Welcome to December!

I hope you had a nice Thanksgiving. In this update, I dive deeper into real estate activity across Brooklyn and Manhattan over the past month. Please feel free to reach out with any questions, comments, or real estate needs.

Brooklyn and Manhattan Market Activity and Trends

The Brooklyn and Manhattan markets currently favor buyers with a notable reduction in supply and demand, an increase in price reductions and a lower listing success rate. Brooklyn has seen a modest downturn in supply with 3.4% monthly and 6.9% yearly declines and a significant decrease in new listings in November despite  a post-Thanksgiving surge. Demand in Brooklyn mirrors this trend, with a decrease in contracts signed both monthly and yearly. Manhattan’s market is experiencing a more pronounced decline, especially for properties priced under $2 million, with total listings down by 7.8% monthly and 4.4% yearly, and a similar downturn in demand.

Brooklyn Supply

As of 12/1, Brooklyn had 3,247 active listings, representing a 3.4% decline from the prior month and a 6.9% decline on a year-over-year basis. In terms of new supply, the Brooklyn market saw 621 new listings during the month of November, a 36.7% decrease from the prior month. This past week, there were 149 new listings, up 91% from the prior week.  The big increase likely reflects listings being delayed until after the Thanksgiving holiday.

Further supply contraction is expected as we head toward year-end. As a result, buyers might find themselves with fewer options and might want to act quickly on properties that fit their criteria.

Brooklyn Demand

482 contracts were signed over the past 30 days, representing a 7.5% decline from the prior month and a 4.6% decrease year-over-year. During last week of November, 120 contracts were signed in Brooklyn.  This was a 93.5% increase over the Thanksgiving shortened prior week.  Overall, demand is softer than earlier in the year reflecting less liquidity and a more difficult environment for sellers.

Brooklyn Market Pulse

Based on the most recent measure of Market Pulse, Brooklyn appears to be in a Buyer’s Market.  The Liquid Market Pulse measure below is prepared by the team at UrbanDigs and represents the seasonally adjusted relationship between supply (active inventory) and demand (liquidity pace). A positive value means the current market is outperforming the seasonal average. A negative value means the market is underperforming the seasonal average.

Brooklyn Price Cuts

Looking at price action, 484 listings cut their price during the month of November, representing a 24.6% decline from the prior month.  Additionally, the median amount of such price cut was 3.85% for the month of November.  Both the level and extent of price cut activity was lower in November than for the prior month.

Brooklyn Listing Success

It has been a more challenging market to list properties in recent months than in the past. Since listing success is not really determinable until several months after a property is listed, the Listing Success measure below shows August as the most recent month where reasonably sufficient data is available.  While not a real time measure, it does provide a sense of recent trends relative to history with regard to listing success. Additionally, recent demand strength should have an impact on the success of a listing three months ago. Based on the most recent measure, 38% of listings that came to market in August or either in contract or have sold.  That represents a 17.4% decline from the prior month.

Brooklyn Climate Index

The Climate Index below shows the ratio of successful listings versus those that go off market. While there was recent improvement over the prior month the trend over the last half of year has been on a decline.  This again emphasizes that we’re currently in a challenging listing environment in Brooklyn.

It’s worth noting that part of the issue in assessing market strength in Brooklyn is that there are many micro markets that trade much differently.  Neighborhoods that tend to see stronger demand include those like: Brooklyn Heights, Carroll Gardens, Park Slope, Prospect Heights, and Williamsburg.  Weaker neighborhoods include those like: Bushwick, Crown Heights, Downtown Brooklyn and Flatbush.  The downturn we are seeing does not appear to be event driven at this point, but more function of seasonality and macroeconomic pressure on multiple fronts.

Manhattan Supply

In Manhattan as of 12/1, there were 6,759 properties for sale, down 7.8% from the prior month and 4.4% over year. That continues to be consistent with seasonal patterns. Additionally, Manhattan saw 178 new listings in the last week of November, representing a a 52.1% increase over the prior week. The big weekly increase likely reflects the shortened prior week as a result of Thanksgiving. Despite the weekly increase, Manhattan appears to be on a seasonal downward trend in supply.

Manhattan Demand

On the demand side of things, 666 contracts were signed over the past 30 days representing a 12.6% decline from the prior month and 6.6% decline year over year.  Also, during the last week of November, 113 contract signed representing a 19.9% decrease from the prior week. Generally speaking, these are weak numbers and reflect a low transaction environment.

Manhattan Market Pulse

Given the relationship between supply and demand, the Manhattan market continues to be in a Buyer’s Market as it has been on and offer over the last 16 or 17 months.

Manhattan Price Cuts

Looking at price action, 975 listings cut their price in the month of November. That’s a 33.2% decline from the prior month.  While the number of price cuts was down, the median level of price cuts increased to 4.9%.

Manhattan Listing Success

Only 28% of August listings were either sold or are in contract.  That’s a pretty low historical number for Manhattan. Most of the pain is in the $2 million and below market.  Higher priced properties seem to do better in the current market.

Manhattan Climate Index

The Climate Index below shows the ratio of successful listings versus those that go off market.  Climate Index for the past month is at one of its lowest levels over past last four years.  Again, this is reflective of a challenging listing environment.


Both Brooklyn and Manhattan real estate markets are currently favoring buyers, with a reduction in supply and demand, increased price cuts, and lower listing success rates. The Brooklyn market is experiencing a more moderate decline compared to Manhattan, where the downturn is more pronounced, especially in the sub-$2 million segment. The recent surge in new listings post-Thanksgiving in both markets suggests a short-term adjustment rather than a long-term trend. Buyers might find favorable conditions now, particularly in segments where listings have been challenging. The market’s trajectory indicates a continued buyer advantage, with potential opportunities arising from anticipated price adjustments.

Best of luck out there! If you need help navigating or have questions, please give me a call.

All the best,