The New York City market is easing into fall with a mix of familiar seasonal trends and fresh dynamics. While September began on the slower side, the end of the month showed encouraging signs of activity—especially in Manhattan. Overall, supply and demand dynamics are keeping the market balanced albeit slower than most would like.
Manhattan Snapshot
Supply / Inventory:
September closed with 2,134 new listings, above the historic average of 1,757. Inventory is running “warm to hot,” making this an above-average listing season—especially notable in an election year, when activity often cools.
Courtesy of Urbandigs.com
Demand / Contracts Signed:
There were 764 new contracts signed, compared with a historic average of 707. Weekly contract activity should be around 225 this time of year, and the last week of September hit 221—an encouraging sign. Compared with 2024, when mid-September marked the market’s low point, late September 2025 could represent the early stages of the upturn many have been waiting for.
Courtesy of Urbandigs.com
Brooklyn Snapshot
Supply / Inventory:
Brooklyn saw 1,033 new listings in September, below the historic average of 1,160. While higher than the very slow pace of recent years, this won’t be a record-setting season like 2020 (over 5,000 listings) or even 2022 (3,600 listings). Inventory is arriving, but it’s not moving quickly.
Courtesy of Urbandigs.com
Demand / Contracts Signed:
With 498 new contracts signed compared to the 524 average, demand looks steady—and up nearly 11% from 2024. Brooklyn is starting to pivot higher, and the next 4 weeks will be critical in determining whether this momentum holds.
Courtesy of Urbandigs.com
Seasonality & Neighborhood Differences
The following charts take a deep look at seasonality and how general patterns can obscure what’s happening below the surface. Manhattan and Brooklyn have different dynamics. Manhattan shows the more traditional seasonality while Brooklyn trends vary depending on neighborhood so is less predictable. These considerations are a reminder that real estate is local.
Manhattan
Manhattan’s seasons, while well-defined and mostly uniform, do, however, show signs of individuality across neighborhoods. The key takeaway is that not all seasonal forces are equal; therefore, while fall might provide a bump, it can be strong or gentle, depending on the location, price, and other factors.
Courtesy of Urbandigs.com
Brooklyn
In Brooklyn, all kinds of stuff is happening! The main areas of Brooklyn seem to follow their own paths. A couple of quick takeaways: 1) seasonality is a completely different pattern depending on the area, and 2) there may be a sort of leverage arbitrage available – when one area is at peak seasonality, there is likely another that is at its low.
Courtesy of Urbandigs.com
Looking Ahead
For Buyers: The combination of elevated Manhattan inventory, slower Brooklyn absorption, and steady mortgage rates could create negotiation opportunities in the weeks ahead.
For Sellers: Homes are taking longer to trade, but activity at the end of September suggests buyers are returning. October will be the month to watch.
In short, the market is not stalling—it’s evolving. And as we head deeper into fall, both buyers and sellers will find opportunities if they move strategically. As always, we are here to help you navigate the market and make the most of these opportunities.