New York City experienced a notable increase in home listings in September, as sellers sought to capitalize on strong buyer demand and limited inventory. Data from StreetEasy indicates that 4,951 properties were put up for sale across the five boroughs last month, marking the highest monthly total since spring 2022 and representing a 7.6% rise compared to September 2025.

The surge in listings comes amid an environment of rising mortgage rates, which climbed above 7% in late September for the first time since early 2025. By early October, the average 30-year fixed mortgage rate reached 7.28%, significantly higher than the approximately 6.3% rate recorded a year earlier, according to Freddie Mac.

Despite the uptick in borrowing costs, sellers remain motivated by ongoing competition among buyers and a continued shortage of available homes. Kenny Lee, senior economist at StreetEasy, noted that more than 20% of homes sold in September fetched prices above the asking rate. “Sellers are running to take advantage of a market where buyer competition is still hot and inventory is still tight,” Lee said.

However, buyers are beginning to feel the impact of elevated mortgage rates. The number of signed contracts declined by 5.4% citywide last month, totaling 1,528. Manhattan saw a 6.8% decrease to 660 signed contracts, while Brooklyn experienced an 11.5% drop to 415. Additionally, homes are remaining on the market longer, with the typical property taking 88 days to sell—up by approximately two weeks compared to last fall.

In line with these trends, the citywide median asking price eased 5.2% to $995,000, reflecting a slightly cooling market even as sellers aim to leverage buyer interest before borrowing costs potentially rise further.