Weekly Manhattan & Brooklyn Market Update: 2/10
Elegran | Forbes Global Properties February 8, 2025
Elegran | Forbes Global Properties February 8, 2025
This week, both Manhattan and Brooklyn saw an increase in new-to-market listings. Manhattan saw 21% more new listings this week (338 new listings), and Brooklyn saw 5.1% more (185 new listings). However, despite the uptick in new inventory, Brooklyn’s total active listings dipped slightly (-0.2%), an unusual trend for this time of year, which signals strong absorption and steady buyer demand.
Pending sales declined in both boroughs—down 6.6% in Manhattan (2,745 total) and 3.6% in Brooklyn (1,767 total)—as contract activity hasn’t kept pace with closings, a seasonally expected trend.
The standout data point? Buyer sentiment is shifting upward. Manhattan saw a 27% increase in signed contracts (209 total), and Brooklyn saw a 1% increase in signed contracts (126 total). Overall, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index increased from +7 to +22.
What does this mean for you? With inventory expanding and buyers re-engaging, this is a prime moment to assess your strategy before the market gains further momentum. Let's discuss your next move.
This week, 338 new listings came on the market in Manhattan's residential real estate market, a 21% increase from the previous week. This brought the total active inventory to 5,575 (+0.65% week over week).
Data courtesy of UrbanDigs
Brooklyn saw 185 new listings hit the market this week—a 5.1% increase from the previous period. However, despite these latest listings, total active inventory dipped slightly to 2,888 listings (-0.2% WoW), an unusual trend for this time of year.
Manhattan’s residential market saw a 27% jump in signed contracts this week (209 total), pushing the Elegran | Forbes Global Properties Consumer Sentiment Index from -18 to +3—its first positive reading after six consecutive below-average weeks.
This week, 126 contracts were signed in Brooklyn, a 1% increase from the previous period. This increased the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index slightly from +69 to +70.
Marketproof reported that 54 new development contracts were signed in 40 buildings this week. The following buildings were the top-selling new developments of the week:
- The Austin (Forest Hills) signed eight contracts
- 50 West 66th Street (Lincoln Square) signed four contracts.
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