As we enter the last weeks of 2025, November’s signed contract activity dipped below both October’s surge and last year’s levels—likely a combination of the mayoral election and the holiday slowdown.
Still, the past few weeks brought several developments that should reassure New Yorkers concerned about public safety, federal support, and the incoming administration’s direction. The announcement that Jessica Tisch will remain as Police Commissioner is a major stabilizing factor as we move toward 2026.
And despite initial worries about strained relations with Washington, the recent meeting between the incoming mayor and the White House reaffirmed that federal funding for New York City’s key infrastructure and other needs will continue without interruption.
All in all, these updates offer meaningful reassurance at a moment when many expected greater uncertainty.
Luxury Market: Manhattan’s $4M+ market strengthened in November, with 176 signed contracts—a 25% jump from October’s 141. Deals over $4M grew at more than twice the pace of the broader market.
Last week, 29 Manhattan properties priced at $4M and above went into contract—10 more than during the abbreviated Thanksgiving week. Notably, the 19 contracts signed over the holiday week still exceeded the 10-year seasonal average of 17.
NYC Co-op Boards Oppose New Transparency Bills: Co-op board members are opposing a set of New York City Council bills aimed at increasing transparency and reducing discrimination in the co-op approval process. The key proposal, known as the “Reasons Bill,” would require boards to provide written explanations when rejecting a buyer.
Supporters argue that secrecy enables discrimination and that clearer rules would make existing fair-housing laws more enforceable. Opponents counter that the bill exposes individual board members to legal risk, discourages volunteers, and adds costly administrative burdens. Some suggested modifying the bill so the co-op corporation—not individual board members—signs off on decisions.
A second bill would require boards to rule on applications within strict timelines, with automatic approval if they fail to respond. Board members argue this could force acceptance of unqualified or unsafe applicants, while several real estate organizations testified in support.
Mortgage Rates: Mortgage rates remain below 7%, with the national average at 6.28% for a 30-year fixed and 5.62% for a 15-year fixed, per Bankrate. Rates have been stable in a tight range and are still near 2025 lows, according to Freddie Mac.
All eyes are on the Federal Reserve’s final meeting of the year on Dec. 10. Investors widely expect another 0.25% rate cut, the third in a row. While an additional cut may not meaningfully shift mortgage rates, any signals about the Fed’s 2026 outlook could move markets and influence borrowing costs.
Rental Market: NYC’s rental market remains extremely tight, with record-high rents and historically low vacancy continuing into late 2025. Median rents across the city keep climbing as demand outpaces new supply, and Manhattan in particular is seeing near-record pricing with limited inventory and few landlord concessions. Outer-borough markets like Brooklyn and Queens remain highly competitive as renters look for relative affordability, while elevated mortgage rates keep many households renting longer. With supply still constrained and demand steady, analysts expect pricing pressure to remain strong heading into 2026.
Check out our post here on buying with resale in mind.
As always, please reach out with any questions.
