Weekly Manhattan & Brooklyn Market Update: 6/30
Elegran June 28, 2025
Elegran June 28, 2025
As we head into the July 4th holiday, the New York City real estate market is settling into its typical early-summer slowdown. Manhattan inventory dropped for the fourth straight week, now down to 7,162 active listings—a 1.3% dip. Only 262 new homes hit the market last week, a 14% decline from the week prior. While this dip is seasonal and expected, it also means slightly less competition for sellers and fewer fresh choices for buyers.
In Brooklyn, supply followed a similar trend, falling to 3,520 active listings with just 169 new homes coming online—an 8% weekly decline. Although inventory remains slightly higher than this time last year, the borough is showing signs of caution.
Contract activity saw modest gains in both boroughs. Manhattan had 230 contracts signed (up 6% from last week), and Brooklyn notched 138 new deals (an 11% weekly rise). However, both markets are still trailing last year’s pace, suggesting more deliberate buyer behavior. This is the fifth week out of the past 17 where Manhattan activity has lagged behind 2024, and Brooklyn has fallen short in 12 of 17 weeks. The market isn’t stalling—but today’s buyers are more selective, and homes must be priced and presented with precision.
On a positive note, mortgage rates just saw one of their biggest drops in months. The average 30-year fixed fell to 6.72%—a near three-month low—helped by easing geopolitical tensions. While it’s not a game-changing shift, it does offer a small window for buyers to lock in slightly better terms.
At the same time, the financial markets are showing renewed strength. Both the S&P 500 and Nasdaq closed at 52-week highs on Friday, marking a notable rebound after four months of volatility. While real estate tends to move at a steadier pace, stronger market performance may help boost consumer confidence and bring a bit more certainty to buyers and sellers heading into the peak summer months.
Manhattan inventory is tightening for the fourth week in a row, with total active listings down 1.3% to 7,162 homes. Only 262 new listings came to market last week—a 14% drop from the week before, though still 13% higher than this time last year.
This slowdown in new listings is typical as summer kicks off and the July 4th holiday approaches. For sellers, it means less competition, creating a window of opportunity for well-priced, well-presented homes to stand out.
For buyers, it’s a reminder: for now, the best homes may be fewer and farther between, so preparation and speed matter more than ever.
Brooklyn’s housing supply ticked down this week to 3,520 active listings. Just 169 new homes hit the market—an 8% drop from last week. Even so, that’s still 4% higher than this time last year.
The borough is easing into its typical summer slowdown, with fewer new options and a calmer pace. But buyers shouldn’t assume things are stalling—well-priced homes are still moving quickly, especially in neighborhoods where inventory remains tight.
If you’re considering buying or selling this summer, timing and strategy remain crucial.
Manhattan Pending Sales: Pending sales increased by nearly 1% to 3,503.
Brooklyn Pending Sales: Pending sales decreased by nearly 0.2% to 2,244.
This week, the Elegran Manhattan Consumer Sentiment Index improved from -14 to -7, and 230 contracts were signed—a 6% jump from last week. Still, that total is 4% lower than it was at the same time last year.
This is the fifth week out of the last 17 where activity has lagged behind 2024 levels. It’s not a major red flag, but it could indicate a subtle shift: buyers are becoming more selective and deliberate in their purchasing decisions.
Brooklyn saw a slight rebound this week. Buyer sentiment climbed, with the Elegran Brooklyn Consumer Sentiment Index rising from +48 to +67. A total of 138 contracts were signed—an 11% increase from last week, though still 3% below the same time last year.
That said, Brooklyn has fallen short of 2024 contract volume in 12 of the last 17 weeks. It’s a clear signal: buyers in the borough are becoming more cautious. Rising prices, elevated interest rates, and economic uncertainty are creating headwinds that are being felt more strongly this season than in years past. Still, deals are happening—especially for well-priced properties.
Marketproof reported that 33 new development contracts were signed in 25 buildings this week. The following buildings were the top-selling new developments of the week:
Claremont Hall (Morningside Heights) and Vesta (Hunter's Point) each signed 3 contracts
Bergen Brooklyn (Boerum Hill) and 350 Sixth Avenue each signed 2 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.
