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Market Update: A Window of Opportunity

As of early May, the Brooklyn and Manhattan markets continue to exhibit strength beyond typical Spring levels, especially in sectors that matter most to buyers and sellers. Inventory remains historically tight, rents are rising, and demand for quality homes, particularly in sought after neighborhoods and property types, is alive and well.
 
Buyers are engaged and motivated by easing rate pressure, new inventory, and a desire to act before further price increases. Certain sellers in well-positioned homes have seen multiple offers with quick contract signings, but results remain highly dependent on pricing and neighborhood strategy. Opportunities are out there for those with the will and a plan.

Manhattan: Momentum Returns

Manhattan exhibited its best first quarter in years, with closings up 14% and median prices up 12% to $1.175M. The luxury segment showed particular strength, with a 39% rise in total sales volume and increased activity above $2M. Days on market fell to their lowest in three years.
 
While demand improved, supply remained tight. Inventory declined 1% year-over-year, with new listings at an 11-year low (excluding 2020). This imbalance continues to support pricing power for sellers, especially in high-demand areas like the West Side and Downtown.

Brooklyn: Stable Pricing, Rising Activity

Brooklyn was also strong and balanced, with contracts signings up by 7% and active interest across new developments and higher-priced units. Median prices rose 7% to $800K (the second-highest level on record) and listings increased 12%, signaling growing seller confidence. Neighborhood standouts with higher levels of activity included:
  • Park Slope & Gowanus – saw a 19% increase in sales and a 17% jump in median price.
  • Fort Greene, Clinton Hill & Prospect Heights – experienced an 80% surge in closings.
  • Williamsburg & Greenpoint – had fewer sales but rising prices due to luxury activity.

The Market Is Moving—Just Not Evenly

Well-priced, well-presented listings are still drawing multiple offers. Renters face challenges with rising rents and competition on properties. First time home buyers with a long term outlook look to lock in value now, ahead of further price increases. Sellers of quality properties are still in good shape if they market and position correctly.

Buying Opportunities to Consider:

  • Developers are negotiating: Some are quietly offering concessions, closing cost credits, or upgrades, especially for larger or slower-moving units.
  • Small multifamily stress: Properties with expiring loans (and potential rate shock) or underperforming income may offer value and deal potential.
  • Upsize potential: Trade-up buyers may benefit from price dislocation between entry-level and larger units or two-family homes.

Strategic Moves for Sellers

  • Demand is rising, but buyers remain value-conscious and quick to walk from overpriced or poorly presented listings.
  • Proper pricing and presentation are rewarded quickly—especially in high-demand neighborhoods like the West Side, Park Slope, and Fort Greene.
  • Positioning matters: Homes that align with buyer priorities (location, light, layout) have a clear advantage without needing to chase the market.
  • Sellers can move now, locking in gains from past appreciation, and buy “laterally” into soft segments
In this environment, execution matters. Finding the right opportunity or the right buyer means reading the market correctly, understanding timing, and knowing how to act decisively.
 
If you’re thinking about making a move or just weighing your options, I’d be happy to schedule a call or meet-up to discuss. No pressure, just helpful advice tailored to where you are and what you’re considering.
 
Beyond market insights, this month’s newsletter includes curated articles and local events that I hope you’ll find useful.
 
Have a great month, and please reach out if I can assist in any way!
 
All the Best,
Steve