. Lease signings were up only 6% compared to June 2024, while bidding wars rose to 24%. Queens offers better affordability, showing decreases in rents and deepening listing discounts.

🔽 TL;DR: Queens is heating up, especially in desirable pockets. Expect prices to hold or drop as new listings continue to flood the market, and renters have options.

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🏠 Q2 2025 Sales Recap: Prices Plateau, Activity Softens

Across the board, sales activity in NYC decelerated in Q2 2025 compared to the same period last year, but not all boroughs told the same story.

In Manhattan, the median sales price increased slightly to $1.2M, a 1.6% bump year-over-year. Closed sales also increased year over year by 16.6%.   The average days on market ticked down to 3.3% from 90 to 87 days.

Brooklyn saw median prices remain virtually constant month to month at $995K. A modest 0.5% year-over-year gain. Sales activity increaes 5.5% compared to last month, but stabilized from last year. 

Queens sales stayed stable, with a median price of $771K, a modest 0.7% incline since last month. Days on market remained among the shortest citywide, averaging 70 days.

🔽 TL;DR: The direction of sales volume varied across boroughs, but prices held relatively steady. Buyers are getting more time to act, and sellers outside of Manhattan are adjusting expectations.

Looking to buy or sell this fall? Let’s get a plan in motion! 

🔍 Takeaway: Momentum Is Starting to Shift

NYC rents are still breaking records, and demand hasn’t vanished—it’s just getting more selective. The second half of summer could reveal whether this growing inventory leads to softening rents.

On the sales side, Manhattan remains the leader in pricing opportunities for sellers, while Queens and Brooklyn may offer more stable opportunities for buyers. 

Looking to make a move? Let’s get a plan in motion! 

Disclaimer: This report reflects the latest (June 2025) market activity, published in July. All data in this report is sourced from publicly available New York real estate market reports, including those provided by Douglas Elliman, Miller Samuel, and other brokerage and research partners. Consumers are encouraged to verify data with the original sources when making housing decisions.