NYC Real Estate: What’s Happening as Summer Kicks Off

With Memorial Day here, the NYC real estate market is doing what it usually does this time of year—slowing down a bit for the holiday—but underneath, things are still moving.

In Manhattan: There are now 7,386 homes for sale—slightly more than last week. Fewer new homes hit the market (down 24%), but overall, buyers have more options than they did last year. 233 homes went into contract, showing steady (though slightly slower) buyer activity. Confidence is slowly improving, but some buyers are still cautious with rates and the economy in mind.

In Brooklyn: The market’s staying strong. Total listings are up to 3,565. New listings dipped (down 28%), but are still up from last year. 152 homes went into contract—up 6% from last week. Buyer confidence is high, and the spring season looks like it’ll stretch well into June.

Bottom line: If you’re buying, you’ve got more choices than last year. If you’re selling, now’s the time to make your home stand out and consider a price adjustment if your home has been lingering on the market. 

Manhattan Supply

Inventory ticked up 0.7% this week to 7,386 active listings, signaling the market’s seasonal shift toward summer. New listings dropped sharply—down 24% week-over-week—as Memorial Day weekend slowed activity. Still, fresh inventory remains 2% higher than this time last year, offering buyers more choices than they had in late spring 2024. This marks the lowest weekly influx of new listings since mid-February, a clear sign that the spring listing surge is tapering.

Brooklyn Supply

Active inventory in Brooklyn inched up 0.2% to 3,565 listings, with 187 new homes hitting the market. While new listings dipped 28% week-over-week—typical of the Memorial Day slowdown—they remain 7% above last year’s levels. Brooklyn’s extended spring season continues to deliver fresh inventory into June, offering buyers a longer runway than Manhattan. The next few weeks will be critical in gauging whether this momentum carries into early summer.

Manhattan Pending Sales: Pending sales increased by nearly 1.4% to 3,341. 

Brooklyn Pending Sales: Pending sales increased by 1.6% to 2,084.

Manhattan Consumer Sentiment

Buyers remained active, with 233 contracts signed—up 2.2% from last week but 11% below the same week in 2024. Elegran’s Consumer Sentiment Index ticked up from -7 to -5, signaling a slight improvement in buyer confidence, though sentiment remains in the red for the second week in a row. The market continues to walk the line between cautious optimism and lingering hesitation.

Brooklyn Consumer Sentiment

Brooklyn saw 152 contracts signed this week—a 6% gain over last week, though still 3% below year-ago levels. The uptick reflects steady, resilient demand. Elegran’s Brooklyn Consumer Sentiment Index climbed from +75 to +85, reinforcing buyer confidence and keeping sentiment firmly in positive territory as we head into summer.

New Development Insights 

Marketproof reported that 37 new development contracts were signed in 30 buildings this week. The following buildings were the top-selling new developments of the week:

- One High Line (West Chelsea) and The Ainsley (Park Slope) each signed three contracts

- The Westly (Upper West Side), 505 W 43 (Clinton), and The Huron (Greenpoint) each signed two contracts.

If you would like to chat about the most recent market activity,

feel free to contact us at info@elegran.com or 

connect with one of our Advisors.

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Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients.

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