Here’s to summer 2025. It’s been a wonderful one—despite everything happening in the world—and easily the busiest summer for New York real estate we’ve seen in years. As the city settles into fall, the market will begin to shift. Here’s what’s on our radar:
Rates & Financing
The Fed is expected to make a move on rates. Even a modest cut won’t send mortgage rates tumbling, but it could provide just enough relief to shift sentiment. In New York, psychology often moves the market as much as numbers do.
The Cost of Building
Tariff-driven material costs and ongoing labor pressures are pushing construction costs higher. That makes well-located existing properties even more valuable in hindsight.
Generational Wealth Shift
The largest transfer of wealth in history is underway. Over $100 trillion will change hands in the next two decades, much of it flowing into hard assets like real estate. Timing matters—and this fall could mark an inflection point.
The Mayoral Election
By November, New Yorkers will know who their next mayor is. Whoever takes office, one truth remains: this city is resilient. It absorbs shocks, recalibrates, and finds a way forward. Real estate here is part of that story—it bends, but never breaks.
Advice for Buyers: Easing rates, rising build costs, and capital searching for stability are converging into a rare moment. Buyers who act this fall may later realize they caught the market at a subtle but important turning point.
Advice for Sellers: Over half of listings this summer have taken price cuts. The sellers who succeed this fall will be those who meet the market head-on: price strategically and recognize strong offers when they come. This is not the time for aspirational or market-testing pricing.
Fall is always a season of transition in New York—this year, perhaps more than ever. And while everyone insists it’s already here, summer doesn’t officially end until September 21st. Enjoy it while it lasts.
Warmly,
Steven Cohen and the Team
Market Snapshot
Although the substantial year-over-year gains of the past are unlikely to return soon, today’s stable real estate market presents an opportunity for discerning buyers to make home choices that hold their value and serve them well for many years to come.
