Elegran Manhattan & Brooklyn Weekly Market Update - 7/28

Elegran July 27, 2025

Buyers Take a Breather in Manhattan While Brooklyn Builds Momentum

As the market enters the final stretch of July, Manhattan cools in line with historic summer slowdowns—inventory is down for the eighth week straight, and pending sales continue their gradual decline. Buyer urgency has softened, and fewer listings are launching ahead of August.

In contrast, Brooklyn is quietly gaining traction. While total inventory remained flat, contract activity climbed and consumer sentiment rose notably. With 119 signed deals and rising demand for family-sized units in prime areas, the borough appears to be building toward a late-summer wave of buyer activity.

Overall, a decline in the Elegran Consumer Sentiment Index—from 29% to 23%—highlights a cooling in market momentum.

With limited new listings and seasonal distractions weighing on the Manhattan market, Brooklyn may be poised to lead buyer activity heading into August.

Manhattan Supply

Active inventory in Manhattan declined for the eighth straight week, reaching 6,639 homes—a 1.1% drop from last week. This ongoing trend reflects the typical summer pause, with many sellers holding listings until after Labor Day. Only 236 new listings hit the market—a sharp 17% week-over-week decline—though total supply still sits 13% higher than the same week in 2024.

Brooklyn Supply

Brooklyn’s supply held steady at 3,472 homes, with no weekly change. However, new listings fell by 16% compared to last week and are down 2% year-over-year. This signals a brief pause by sellers, although August typically brings a renewed flow of listings to the market.

Data courtesy of UrbanDigs

Manhattan Pending Sales: Pending sales in Manhattan ticked down 2.1% to 3,338 units, the fourth consecutive weekly dip. This softening aligns with seasonal patterns, as buyers take a step back heading into August.

Brooklyn Pending Sales: Brooklyn also saw a 1.3% decline in pending sales, now at 2,149 contracts—its fifth straight weekly decline.

Manhattan Consumer Sentiment

Contract activity in Manhattan fell to 202 signed deals, down 5% week-over-week and 2% below last year’s pace. As a result, the Elegran Manhattan Consumer Sentiment Index dropped from +17 to +12, marking a clear dip in buyer urgency amid the summer slowdown.

Brooklyn Consumer Sentiment

In contrast, Brooklyn saw a 3% increase in weekly contract activity, reaching 119 signed deals—a figure that’s also 10% above the same week in 2024. This boost pushed the Elegran Brooklyn Consumer Sentiment Index up from +59 to +64. Demand remains especially strong for family-sized homes and newer developments in prime areas, hinting at a possible late-summer activity surge.

New Development Insights

Marketproof reported that 45 new development contracts were signed in 33 buildings this week. The following buildings were the top-selling new developments of the week:

Hendrix House (Kips Bay) signed 6 contracts
La Maison Collette (East Village) signed 4 contracts.