Brooklyn Manhattan Real Estate Market Update
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Brooklyn and Manhattan Real Estate Market Update
Welcome to July!It looks like we have perfect weather in store for the next few days and it's shaping up to be a great holiday weekend. Enjoy your down time with friends and family and get that grill ready! Just some parting thoughts on the market before you head off, plus some great holiday events in the links below… As we hit the hallway point of 2025, New York City real estate is a bit of a mixed bag but generally stable and consistent with past summer cycles. Momentum has faded in some segments, but there are plenty of bright spots, particularly in value-driven co-ops, entry-level homes, and certain neighborhoods across Brooklyn and Manhattan. Brooklyn MarketThe Brooklyn coop/condo sales market softened in May, with deal volume down 11% year-over-year — the slowest May in five years. Despite the dip, co-op prices rose 5%, and the $1.5M–$2M segment showed strength, especially in Park Slope and Williamsburg. Inventory fell slightly for the first time in over a year, and 40% of homes still sold above asking, signaling selective buyer competition for well-priced listings. Manhattan MarketManhattan saw 1,065 signed coop/condo contracts in May, down 6% annually and just below the decade average. Co-ops and condos both declined in volume, but activity in the $3M–$5M range held firm. Average price per square foot rose 4% to $1,844, while days on market dropped to 112. Discounts persisted, with 70% of deals closing below ask and an average cut of 3.3%. Manhattan Luxury – ($5M+)The luxury market remained steady with 95 signed contracts, nearly matching last year. Inventory fell 17%, but days on market rose 19%, reflecting buyer caution. Prices held at $2,864/ft², boosted by deals above $3,000/ft². Notably, for the second straight month, there were no sales above $30M — a sign of softness at the ultra-high end. Open House TrafficOpen house traffic across the city was light over the past week, with an average of just 1.11 groups per listing. Still, properties in "good but needing some work" condition outperformed, signaling buyers are on the hunt for value and willing to renovate. Some Key Themes and Observations Across both boroughs, buyers are highly value-conscious. While some segments are seeing bidding wars or sales above ask (notably in Brooklyn), most Manhattan deals are closing below asking, with average discounts of 3–4%. This reflects a bifurcated market: well-priced homes in desirable locations are moving, while overpriced or aspirational listings are sitting longer. Overall…
And for you Shore lovers…The New Jersey Shore saw an early summer surge in listings. In Monmouth and Ocean Counties, new listings were up nearly 20% year-over-year in some towns. This signals that sellers are feeling confident, but buyer urgency hasn't kept pace, leading to longer days on market and more price sensitivity.
Final ThoughtsThe Brooklyn and Manhattan sales markets are entering a typical summer holding pattern… not in decline, but not in liftoff mode either. Buyers are driven by affordability, location, and long-term value. Sellers who adapt to current expectations, particularly in terms of pricing, can find success. Meanwhile, luxury buyers are showing more patience, and sellers in that tier are facing longer timelines unless they recalibrate. That's my story and I'm sticking to it! Enjoy this month's newsletter, including curated articles, market insights, and upcoming local events below. Have a great holiday and rest of July! Also, if you're thinking about a move or simply curious about your options, I'd be happy to connect for a no-pressure conversation tailored to your goals. Wishing you a great summer, and as always, don't hesitate to reach out! All the Best, Steve |
