real estate Manhattan

New York Perspective: U.S. Housing Market Gains Momentum as Spring Arrives

By Columbus International,7 May 2025

National housing transactions surge 23% while New York region watches median prices reach $435,000

The traditional spring momentum in the U.S. residential real estate market has arrived with impressive force, according to the latest RE/MAX USA Market Housing Report. March data reveals a substantial 23% month-over-month increase in housing transactions across the 50 metropolitan areas analyzed, marking the largest monthly gain since March 2023’s 37.4% surge.

Market Fundamentals Strengthen, New York Investors Take Note

This sales acceleration comes amid growing inventory, with available homes for sale increasing 8% from February and a remarkable 35.5% year-over-year. New listings have played a critical role in this inventory expansion, jumping 29.8% from February and 7.9% compared to March 2024.

Meanwhile, the median home price reached $435,000 in March, representing a $8,000 increase (1.8%) from February and a $15,000 gain (3.5%) from the previous year. For New York-based real estate investors looking beyond the high-priced metropolitan area for yield opportunities, these national figures represent potential in markets with stronger growth trajectories and lower entry points.

“The arrival of spring, traditionally the most active season for real estate, coupled with increased sales and inventory, could drive further market acceleration,” notes Erik Carlson, CEO of RE/MAX Holdings. “With solid housing availability and stable interest rates—with potential reductions on the horizon—many buyers view current market conditions as the most favorable in recent years.”

New York Regional Context

While Washington D.C. led all metropolitan areas with a 25.3% month-over-month inventory increase, the New York metropolitan region is navigating its own market dynamics within the national spring uptick. The Tri-State area continues to be influenced by the broader national trends of increasing inventory and strong pricing.

According to Bryan Cantio of RE/MAX Allegiance in Washington D.C., this growth became particularly evident mid-month: “We’ve observed gradual inventory increases since January, but the market accelerated more decisively by mid-March. This represents a positive development for buyers who have faced housing shortages for nearly two decades, while sellers will likely need to adapt to greater market uncertainty.”

For New York-based investors and homeowners, these national patterns provide context for local market conditions, where proximity to financial markets and the region’s unique housing density create distinctive market characteristics.

Key Performance Metrics

The RE/MAX report highlighted several other significant market indicators:

Buyers paid an average of 99% of asking price, consistent with both February 2025 and March 2024 figures
Homes sold in an average of 44 days, down from 51 days in February but still five days longer than March 2024
Housing supply measured 2.3 months, below February’s 2.7 months but above the 1.7 months recorded last year

Top Markets for New Listings

The metropolitan areas recording the strongest year-over-year growth in new listings were:

Las Vegas: +28%
Nashville: +26.5%
Manchester: +26.3%

Conversely, Birmingham (-13.4%), Minneapolis (-12.7%), and Des Moines (-12%) experienced the most significant declines.

Transaction Leaders and Laggards

While overall transactions decreased 1.4% year-over-year, certain markets outperformed:

San Francisco: +13.3%
Fayetteville: +9.9%
Dover: +8.4%

Markets showing the steepest annual transaction declines included Bozeman (-11.9%), New Orleans (-11.7%), and Atlanta (-9.5%).

Price Trends and Market Dynamics

Burlington led all markets with a striking 22.4% year-over-year price increase, followed by Trenton (+9.7%) and Fayetteville (+8.8%). Price decreases were most pronounced in Honolulu (-4.5%), Omaha (-3.2%), and New Orleans (-1.8%).

The sale-to-list price ratio reveals additional market dynamics. San Francisco (104.8%), Hartford (103.3%), and Trenton (101.3%) commanded the highest ratios, indicating properties selling above asking price. Miami (94.1%), Bozeman (96.2%), and Tampa/New Orleans (both 96.6%) recorded the lowest ratios.

Market Velocity

Properties sold fastest in Washington D.C. (16 days), Baltimore (17 days), Manchester (17 days), and Philadelphia (18 days). The slowest-moving markets were Bozeman (84 days), Fayetteville (80 days), and New Orleans/Miami (both 75 days).

With inventory levels continuing to rise and spring market momentum building, the residential real estate market appears positioned for an active season ahead, balancing increased choices for buyers with potentially shifting dynamics for sellers. For New York-based readers watching both local and national housing trends, this data offers valuable insights for portfolio diversification beyond the city’s borders, while highlighting the broader economic currents affecting real estate from Manhattan to Miami.

NYC Defies National Rental Trends With 5.6% Rise as Other Major Cities See Declines

By Columbus International,22 January 2025

In a striking display of its characteristic maverick nature, New York City’s rental market continues to forge its own path, posting significant increases while other major metropolitan areas experience declining rates.

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The Big Apple’s Exceptional Growth

According to the latest Realtor.com report, while the top 50 U.S. metros witnessed an average rental rate decline of 1.1% from December 2023, New York City demonstrated remarkable resilience with a 5.6% increase. This divergence underscores the unique dynamics of New York’s real estate market, where limited new construction in the city’s dense urban landscape contrasts sharply with the national surge in housing inventory.

