NYC Market Slows Seasonally as Thanksgiving Approaches

As New York heads into the Thanksgiving week, market activity reflects the seasonal slowdown - but not retreat. Manhattan continues its gentle contraction in both listings and signed contracts, signaling a classic pre-holiday pause. Brooklyn, however, remains the standout, with solid contract velocity and resilient pricing drawing late-season buyers. Overall, confidence cooled but remains constructive heading into December. The Howard Hanna NYC Consumer Sentiment Index decreased from 36% to 24%, signaling a measured but steady optimism across boroughs as the year winds down.

Outlook: Entering the Year-End Equilibrium

Thanksgiving week typically marks the market’s final slowdown before winter. Manhattan is entering the lull with balanced fundamentals, while Brooklyn continues to outperform expectations. With sentiment still in positive territory and selective demand in key price segments, both boroughs are poised to transition smoothly into December’s closing stretch.

Manhattan Supply: Seasonal Slowdown Takes Hold

Manhattan’s active inventory edged lower for another week to 6,453 homes (–2.9% WoW, –1.8% YoY) as the borough enters its pre-holiday quiet period. New listings also dipped to 242 units (–4% WoW, +15% YoY), underscoring that sellers are now timing the market more cautiously.

Brooklyn Supply: Holding Firm Through Late November

Brooklyn’s supply contracted slightly to 3,502 homes (–1.2% WoW, +7.8% YoY) but remains stronger than a year ago. New listings fell to 166 units (–18% WoW, +33% YoY)—a pullback consistent with the seasonal slowdown yet balanced by robust year-over-year inventory growth. As Thanksgiving approaches, the borough continues to demonstrate steadier engagement than Manhattan.

Manhattan Pending Sales: Pending sales slipped –2.2% to 2,963 units, confirming that buyers are easing off ahead of Thanksgiving.

Brooklyn Pending Sales: Brooklyn’s pending sales edged –1.3% lower to 1,815 units, maintaining a healthy pace relative to inventory. The borough’s continued contract activity highlights the strength of its local buyer pool, which remains motivated despite holiday headwinds.

Manhattan Consumer Sentiment: Softening with Predictable Seasonality

Contracts signed fell to 187 (–18% WoW, –24% YoY), pushing the Manhattan Consumer Sentiment Index down from +17% to –3%. This reflects the expected pre-holiday cooldown rather than a broader shift. Manhattan remains poised for a modest rebound once post-holiday demand returns in early 2026.

Brooklyn Consumer Sentiment: Momentum Extends Beyond Expectations

Brooklyn logged 150 signed contracts (+6.4% WoW, +5% YoY), driving its Sentiment Index up from +86% to +95%—the highest late-November reading among outer boroughs. Competitive pricing and limited resale inventory continue to fuel localized demand, proving Brooklyn’s late-season resilience.

New Development Insights 

Marketproof tracked 61 new development contracts across 33 buildings. Top performers included:

• Radiant (Long Island City) signed 9 deals.
• The Village West (Greenwich Village) signed 8 deals.