For years, SoHo has stood as one of Manhattan’s most iconic neighborhoods. Its cast-iron architecture, cobblestone streets, and deeply rooted artistic history make it an enduring favorite among locals, global buyers, and design aficionados alike. Having lived in SoHo for ten years and worked directly in the loft space, I’ve developed a deep appreciation and intimate understanding of this distinct housing market.
As we move further into 2025, a pressing question looms: are SoHo loft prices holding firm, or are they beginning to slip under the weight of modern development, shifting buyer behavior, and a tighter financial climate? To answer that, we must turn to data, buyer sentiment, and boots-on-the-ground knowledge of how SoHo’s two dominant residential types, classic lofts and modern condos, are performing.
This post is an in-depth market analysis backed by numbers, but it is also a narrative told by someone who has lived the SoHo experience. We will look at how the market has evolved this year, compare classic lofts to new development condos, and discuss what both buyers and sellers should take from these trends.
Understanding the SoHo Housing Market in 2025
To truly understand where the market is headed, we must first look at the composition of the SoHo residential inventory. SoHo is not a neighborhood of uniformity. The housing options here are deeply segmented between the old and the new classic lofts steeped in history, and newly built luxury condos that offer all the bells and whistles of 21st-century living.
These two product types attract different kinds of buyers, and they perform differently during market shifts. They have different pricing patterns, absorption rates, and even emotional appeal. Let’s briefly define each.
What Is a Classic SoHo Loft?
A true SoHo loft is more than just high ceilings and open space. These homes are typically found in buildings that once housed textile factories, printing presses, or artist studios. Most are pre-war structures dating back to the late 19th century, constructed with cast-iron facades and timber or steel beams. They were later converted under zoning rules designed to accommodate live-work artist residences.
These spaces often include features like:
-
1,800 to 4,000 square feet of open space
-
Exposed brick and original columns
-
Oversized windows and soaring ceilings
-
Minimal interior partitioning
-
Located in co-ops or boutique condominiums, many with limited amenities
What Defines a Modern SoHo Condo?
Modern condos in SoHo are newer entrants, primarily developed since the mid-2000s. These buildings are sleek, curated, and designed for global tastes. They include:
-
LEED-certified design and high-end finishes
-
One to three-bedroom configurations with more traditional layouts
-
Doormen, gyms, parking, rooftop access, and smart home technology
-
Standardized units, often priced by developers for maximum price per square foot
These two categories are both distinct and coexisting in the same neighborhood, leading to a bifurcated marketplace. With that established, let’s look at how each is performing in the 2025 market.
Market Trends: Price Per Square Foot and Sales Data
Over the first half of 2025, the SoHo market has been adjusting. The pandemic-induced highs of 2021 and 2022 are long gone. Buyers are more selective, interest rates remain elevated, and inventory is growing in specific sectors. The key metrics we’ll examine include price per square foot (PPSF), days on market (DOM), negotiability, and absorption rates.
These indicators help us understand not only what prices are doing but also how confident buyers are, how long properties are taking to move, and which direction pricing pressure is flowing.
PPSF: Price Per Square Foot Comparison
PPSF is one of the most critical data points in evaluating trends, especially when comparing properties of varying sizes and layouts.
Classic SoHo Lofts (Resale)
-
Q2 2024: $1,860 per sq ft
-
Q1 2025: $1,780 per sq ft
-
Q2 2025: $1,695 per sq ft
-
Total YTD Change: Down 8.9 percent
Modern SoHo Condos (New and Recent Resales)
-
Q2 2024: $2,230 per sq ft
-
Q1 2025: $2,195 per sq ft
-
Q2 2025: $2,140 per sq ft
-
Total YTD Change: Down 4.0 percent
This decline in loft pricing is notable. Classic SoHo lofts are seeing price erosion at more than double the rate of modern condos. Although both are experiencing some downward pressure, the data suggests buyers are placing a premium on amenities, condition, and convenience in today’s climate.
Days on Market: How Long Are Listings Sitting?
The number of days a property stays on the market is a telling metric. It reveals both the pace of sales and how aligned sellers are with buyer expectations.
Over the past three years, we have seen gradual increases in DOM across SoHo, but the divergence between lofts and condos is becoming more pronounced in 2025.
Average DOM by Property Type
-
2022 (Classic Lofts): 73 days
-
2023 (Classic Lofts): 82 days
-
2025 YTD: 97 days
-
2022 (Modern Condos): 61 days
-
2023 (Modern Condos): 66 days
-
2025 YTD: 71 days
On average, classic lofts are taking nearly a full month longer to sell than their modern counterparts. For sellers, this means more extended holding periods, higher maintenance and tax exposure, and the likelihood of needing price reductions. For buyers, it suggests more leverage and negotiating room.
Buyer Psychology and Demand Shifts
Beyond the raw numbers, it is critical to understand what buyers are looking for in today’s SoHo. In 2025, the buyer pool is evolving, and the priorities of buyers are not what they were just three or four years ago.
Buyers today are more pragmatic and often more risk-averse. Convenience, predictability, and ease of move-in are being prioritized more than ever before. This explains the growing preference for newer developments and fully renovated units.
