Weekly Manhattan & Brooklyn Market Update: 6/2
Elegran June 1, 2025
Elegran June 1, 2025
As we move from May into June, there are some early signs that this summer’s real estate season in New York City might not follow the usual script.
Typically, Manhattan listing activity slows down after Memorial Day, while Brooklyn stays active a bit longer into June. But this past week flipped that pattern—Manhattan saw more new listings than the same time last year, while Brooklyn listings dipped slightly. It’s too early to say whether this is the start of a new trend, but it could signal that Manhattan sellers recognize the strength of current buyer demand and are choosing to act while the market remains active. Whether driven by a fear of missing out on spring’s momentum or a strategic decision to list ahead of the fall rush, sellers appear to be leaning into a market proving more liquid than expected.
On the mortgage front, rates settled back down after a recent spike, ending the week just below 7% for a 30-year fixed loan. They’ve been a bit up and down throughout May, but at current levels, rates are neither stoking nor stalling demand. If they drop further, though, expect more buyers to re-enter the market quickly, especially with more homes to choose from.
At Elegran, our Consumer Sentiment Index for Manhattan landed at +5 this week—a small dip thanks to the holiday slowdown, but still right in line with seasonal averages. Translation? Buyers are still very much in the game.
Overall, we see signs that this summer could be more active than expected. With inventory rising in Manhattan, steady buyer engagement, and mortgage rates holding firm, the market feels anything but sleepy.
If you’ve been waiting to buy or sell, now might be the perfect time to start the conversation.
Manhattan’s active inventory rose slightly again this week, up 0.3% to 7,409 listings—continuing a steady climb as we head into the summer market. New listings rebounded to 387, a 16% jump from last week.
The key stat? Fresh inventory this week was 12% higher than this time last year, offering buyers more options and signaling that sellers are responding to demand and bringing properties to the market late in the traditional spring listing season.
Data courtesy of UrbanDigs
Brooklyn's market continues to demonstrate remarkable stability. Active inventory rose modestly by 0.5% to 3,583 listings, with 207 new properties entering the market – an 11% week-over-week increase, although that’s 5% below last year's levels.
Data courtesy of UrbanDigs
Contract activity offers a nuanced snapshot of buyer behavior. This holiday-shortened week saw 199 contracts signed, down 15% from the prior week, a typical post-Memorial Day dip, but notably 16% higher than the same week in 2024. The year-over-year gain suggests demand remains resilient, even as the market took a holiday breather. Elegran’s Manhattan Consumer Sentiment Index fell from -5 to -22, marking the third straight week in negative territory. While part of the decline reflects expected post-holiday pacing, the sentiment index warrants close attention in the coming weeks.
Brooklyn saw 145 contracts signed this week, down 5% from the previous week, but a notable 41% increase from the same week in 2024. Elegran’s Brooklyn Consumer Sentiment Index dipped slightly from +85 to +76 but remains solidly in positive territory, signaling continued buyer confidence as we move into the summer season.
Marketproof reported that 32 new development contracts were signed in 29 buildings this week. The following buildings were the top-selling new developments of the week:
- 77 Greenwich (Financial District), The Cortland (West Chelsea), and Nusun Vernon (Astoria) each signed two contracts.
Her experience, expertise, and engaging personality make Sonal the perfect combination of advisor, advocate, and strategist. She is the proud owner of several NYC properties and a skilled negotiator with a deep understanding of people and sharp instincts about market trends.
