NYC Market Slows Sharply After Thanksgiving as Holiday Season Begins

The final week of November delivered the expected post-holiday cooling, with both boroughs showing a marked pullback in new listings and contract activity. Manhattan continued its steady slide into the holiday lull, while Brooklyn remained more resilient year-over-year but still registered week-over-week contraction. Overall confidence retreated meaningfully — the Howard Hanna NYC Consumer Sentiment Index fell from 26% to 4%, reflecting buyers pressing pause as the market transitions into December’s reduced activity window. The fundamentals remain stable, but momentum has definitively shifted into year-end mode.

Outlook

December should remain quiet, with limited new supply and softer contract activity until the January reset. Seasonal contraction will dominate the coming weeks, though Brooklyn’s strong year-over-year demand signals deeper buyer engagement heading into 2026. Manhattan is likely to stabilize at lower activity levels, while Brooklyn continues to outperform its usual winter pattern.

Both boroughs enter December with predictable softening, but Brooklyn maintains a healthier trajectory. Pricing should hold steady, even as overall volume stays muted until activity ramps back up in January.

Manhattan Supply: Holiday Slowdown Fully Underway

Manhattan’s active inventory edged lower for the second week to 6,331 homes (–1.9% WoW, –0.4% YoY). New listings dropped sharply to 109 units (–55% WoW, +20% YoY), as seller activity paused over Thanksgiving and the market entered its traditional holiday cool-down. Listing volume will likely remain muted until early January.

Brooklyn Supply: Seasonal Contraction but Stronger Than Last Year

Brooklyn’s supply declined to 3,405 homes (–2.8% WoW, +6.6% YoY), continuing its steady YoY inventory growth even as late November suppressed weekly activity .

New listings fell to 75 units (–55% WoW, –9% YoY), mirroring Manhattan’s sharp holiday-driven pullback. The borough now enters December with relatively lean fresh supply.

Manhattan Pending Sales: Pending sales dipped –1.8% to 2,909 units, aligning with the broader slowdown heading into the final month of the year

Brooklyn Pending Sales: Brooklyn pending sales rose +2.4% to 1,815 units, suggesting continued buyer follow-through despite a quieter listing environment.

Manhattan Consumer Sentiment: Steeper Declines as November Closes

Contracts signed fell to 167 (–10% WoW, –9% YoY), pushing the Manhattan Consumer Sentiment Index from –3% to –13%. This is directly in line with the Thanksgiving slowdown and likely foreshadows continued contraction into December as holiday schedules dominate buyer behavior.

Brooklyn Consumer Sentiment: Seasonal Pullback, Strong YoY Positioning

Brooklyn recorded 122 signed contracts (–18% WoW, +23% YoY), bringing the Sentiment Index down from +95% to +58%. The week-over-week retreat was expected after Thanksgiving, yet the year-over-year strength highlights stable demand heading into winter.

New Development Insights 

Marketproof tracked 35 new development contracts across 25 buildings. Top performers included:

• The Village West (Greenwich Village) signed 5 deals.
• Monogram New York (Turtle Bay) signed 3 deals.

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.