In March 2025, Manhattan had 8,037 units for sale, up 4.5% year-over-year, yet sales volume jumped 9.5% to 3,466 closed deals. The buyers who moved fastest were not refreshing StreetEasy at midnight. They were already inside properties before those listings ever went active. NYC's Coming Soon system, governed by RLS (REBNY Listing Service) rules, is the reason why.
In my 25+ years selling properties across all five boroughs, I have watched Coming Soon status shift from a quiet industry practice to one of the most strategically important tools in a buyer's playbook.
What "Coming Soon" Means Under RLS Rules
RLS allows properties to be listed in "Coming Soon" status for up to 21 calendar days before transitioning to Active. During that window, the listing is visible to RLS member agents and their buyer clients, but operates under strict guardrails.
RLS Coming Soon: The 24-Hour Rule
Under RLS rules, any property that receives public marketing (yard sign, social media post, broker email blast) must be entered into the RLS system within 24 hours. This is called the One-Day Rule. It prevents sellers and agents from quietly shopping a property to hand-picked buyers while keeping it off the broader market.
What Can and Cannot Happen During Coming Soon
| Activity | Coming Soon | Active |
|---|---|---|
| Private showings (buyer rep present) | Allowed | Allowed |
| Open houses (public) | Not Allowed | Allowed |
| Accepting offers | Not Allowed | Allowed |
| Visible to RLS member agents | Yes | Yes |
| Co-brokerage required | Yes | Yes |
| Maximum duration | 21 days | Until sold |
The key point: you can tour a Coming Soon property through your buyer's agent. You cannot make an offer until the listing goes Active. The 21-day window gives you time to see the property, get your financing in order, discuss terms with your attorney, and be ready to move the moment it flips status.
How NYC Differs from the National Debate
Compass sued the Northwest Multiple Listing Service (NWMLS) in 2024, arguing that MLS rules forcing listings onto the open market within one day of marketing violated antitrust law. The DOJ investigated NAR's Clear Cooperation Policy on similar grounds.
NYC's RLS framework sits in a distinct position. It requires a 24-hour entry rule but offers a structured 21-day pre-market window. It threads the needle between total off-market secrecy and immediate full exposure. For NYC buyers, this means the rules are unlikely to get looser.
Active & Coming Soon Listings
Get early access to NYC properties before they hit the open market
43-33 42nd Street #6B
Sunnyside
11 IRVING Place #1F
Clinton Hill
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
What Buyers Should Do Before Coming Soon Turns Active
During Coming Soon Period
- Tour the property with your buyer's agent
- Get a mortgage pre-approval letter ready
- Brief your real estate attorney
- Research the building: financials, board rules, flip tax
- Decide your offer price range in advance
When It Goes Active
- Submit offer immediately if it meets your criteria
- Your attorney is already briefed
- Pre-approval is current, no financing delays
- You have already priced it relative to comparable sales
- You are ahead of buyers seeing it for the first time
For co-ops, researching the building during the pre-market period is valuable because board timelines add 60 to 90 days to any transaction. See the NYC Buyer Guide for the full co-op due diligence checklist.
Want Early Access to NYC Coming Soon Listings?
Milton Coste monitors RLS pre-market inventory daily across all five boroughs and cross-lists on Zillow Coming Soon and StreetEasy pre-market feeds.
Schedule a Free Buyer ConsultationThe Buyer Representation Requirement
Under 2025 REBNY guidance, buyer's agents must have a signed Buyer Representation Agreement before showing any property, including Coming Soon listings. If an agent offers to show you a property without discussing representation first, that is a compliance issue.
For buyers who want to understand what the Washington Heights or other NYC neighborhoods look like in terms of Coming Soon inventory and current pricing, the market reports pull live data from the RLS feed.
See Active and Coming Soon NYC Listings
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