Loft Buyer Profiles in 2025
-
Creative professionals with established incomes
-
Empty nesters or longtime New Yorkers seeking unique, historic properties
-
International buyers familiar with the area’s art history
-
Renovation-savvy individuals or designers seeking a blank canvas
Condo Buyer Profiles in 2025
-
Younger professionals working in tech, finance, or media
-
Families seeking safety, comfort, and structure
-
Investors who value liquidity and standardized units
-
International clients seeking new construction with services
Buyers leaning toward lofts often value character and volume of space, but they are also cautious about layout challenges, dated mechanical systems, and uncertain renovation costs. In contrast, condo buyers are often more decisive, armed with financing, and ready to pay a premium for certainty.
Negotiability: How Far Below Asking Are Homes Selling?
One of the most accurate ways to measure buyer leverage is to track the average discount from the original asking price. So far in 2025, we are seeing a growing gap in this area between lofts and condos.
Negotiability Data
-
Classic Lofts: Average discount of 7.5 percent from ask
-
Modern Condos: Average discount of 4.2 percent from ask
This tells us two things. First, sellers of classic lofts are being forced to come down more significantly to strike a deal. Second, modern condos are better aligned with current market sentiment and pricing expectations. The tighter discount range also indicates stronger demand and greater urgency on the buyer side.
Absorption Rate: Is the Market in Balance?
The absorption rate tells us how many months it would take to sell the current inventory at the current rate of sales. A six-month absorption rate is generally considered balanced. Below six months suggests a seller’s market, while above six months indicates a buyer’s market.
2025 Absorption Rates
-
Classic Lofts: 10.2 months
-
Modern Condos: 6.8 months
Classic lofts are deep in buyer’s market territory. These properties are sitting longer, and there are more available than active demand can absorb. While condos are slightly above balance, they are far more liquid than their loft counterparts.
Why Loft Prices Are Softening in 2025
The data paints a clear picture: classic SoHo lofts are losing some ground. But why? As someone who lived in one and remains emotionally connected to these iconic spaces, this shift reflects practical realities rather than a loss of value in spirit.
Buyers Want Turnkey Properties
The renovation fatigue is real. In 2025, buyers are wary of delays, permit issues, and rising construction costs. Classic lofts often need full kitchen and bathroom upgrades, window replacements, and HVAC modernization. These are expensive, disruptive, and time-consuming.
The Amenities Gap is Expanding
Modern condos offer services that loft buildings rarely provide. Full-time doormen, gyms, package rooms, and parking options make life easier for busy professionals and families. Without these, even the most beautiful loft can feel like a compromise.
Financial Prudence is Back in Style
In a high-interest rate environment, buyers are watching every dollar. They prefer predictable costs, newer buildings, and properties with documented maintenance. Loft buildings, especially older co-ops, can have limited reserves or surprise assessments, which turn off cautious buyers.
Bright Spots for Loft Sellers
Not all lofts are struggling. The top tier of this category, those that are tastefully renovated, properly staged, and appropriately priced, continues to perform well.
Recent Loft Sales That Outperformed
-
94 Thompson Street, #3F
2,400 sq ft, original detail, tasteful updates
Asking: $4.2M
Sold: $4.1M
DOM: 23 days -
285 Lafayette Street, #6C
2,900 sq ft, keyed elevator, corner unit
Asking: $6.5M
Sold: $6.3M
DOM: 15 days
These sales demonstrate that with the proper presentation and strategy, lofts still attract premium buyers willing to move quickly.
Recommendations for Sellers and Buyers
The SoHo market may be recalibrating, but it is not retreating. Whether you are selling or buying in this climate, strategy matters more than ever.
Tips for Loft Sellers in 2025
-
Be Realistic About Pricing
Anchor pricing to 2023 and early 2024 comps, not peak pandemic highs.
-
Stage With Intention
Highlight the scale, light, and architectural character. Use neutral furnishings to make the space feel warm but flexible.
-
Upgrade Where It Matters
Replace dated lighting, refinish floors, and invest in sleek kitchen fixtures. Small changes go a long way.
-
Sell the Story
Market your loft not just as a space, but as a piece of SoHo’s legacy. The right buyer is buying lifestyle, not just square footage.
Tips for Loft Buyers in 2025
-
Look Beyond Surface Flaws
A great layout and solid bones can be worth the effort of updates.
-
Do Your Due Diligence
Request building financials, check roof and elevator reports, and understand zoning rules.
-
Negotiate with Data
Use DOM and PPSF to justify offers. Most sellers are aware of the softening market and will engage on terms.
-
Be Ready to Act
The best lofts, the ones with light, layout, and originality, still move quickly.
Thinking of Buying or Selling a Loft in SoHo?
The SoHo market in 2025 is nuanced. While modern condos are outperforming in velocity and price retention, classic lofts still hold a unique place in the heart of New York real estate. Their charm is irreplaceable, their history unmatched, and their aesthetic timeless. But they require thoughtful pricing, proper positioning, and a deep understanding of what today’s buyers value most.
If you are considering buying or selling in SoHo, especially if it involves a classic loft, I would love to help. My experience, both living in the neighborhood and working in this specific niche, gives me insight that few agents can offer.
Reach out to discuss your goals, your questions, or what makes SoHo such a one-of-a-kind place to call home.
