The spring market has officially come to a close, and New York City enters the summer with encouraging momentum. Buyer demand remained remarkably resilient throughout the season, even as inventory stayed below historical norms and mortgage rates remained elevated. Manhattan experienced its strongest spring market in three years, fueled by limited supply and sustained contract activity, while Brooklyn experienced rising prices and healthy demand concentrated in the middle of the market. Although the two boroughs tell different stories, one theme remains consistent: well-priced homes continue to sell quickly, while buyers are finding the best negotiating opportunities among listings that have been on the market the longest.
Manhattan Market Update
Active listings have declined 7.5% from last year to 6,624 apartments, giving buyers fewer choices. June averaged 1,206 new listings versus the historical norm of 1,379. However, 44% of listings have been on the market for more than 90 days, creating opportunities for buyers willing to consider stale inventory. Well-priced homes continue to sell quickly, while overpriced properties become increasingly negotiable.
Courtesy of UrbanDigs.com
Despite operating with roughly 10% less inventory than a typical year, Manhattan maintained more than 1,000 signed contracts for the longest stretch since 2022. Buyers signed 1,114 contracts in the last 30 days. Pending contracts are running more than 11% ahead of last year, with the strongest activity below $1 million. Although the market typically slows during the summer, Manhattan enters the season from a position of strength.
Courtesy of UrbanDigs.com
Brooklyn Market Update
Brooklyn continues to tell a different story. Median sales prices increased 5% year over year, and price per square foot climbed 9%, while average sale prices declined—evidence that the middle market remains the engine of activity.
Inventory has grown 7.6% from last year to 3,786 listings, giving buyers more options than in Manhattan. Still, 43% of listings have been on the market for more than 90 days, reinforcing the importance of realistic pricing.
Courtesy of UrbanDigs.com
Pending contracts remain more than 6% above last year, with the strongest demand below $1 million. Like Manhattan, fresh listings command the strongest prices, while homes on the market for more than 120 days generally sell for about 92% of their original asking price.
Courtesy of UrbanDigs.com
Pricing Is Everything
Homes that secure a contract within the first 30 days often achieve full asking price. After 120 days, sellers typically receive about 91% of their original asking price. Sellers should price strategically from the start, while buyers may find the best value among listings that have been on the market for several months.
Looking Ahead
As we head into summer, buyer demand remains resilient despite elevated mortgage rates and ongoing economic uncertainty. Manhattan continues to benefit from limited inventory and strong competition for well-priced homes, while Brooklyn offers buyers greater selection and negotiating opportunities.
For both buyers and sellers, success in today’s market comes down to timing and pricing. If you’re considering buying or selling, we’d be happy to discuss how these trends may impact your real estate goals.