Weekly Manhattan and Brooklyn Market Update: 9/1
Elegran August 30, 2025
Elegran August 30, 2025
As August comes to a close, the New York City housing market is catching its breath before the post–Labor Day surge. Both boroughs saw contract activity slow sharply this week, a seasonal dip that contrasts with the strong momentum earlier in the summer. Manhattan’s slowdown was particularly notable, as signed contracts fell more than 20% week over week, pushing the Elegran Manhattan Consumer Sentiment Index into negative territory for the first time since spring.
Despite this pullback, the market is not without resilience. Manhattan’s rising new listings signal that sellers are beginning to test the waters again, while pending sales growth suggests underlying demand remains in place. Brooklyn, meanwhile, saw one of its steepest weekly slowdowns of the year, but contract activity still outpaces 2024 levels — evidence that buyers remain engaged, just more selective at the close of summer.
Looking ahead, both buyers and sellers are eyeing September as the true test. Historically, post–Labor Day marks the return of larger volumes of new inventory and heightened competition. If that pattern holds, the current pause may quickly give way to renewed market momentum.
The weekly contraction of sales contract activity has pushed the Elegran NYC Consumer Sentiment Index down from 44% to 7% this week.
Key Takeaways for This Week
- Seasonal pause, not a reversal: August typically slows, but historical trends suggest September could bring a fresh surge of listings and buyer activity.
- Consumer sentiment diverges: Manhattan index fell into negative territory (–10%), while Brooklyn’s steep drop (+108 → +54) still reflects stronger overall demand than last year.
Inventory tightened for the thirteenth consecutive week, now at 5,726 homes (–3% WoW). New listings rose to 135 units, up 5% from last week and 1% above last year. While the year-over-year gap remains small (–2%), September’s seasonal listing bump will be critical, as August ended without a meaningful rebound.
Brooklyn inventory also trended lower, falling 2% to 3,200 homes. New listings contracted by nearly 14% WoW to 112 units (–2% YoY). Overall supply is 3% higher than a year ago, but sellers still hold the upper hand until more post–Labor Day inventory enters the market.
Contract signings in Manhattan fell sharply, down 24% WoW to 158 contracts. Despite the weekly slowdown, signings remain 5% higher YoY. The Elegran Manhattan Consumer Sentiment Index dropped from +15 to –10%, reflecting a quieter end to August before the fall market gears up.
Brooklyn underperformed expectations, recording 111 contracts (–26% WoW, +8% YoY). The Elegran Brooklyn Consumer Sentiment Index fell from +108 to +54, one of the largest single-week drops of 2025. While momentum cooled, activity is expected to rebound after Labor Day as buyers re-enter the market.
Marketproof reported that 35 new development contracts were signed in 30 buildings this week. The following buildings were the top-selling new developments of the week:
Vesta (Hunter's Point) signed 3 contracts
720 West End Avenue (Upper West Side), 608 Ocean Ave (Prospect Park South), and The Brooklyn Tower (Downtown Brooklyn) each signed 2 contracts
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