March 2025 City Notes

Sales in Manhattan pressed higher as homebuyers grew tired of waiting for mortgage rates to fall. Listing inventory declined annually for the sixth time in seven quarters. Despite the drop, the median sales price decreased year over year for the fourth time. The market share of cash purchases exceeded the sixtieth percentile for the fourth time in five quarters. Luxury price trend indicators increased year over year as luxury listing inventory declined significantly year over year.

Sales in the Hamptons surged annually, reaching normal levels, which is defined as the decade average for the fourth quarter. Listing inventory continued to rise annually, enabling more sales. Price trend indicators declined year over year for the first time in five quarters yet the number of sales above the $5 million threshold was the highest on record.

n most of the Florida markets covered, we continued to see an increase in listing inventory, rising from previously low levels. Gulf-side markets are seeing more supply enter the market than Ocean-side markets. Supply remains below pre-pandemic levels in some markets, but the number of markets experiencing this is decreasing. Price trends have been inconsistent, showing slight fluctuations in both increases and decreases across submarkets. After three years of sliding sales, several markets are beginning to experience an uptick in activity. Consumer patience has waned after waiting three years for mortgage rates to drop, and buyers are starting to take action.