Weekly Manhattan and Brooklyn Market Update: 8/18
Elegran August 16, 2025
Elegran August 16, 2025
As mid-August arrives, Manhattan and Brooklyn are both grappling with shrinking inventory—now at multi-week lows—but buyer behavior is diverging. Manhattan saw another dip in contract activity, pushing sentiment slightly lower, while Brooklyn notched a modest rebound in deals, boosting its confidence index. Sellers in both boroughs retain pricing power thanks to constrained supply, but Brooklyn’s renewed buyer interest hints at stronger near-term momentum.
For Buyers:
In Manhattan, the eleventh straight week of falling inventory (now 6,121 homes) means fewer choices and less negotiating leverage. Act decisively if you see value, as post–Labor Day competition could heat up.
In Brooklyn, rising sentiment (+59 → +67) shows that well-priced listings—especially larger homes and modern units—are drawing attention. Consider moving early before September’s expected supply bump.
For Sellers:
Manhattan’s limited new listing volume (151 homes, down 15% week-over-week) supports firm pricing, but buyers remain selective—presentation and accurate pricing are crucial.
Brooklyn’s inventory drop for the third week running (3,351 homes) means you can still command strong offers, particularly if listing before the seasonal surge.
For Investors:
Manhattan’s small year-over-year inventory gap (–0.4%) could tighten further if September supply fails to materialize, creating scarcity-driven pricing resilience.
Brooklyn’s under-supply versus last year (–21%) may position it for a late-Q3 upswing in both rental and resale demand.
This week’s Elegran NYC Consumer Sentiment Index rose from 22% to 26%, reflecting confidence well above pre-pandemic levels in both boroughs. Brooklyn’s uptick signals renewed buyer interest, while Manhattan’s slight dip points to slower summer activity.
Manhattan Supply: 6,121 homes (–3% WoW, –0.4% YoY)
Brooklyn Supply: 3,351 homes (–1.5% WoW, –21% YoY)
Manhattan Contracts: 199 (–3% WoW, –7% YoY)
Brooklyn Contracts: 121 (+5% WoW, –5% YoY)
Sentiment Index: Manhattan +10 ↓, Brooklyn +67 ↑
Inventory dropped for the eleventh straight week to 6,121 homes (–3% WoW), as new listings fell to just 151 units, down 15% from last week and 17% below last year’s pace. The year-over-year inventory gap remains minimal (–0.4%), but with September approaching, even a modest post–Labor Day listing surge could shift market dynamics.
Brooklyn inventory declined for the third consecutive week, down 1.5% to 3,351 homes. New listings fell sharply to 128 units (–25% WoW) and remained 21% below last year’s levels—pointing to continued scarcity until the anticipated September rebound.
Manhattan’s market momentum eased this week, with 199 signed contracts—down 3% from last week and 7% from the same week last year. The Elegran Manhattan Consumer Sentiment Index dipped from +14 to +10, reflecting a slower summer pace. Even so, tight supply continues to support resilient buyer demand, suggesting that well-priced listings can still spark strong interest.
Brooklyn defied the seasonal slowdown with 121 signed contracts, a 5% gain from last week. The Elegran Brooklyn Consumer Sentiment Index climbed from +59 to +67, marking the borough’s highest reading in weeks. This surge points to renewed buyer enthusiasm, particularly for spacious layouts and modern homes in sought-after neighborhoods.
Marketproof reported that 36 new development contracts were signed in 31 buildings this week. The following buildings were the top-selling new developments of the week:
The Pacific (Crown Heights) signed 3 contracts
96+ Broadway (Upper West Side) and Sutton Tower (Sutton Place) 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.