Behind the Numbers

The national median asking rent has dropped to $1,695—its lowest point since April 2022. However, New York City tells a different story:

Citywide median rent for 0-2 bedroom units: $2,967
Manhattan median rent: $4,487 (5.4% year-over-year increase)
Manhattan 0-2 bedroom units: $4,387 (9% year-over-year increase)
Manhattan 3+ bedroom units: $7,091 (0.8% increase from December 2023)

“There seems to be a trend of smaller units receiving more demand in Manhattan than in the other, more affordable boroughs,” notes Realtor.com senior economist Joel Berner. “This could be a sign that there’s renewed interest from young people moving into the city recently.”

Borough-by-Borough Breakdown

The market is showing signs of equilibrium, with rent growth occurring across all five boroughs at more comparable rates than earlier in 2024. However, the time properties spend on the market has increased significantly in most areas:

Brooklyn: 48 days (60% increase year-over-year)
Manhattan: 51 days (104% increase year-over-year)
Queens: 46 days (39% increase)
Staten Island: 36 days (12.5% increase)
The Bronx: 38 days (1.3% decrease)

Market Dynamics

Manhattan maintains its position as the most expensive borough, with median asking rents reaching $4,530 in December 2024—representing a 2.1% monthly increase and a 6.4% year-over-year rise. Brooklyn, the second most expensive borough, experienced a 2.9% month-over-month increase and a 5.8% year-over-year growth.

Notably, the Bronx, while posting its lowest year-over-year rent growth (4%) since March 2022, still maintains a remarkable 46.2% increase compared to December 2019 levels.

Looking Ahead

The current trends suggest a market recalibration, particularly in Manhattan, where smaller units are seeing increased demand. This shift could indicate a new phase in New York City’s rental market evolution, as the city continues to attract young professionals despite maintaining some of the highest rental rates in the nation.

The Big Apple’s Biggest Office Flip: Inside New York’s Largest Residential Conversion Project

By Columbus International,27 August 20249 November 2024

In a bold move that could reshape Manhattan’s skyline and real estate market, New York’s most ambitious office-to-residential conversion project is breaking ground. The former Pfizer headquarters near Grand Central Terminal is set to transform into a residential behemoth, potentially offering a blueprint for revitalizing urban centers in the post-pandemic era.

Key Takeaways:

A joint venture between Metro Loft Management and David Werner Real Estate Investments is spearheading the project.
The development secured a $75 million senior mortgage acquisition predevelopment loan from Northwind Group.
Upon completion, the project will yield approximately 1,600 residential units, making it New York’s largest office-to-residential conversion to date.

The Big Picture:

As cities grapple with record-high office vacancy rates and soaring apartment rents, adaptive reuse of commercial spaces has become a hot topic in urban planning circles. New York, along with Chicago and Washington, D.C., is at the forefront of this trend, seeking innovative solutions to address housing shortages and revitalize business districts.

“New York City is a very supply-constrained market,” Michael Ainbinder, managing director at Northwind, told Forbes. “It continues to see rent increases due to lack of supply. This project represents a well-located asset with strong sponsorship.”

The Players:

Metro Loft, founded by Nathan Berman in 1997, has established itself as a conversion powerhouse, transforming over 5 million square feet of office space into residential use in lower Manhattan over the past two decades. Their partnership with real estate veteran David Werner brings together deep expertise in both acquisition and conversion.

The Challenges:

Despite the promising outlook, office-to-residential conversions are not without hurdles. Industry professionals cite issues such as building layout, infrastructure requirements, and high costs as potential roadblocks. Northwind’s Ainbinder revealed that they fund only 10% to 20% of the conversion project requests they receive, underscoring the complexity of these undertakings.

The Trend:

The former Pfizer project is part of a larger movement. Design firm Gensler is set to open Pearl House, a conversion of a 1970s office tower in the Financial District, while SL Green Realty, Manhattan’s largest office landlord, is converting its property at 750 Third Ave to residential use.

Looking Ahead:

With New York estimating about 135 million square feet of outdated office space ripe for conversion, the race is on to reimagine urban landscapes. As Deputy Mayor Maria Torres-Springer noted, about 70 office buildings have already signed on to be part of the city’s office-to-residential “accelerator” program.

The Bottom Line:

As the largest office-to-residential conversion in New York’s history, the Pfizer project represents more than just a real estate deal. It’s a litmus test for the future of urban development, potentially setting the stage for a new era of adaptive reuse in America’s cities. For investors, developers, and city planners alike, all eyes will be on this transformative project as it unfolds in the heart of Manhattan.

Photo: Wikipedia | https://en.m.wikipedia.org/wiki/File:Pfizer_World_Headquarters_Entrance.jpg
Source: CoStar