Brooklyn Sees Highest Weekly Contract Volume in Over Two Years as NYC Inventory Shrinks

NYC’s real estate market gained momentum this week, especially in Brooklyn, where 182 contracts were signed, marking the busiest week since May 2023. That’s a 24% increase from last week and an impressive 35% jump year-over-year. 

Across NYC, activity is picking up—not in a frenzy, but in a more balanced, fundamentals-driven way. The Elegran NYC Consumer Sentiment Index rose from +21 to +38, showing a steady shift toward cautious optimism.

In Manhattan, inventory continued to tighten for the second week in a row, falling to 7,327 active listings. Homes are getting scooped up faster, and contract activity rose 8% from last week. Buyer sentiment even turned positive for the first time in over a month—a sign that Manhattan is gaining ground heading into summer.

Mortgage rates dipped slightly, but don’t expect rate cuts just yet. Despite the favorable inflation data this week, the Fed is still in wait-and-see mode as it monitors inflation and tariff impacts.

Bottom line: The NYC market is active, rational, and moving with purpose. For buyers and sellers, that makes this a good time to engage with clear expectations and long-term value in mind.

Manhattan Supply

For the second week in a row, the number of homes for sale in Manhattan dropped—this time by 0.4%, bringing total inventory down to 7,327 active listings. That’s a clear signal: the spring wave of new listings is officially behind us.

While 328 new homes hit the market this week (just 1% fewer than last week), we’re still slightly ahead of last year at this time. But here’s the key takeaway—overall supply is shrinking while buyer activity is picking up. That means homes are getting snapped up faster than they’re being listed.

In simple terms, less inventory + steady demand = a more competitive market for buyers. For sellers, this creates a stronger environment to list, with fewer competing properties and more motivated buyers.

Brooklyn Supply

For the first time this season, Brooklyn’s housing supply shrank by 1.2% to 3,543 homes for sale. At the same time, new listings held steady, with 206 properties hitting the market this week, 7% more than the same time last year.

So what does that mean for buyers and sellers? Even with a solid number of new listings, overall inventory is trending down, which means homes are being scooped up quickly. It’s a sign of strong buyer demand and a market that’s moving at a healthy pace.

For sellers, this is a sweet spot: fewer homes on the market means less competition, and with active buyers still out there, well-priced homes have a real shot at standing out and selling fast.

Manhattan Pending Sales: Pending sales increased by nearly 0.4% to 3,396. 

Brooklyn Pending Sales: Pending sales increased by nearly 3% to 2,194.

Manhattan Consumer Sentiment

This week, the Manhattan market hit an important turning point as buyer sentiment turned positive for the first time in over a month. Elegran’s Manhattan Consumer Sentiment Index increased from -8 to +1—a small number, but a big psychological shift.

Why does that matter? Because it’s showing up in the numbers. A total of 246 contracts were signed this week—an 8% increase from last week and a solid 6% jump compared to this time last year. That tells us buyers aren’t just browsing—they’re committing.

Despite broader economic uncertainty, Manhattan’s summer market is picking up real steam. Confidence is growing, deals are happening, and momentum is building as we head deeper into the season.

Brooklyn Consumer Sentiment

Brooklyn had a breakout week. Buyer confidence surged, with Elegran's Brooklyn Consumer Sentiment Index jumping from +78 to an eye-popping +124—far outpacing Manhattan and signaling serious optimism in the borough.

And that confidence translated into action: 182 contracts were signed this week, up 24% from last week and 35% higher than the same time last year. This was the busiest week for Brooklyn contracts since May 2023.

New Development Insights 

Marketproof reported that 49 new development contracts were signed in 35 buildings this week. The following buildings were the top-selling new developments of the week:

- The Austin (Forest Hills) signed 4 contracts

- Kensington Manor (Kensington) and Nusun Vernon (Astoria) each signed 3 contracts.