The New York City housing market has been showing signs of a shift since late March to early April, marking what appears to be the start of a new trend—likely influenced by broader economic uncertainty. The market was performing steadily until around April 2nd, when the first round of tariffs was announced. That policy move introduced a new layer of macroeconomic concern, and shortly after, we began to see a noticeable cooling in activity.
More recently, our real estate market has been seeing a tick-down in supply on both the weekly level and overall level, which is not unusual. This shift is more seasonal and expected.
Overall, the New York City housing market started off well this year from January to March. However, performance in the spring has remained largely neutral since April.
Manhattan Market:
Current supply is at 7,327 units actively trying to sell, which is slightly down from last week. This seasonal decline is typical as we move into the second half of June, and we expect inventory levels to continue dropping throughout the summer months.
New contracts signed over the past seven days total 246 deals, representing a solid performance for mid-June. However, keep in mind that these transactions were likely negotiated 2-3 weeks prior, so we don’t anticipate this pace to continue from this point forward.
We have likely passed peak supply for this season. Our advice is that if you are a buyer, be aware that you will see less new options coming on the market for the next few months. It’s also a time where you may see some value plays with the sellers who will remain on the market through June, July and August. For sellers who remain on the market during the summer months in New York City, strategy and flexibility are key. With overall activity typically slowing down, pricing realistically becomes even more important. Overpricing can lead to stagnation, especially when buyer urgency dips.
In summary, expect the seasonal slowdown to remain until after Labor Day.
Brooklyn Market:
Brooklyn is showing a similar pattern as it approaches peak season. Currently, there are 3,543 units on the market, a slight 1.2% decrease from last week—the lowest inventory we’ve seen since February. This confirms that the summer slowdown has arrived in Brooklyn as well.
Brooklyn presents a particularly compelling story with 30-day deal activity reaching 677—a 7% increase from last week. This marks one of the most noteworthy developments in Brooklyn right now. Has Brooklyn established a new benchmark for demand? It may be too early to say, but what’s clear is that demand remains steady.
In summary, Brooklyn is closing out the spring market on a stronger note than Manhattan.
Final Thoughts:
As we cruise into the summer months, the New York City housing market is showing all the expected signs of a seasonal slowdown. While macroeconomic factors may have sparked the initial deceleration, the current dip in supply and pace is within historical norms. For buyers, this season offers quieter conditions and potential value. For sellers, success hinges on thoughtful pricing and a willingness to adapt. Whether you’re watching from the sidelines or actively navigating the market, the message is clear: slow and steady is the theme for summer 2025.