Spring arrived a bit later than usual this year, but the market is showing signs that the season may stretch deeper into May and June. While neither Manhattan nor Brooklyn has seen the kind of explosive “gangbusters” activity associated with peak-cycle years, both boroughs continue to demonstrate resilience, with steady deal flow and improving buyer engagement.
Manhattan: Tight Supply Continues to Shape the Market
Inventory in Manhattan edged higher this week, bringing total new supply so far in May to 1,978 active listings. Even with the recent uptick, inventory remains historically constrained and sits roughly 8% below last year’s levels. For perspective, supply of 6,690 listings is below the normal expected 7000 to 7500 range.
Courtesy of UrbanDigs.com
More than ever, supply — not demand — is driving market dynamics.
Contract activity remains healthy. Manhattan recorded 1,136 signed contracts in the last 30 days, compared to an average late-May pace of approximately 1,116 deals. While this spring has not produced runaway momentum, activity levels remain solid and notably consistent. Sustaining more than 1,100 weekly signed contracts has always been difficult, yet weekly deal volume has continued to hold above the important 250-contract threshold.
Courtesy of UrbanDigs.com
The broader takeaway is encouraging. Supply remains relatively tight while demand has quietly strengthened. Liquidity is now running ahead of last year following a rebound from March softness, and both listings and contract activity are holding steady. The key question heading into late May is whether this year’s delayed spring market ultimately extends longer than usual.
Brooklyn: Momentum Beginning to Rebuild
Brooklyn continues to show gradual but meaningful improvement.
Supply rose another 1% this week to 3,622 listings, pushing inventory above year-ago levels and continuing the borough’s steady supply build. Unlike Manhattan, where constrained inventory remains the dominant theme, Brooklyn appears to be benefiting from a more balanced increase in available product.
Courtesy of UrbanDigs.com
Demand is finally beginning to catch up.
Brooklyn recorded 655 signed contracts over the last 30 days, with activity now approaching — and in some cases surpassing — last year’s pace. Crossing the 650-contract level remains an important benchmark for the borough. Recent trends suggest momentum is moving in the right direction.
Courtesy of UrbanDigs.com
Perhaps most encouraging is the sharp improvement in liquidity over the past two weeks. After months of stagnation, year-over-year demand has returned to positive territory, and activity remains well above early-April levels.
Overall, Brooklyn feels noticeably more active and optimistic than it did just a month ago, though the market still appears to be in the early stages of its recovery cycle.
Looking Ahead
Across both boroughs, the tone of the market is improving. Buyers remain active, sellers are gradually returning, and contract activity continues to hold at constructive levels despite elevated rates and broader economic uncertainty.
The delayed start to spring may ultimately work in the market’s favor. Instead of peaking early, this season increasingly looks like one that could extend later into the calendar — a welcome development for both buyers and sellers navigating today’s more measured, inventory-sensitive environment.