Thanksgiving week saw the usual seasonal slowdown in Manhattan and Brooklyn, with fewer contracts signed and new listings hitting the market. Despite this, buyer demand was considerably higher than last year’s Thanksgiving week, up 48% in Manhattan and 59% in Brooklyn, while supply continued to tighten.

On the mortgage front, a slight dip in rates—following nearly two months of increases—prompted more buyers to take action. This slight decline and rate stabilization have provided much-needed certainty for buyers and sellers, encouraging transactions and easing market gridlock.

The Elegran | Forbes Global Properties Consumer Sentiment Index mirrored this momentum, shifting from +44 to +0, reflecting parity with the pre-pandemic seasonal average.

Heading into winter, here’s some advice:

- For Sellers: Price competitively to avoid lingering on the market during winter, as overpricing now risks deeper discounts later.

- For Buyers: While buyers have lost some leverage over the last few months as demand has increased, buyers looking for a better deal should focus on long-listed or unrenovated properties for potential savings.  Additionally, buyers must be prepared to move quickly on well-priced, move-in-ready homes where competition remains high.

Manhattan Supply

The supply of Manhattan residential units dropped by 3.7% during Thanksgiving week, reaching 6,295 properties, reflecting typical seasonal trends. New listings also saw a sharp decline, falling 57% compared to the previous week and 22% year-over-year for the same Thanksgiving period.

Brooklyn Supply

The Brooklyn residential market followed a familiar seasonal pattern during Thanksgiving week, with supply declining by 2% to 3,167 available units, mirroring trends seen in Manhattan. This decrease was largely driven by a sharp drop in new listings, which fell 34% compared to the previous week. Additionally, new listings during this year’s Thanksgiving week were down 13% compared to Thanksgiving week last year.

Manhattan Pending Sales: Pending sales rose 2.3%, reaching 2,986 units.

Brooklyn Pending Sales: Pending sales increased by nearly 1.5% to 1,975 units.

Manhattan Consumer Sentiment

As expected during Thanksgiving week, the number of contracts signed in Manhattan declined, dropping 25% from the previous week to 184 contracts. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index also reflected this decrease, shifting from +26 to -5. Despite the week-over-week dip, the market remains strong, with this year’s Thanksgiving week showing an impressive 48% increase in signed contracts compared to last year's Thanksgiving week. 

Brooklyn Consumer Sentiment

Brooklyn experienced a typical dip in contract volume during Thanksgiving week, with 99 contracts signed—a 31% decline from the previous week. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index dropped from +86 to +28. More Importantly, year-over-year data paints a brighter picture, with contract signings for the Thanksgiving week up by 59%, reflecting a more positive long-term trend.

New Development Insights 

Marketproof reported that 36 new development contracts were signed in 30 buildings this week. The following buildings were the top-selling new developments of the week:

- Monogram New York (Turtle Bay) signed 2 contracts

- 1020 Hancock Street (Bushwick) signed 2 contracts.