NYC Market Holds Steady as Buyers Defy the Holiday Slowdown

As Thanksgiving approaches, New York City’s housing market continues to show surprising resilience. Both boroughs posted stronger-than-expected contract activity while inventory trends signal a controlled cooling rather than a winter freeze. The Howard Hanna NYC Consumer Sentiment Index climbed from 27% to 32%, marking a growing confidence despite rising seasonal headwinds.

Momentum is being driven by active buyers seeking opportunities before inventory tightens further. Manhattan’s foreign-buyer segment and Brooklyn’s steady mid-market demand remain particularly influential in keeping the city’s fall market alive.

Lower inventory in the pipeline and steadier interest rates have created a window of opportunity for those who missed the early-fall rush — and many are taking it.

Outlook: A Measured Finish to a Resilient Fall

The final stretch of November is shaping up to be steady but selective. With both inventory and mortgage rates leveling off, market activity is expected to remain moderate rather than drop off sharply.
Seasoned buyers are moving quickly on value-driven listings, while sellers who stay active through the holidays may find reduced competition and more serious offers.

Despite expected mid-December softness, early indicators point to a firm base for Q1 2026, especially if rate cuts materialize early next year.

Manhattan Supply: One Last Push Before the Holiday Freeze

Manhattan’s active inventory edged down to 6,647 homes (+0.1% WoW, –0.2% YoY) as the borough entered its pre-holiday pause. However, new listings rose to 251 units (+12% WoW, –1% YoY), likely representing one final listing push before sellers fully step back for the winter.

This brief surge provides additional buyer choice in core neighborhoods like the Upper East Side and Chelsea, where active demand continues to absorb inventory efficiently.

Brooklyn Supply: Reversal of the Seasonal Dip

Brooklyn’s overall supply declined slightly to 3,546 homes (–0.1% WoW, +7.8% YoY), maintaining its steady year-over-year growth. More notably, new listings rebounded to 185 units (+32% WoW, +24% YoY), breaking the downward listing trend of prior weeks.

This uptick suggests that some sellers are seizing the late-season window before Thanksgiving — particularly in neighborhoods such as Williamsburg, Prospect Heights, and Carroll Gardens, where demand remains consistent for well-located mid-market properties.

Manhattan Pending Sales: Pending sales decreased +0.7% to 3,032 units.

Brooklyn Pending Sales: Brooklyn’s pending sales rose +2.5% to 1,840 units.

Pending volume indicates that transaction pipelines remain active heading into the holiday period, suggesting a solid November close.

Manhattan Consumer Sentiment: Momentum Builds Ahead of Thanksgiving

Contracts signed rose to 229 (+8% WoW, +10% YoY), driving the Howard Hanna NYC Manhattan Consumer Sentiment Index up from +9% to +17%. This uptick contrasts with typical seasonal patterns, fueled in part by renewed foreign buyer activity in luxury and new development segments.

The persistence of well-capitalized demand is keeping the borough’s pricing stable even as broader market activity cools elsewhere.

Brooklyn Consumer Sentiment: Buyers Stay Engaged

Brooklyn logged 143 signed contracts (+4% WoW, +4% YoY), lifting sentiment from 79% to 86%.
This rise demonstrates that local and move-up buyers are still participating late into the season, driven by competitive pricing and limited future supply.

Brooklyn continues to outperform its typical November pace, maintaining the most consistent buyer activity of any outer-borough market in 2025.

New Development Insights 

Marketproof tracked 32 new development contracts across 25 buildings. Top performers included:

• The Willow (Kips Bay) and One Manhattan Square (Two Bridges), each signing two deals.
• Brooklyn’s 378 8th St (Park Slope) and Nine Chapel (Downtown Brooklyn) also closed two contracts apiece.

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

feel free to contact us at contact@hhnyc.com or 

connect with one of our Advisors.

Howard Hanna NYC brings the nation’s largest independent and family-owned brokerage to New York City, uniting the strength of a national network with the insight and sophistication of a local firm. Formed through joining forces with Elegran Real Estate, Howard Hanna NYC delivers a seamless, full-service experience backed by more than 15,000 agents across 500 offices in 14 states. The firm’s forward-thinking, agent-first culture continues to shape the future of real estate across Manhattan and the Tri-State area.Learn more at www.howardhannanyc.com.