Market Divergence Emerges as Brooklyn Strengthens and Manhattan Cools

The final week of September highlighted a split dynamic between Manhattan and Brooklyn. Manhattan showed signs of cooling, with contract activity and sentiment easing, while Brooklyn continued to build momentum with stronger buyer confidence and a notable uptick in contracts.

Overall, Elegran’s NYC Consumer Sentiment Index eased from 22% to 15%, reflecting a market still finding its footing as fall begins. With inventory continuing to expand across both boroughs and Brooklyn outperforming on buyer sentiment, October will be a key test for whether the fall rebound materializes fully.

Executive Highlights

• Diverging Market Signals: Manhattan cooled with fewer contracts and softer sentiment, while Brooklyn strengthened with double-digit contract growth and surging buyer confidence.

• Supply Keeps Building: Inventory rose for the fourth consecutive week in both boroughs, giving buyers more leverage heading into October.

• Fall Outlook: With supply building and financing costs easing after the Fed’s recent rate cut, October is shaping up to be a pivotal month. The key question is whether Manhattan can reignite demand or if Brooklyn will continue to lead the city’s momentum. For buyers, the expanding inventory may open new opportunities; for sellers, competitive pricing and timing will be critical to capturing renewed fall demand.

Manhattan Supply

Manhattan’s inventory increased for the fourth consecutive week, reaching 6,762 homes (+3.3%). While overall supply is 0.4% lower than last year, the borough saw a sharp decline in new listings - 398 units this week (–23% WoW), though roughly on par with last year’s levels for the same period.

Brooklyn Supply

Brooklyn’s inventory climbed slightly to 3,496 homes (+0.7% WoW, +1.5% YoY). New listings came in at 211 units, a weekly decline of 14.6%, yet 9% higher YoY, suggesting more sellers are stepping into the market than at this time last year.

Manhattan Pending Sales: Pending sales dipped 2.6% this week to 2,902 units, showing a modest slowdown in near-term deal flow.

Brooklyn Pending Sales: Brooklyn’s pending sales declined 2.8% to 1,800 units, aligning with a seasonal cooling trend despite strong contract activity.

Manhattan Consumer Sentiment

Contracts fell to 178 signed this week, a 9% WoW decrease and 5% below last year’s pace. Elegran’s Manhattan Consumer Sentiment Index dropped from +9% to 0%, holding flat rather than turning negative. The slowdown raises the question of whether Manhattan’s rebound can reassert itself in early October.

Brooklyn Consumer Sentiment

In contrast, Brooklyn strengthened with 126 contracts signed, a double-digit weekly increase (+11.5%) and +13% YoY growth. The Elegran’s Brooklyn Consumer Sentiment Index surged from +56% to +73%, signaling strong buyer confidence as the market transitions into October.

New Development Insights 

Marketproof tracked 21 new development contracts across 16 buildings. Top performers included:

• The Village West (Greenwich Village) signed 3 contracts

• Front and York - York Tower (Dumbo) and Linea (West Chelsea) each signed 2 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.

About Us

Welcome to Elegran, 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.

As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success.

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