Weekly Manhattan & Brooklyn Market Update: 5/19
Elegran | Forbes Global Properties May 17, 2025
Elegran | Forbes Global Properties May 17, 2025
Manhattan and Brooklyn kept their spring momentum going, with more homes hitting the market and steady buyer activity as summer approaches.
- Manhattan added more listings, with inventory rising 1% to 7,332 active listings. The real surprise? New listings jumped 17% from last week and are 13% higher than this time last year. That means buyers are seeing more fresh options than usual for this time of year.
- Brooklyn also grew its inventory, up 1.7% to 3,558 listings. Brooklyn’s spring market tends to run longer than Manhattan’s, and this year is no different. Buyers still have time, but with Memorial Day coming up, new options may start to slow down soon.
On the buyer side, pending sales crept up in both boroughs (Manhattan +1%, Brooklyn +1.2%), signaling steady activity.
- Manhattan’s buyer activity dipped slightly this week, with 229 contracts signed (down 15% from last week but still 5% higher than last year).
- Brooklyn held steadier, with just a 3% week-over-week dip and nearly matching last year’s pace — a sign of continued buyer confidence.
As for mortgage rates, they were a non-event this week. After a midweek bump, rates returned to their starting point for the week, remaining just below early 2025 levels. For now, rates are treading water — neither helping nor hurting buyer activity. This stability is giving buyers a little breathing room, but it isn’t acting as a clear push or pull on the market.
Manhattan’s active inventory climbed 1% to 7,332 listings this week, continuing its spring expansion. The standout? New listings jumped 17% week-over-week and were 13% above last year, outpacing typical seasonal trends. This unexpected late-season boost is giving buyers more choices as summer approaches.
Brooklyn’s active inventory rose 1.7% to 3,558 listings, fueled by 259 new properties—up 2.8% week-over-week and 11% above last year. This steady growth mirrors Brooklyn’s typical three-year seasonal pattern, where fresh listings often flow into June, outlasting Manhattan’s earlier peak. For buyers, that means a slightly longer runway. But with Memorial Day looming, even Brooklyn’s spring listing momentum may soon lose steam.
Data courtesy of UrbanDigs
Manhattan saw 229 contracts signed this week — down 15% from last week, but still 5% above the same time last year. This weekly slowdown nudged the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index into negative territory, shifting from +13 to -7. It’s the first dip in sentiment after a multi-week positive streak, though underlying demand remains stronger than in 2024.
Brooklyn Consumer Sentiment
Brooklyn recorded 144 contracts this week, down 3% from last week and 1% below last year — a sign of steady demand. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index dipped slightly from +80 to +75, but remains firmly in positive territory. In a market defined by stability, Brooklyn continues to show resilience and buyer confidence.
Marketproof reported that 32 new development contracts were signed in 25 buildings this week. The following buildings were the top-selling new developments of the week:
- Brooklyn Point (Downtown Brooklyn) signed 3 contracts
- The Solaire (Battery Park City), Williamsburg Wharf (Williamsburg), Katan Court Condominium (Bedford Stuyvesant), 74 Jackson St (East Williamsburg), and Vesta (Hunter's Point) each signed two contracts.
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