- Register
- Sign In
- Agent Emailoffice@elegran.com
- Agent Phone+1(212) 729-5712
Our Goal is Simple:
to Humanize the World of Real Estate
Explore NYC 
What are you looking for?
Whether buying, selling, or renting, moving can be overwhelming… especially with the endless options available in New York City.
The good news? Elegran has the team and tools to find the right neighborhood for you. Let us take the stress out of the real estate process. Let's find your dream home.
Explore More Neighborhoods »
Elegran Insights
Thought-provoking intelligence on the real estate market.
Our in-house research experts provide valuable weekly and monthly analysis on the Manhattan and Brooklyn markets. This is more than just data. We consider what's happening in the industry and offers actionable advice to keep our clients ahead of the curve. .
See All Insights »Let's Talk
We want to hear from you!
Weekly Manhattan & Brooklyn Market Update: 12/16
Photo by Elias Andres-Jose on Unsplash Manhattan and Brooklyn Real Estate Markets Stay Active Despite Seasonal Slowdown The Manhattan and Brooklyn real estate markets continued to show resilience during the second week of December despite the holiday season. In Manhattan, the supply of homes for sale decreased slightly, and fewer new listings entered the market. Still, buyer activity remained strong, with a noticeable uptick in contract signings and consumer sentiment compared to last year. Brooklyn followed similar seasonal trends, with a slight dip in available inventory but an increase in new listings and steady contract signings. Consumer confidence in the Brooklyn market remains high, reflecting consistent demand as the year comes to a close. The Elegran | Forbes Global Properties Consumer Sentiment Index increased from +14 to +25, and both markets are performing better than last year. This highlights continued market participation from buyers and sellers as 2024 draws to a close. Manhattan Supply The supply of residential units in Manhattan decreased by 3.3% during the second week of December, bringing the total to 5,910 properties. This aligns with typical seasonal trends as the market naturally slows down towards the end of the year. New listings entering Manhattan markets also declined, dropping 13% to 167 new units week-over-week. However, on a year-over-year basis, this week saw a 48% increase in new listings compared to the same week in 2023. This indicates significantly higher activity than last year, despite the overall seasonal slowdown. Manhattan Supply | Data courtesy of UrbanDigs Brooklyn Supply Brooklyn's residential supply decreased by nearly 1% during the second week of December, leaving 3,031 properties on the market. This decline is consistent with typical seasonal trends as the market slows down during the holiday season. While Manhattan's new listings decreased, Brooklyn experienced a different trend. New listings entering Brooklyn markets increased by 6.4% to 133 new units week-over-week. New listings in Brooklyn surged by 22% year over year compared to the same week in 2023. This indicates significantly higher activity than last year, even amidst the seasonal slowdown. Brooklyn Supply | Data courtesy of UrbanDigs Manhattan Pending Sales: After declining last week, pending sales in Manhattan increased this week by nearly 3% to reach 2,961. Brooklyn Pending Sales: Pending sales increased by 2.1% to reach 2,012. Manhattan Consumer Sentiment Contrary to the contraction observed last week following Thanksgiving, this week saw a 28% increase in signed contracts, reaching 214. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index reflects this market activity, increasing from -13 to +10. This also signifies a significant year-over-year increase of 41% compared to the same week in 2023. Brooklyn Consumer Sentiment Similar to Manhattan, Brooklyn also experienced growth in contract signings, albeit at a more modest pace. This week, signed contracts increased by 1.4%, reaching 147. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index reflects this steady market activity, rising from +87 to +91. This indicates that the Brooklyn market remains strong as the year draws to a close. New Development Insights Marketproof reported that 51 new development contracts were signed in 36 buildings this week. The following buildings were the top-selling new developments of the week: One11 Residences (Midtown) signed 6 contracts Williamsburg Wharf (Williamsburg) signed 5 contracts. If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.
Read more
Weekly Manhattan & Brooklyn Market Update: 12/09
Rihards Gederts - Elegran | Forbes Global Properties Brooklyn’s Increase in Contract Volume Lifts Consumer Sentiment as Interest Rates Stabilize This week’s market trends underscore the contrasting dynamics between Manhattan and Brooklyn against a backdrop of stabilizing interest rates. While Manhattan experienced a typical seasonal slowdown, Brooklyn’s strong week-over-week increase in contract activity boosted overall market sentiment. The Elegran | Forbes Global Properties Consumer Sentiment Index rose from 0 to +10, propelled by Brooklyn. Meanwhile, steadying interest rates are bolstering buyer and seller confidence. As fluctuations diminish, the incentive to wait for further declines fades, encouraging more immediate engagement. This stability helps break the market logjam, fostering a more fluid environment for transactions moving into 2025. Manhattan Supply The supply of residential units in Manhattan decreased by nearly 3% during the first week of December, bringing the total to 6,113 properties. This aligns with typical seasonal trends as the market slows toward year-end. While there were 192 new listings following the Thanksgiving holiday week—a 111% week-over-week increase—this surge reflects a rebound from the prior week’s holiday lull. When removing last week’s anomaly, the pace of new listings remains slower compared to earlier in November, continuing the broader trend of declining supply. On a year-over-year basis, 12% more properties came to market this week than during the same week last year, signaling slightly higher activity than in 2023 but within the context of an overall seasonal slowdown. Data courtesy of UrbanDigs Brooklyn Supply Brooklyn’s residential supply fell by 3.3% during the first week of December, leaving 3,061 properties on the market. This decline aligns with typical seasonal trends as the market slows during the holiday season. Following Thanksgiving, 124 new listings came to market—a 51% week-over-week increase. However, this spike reflects a rebound from the prior holiday week’s dip rather than a sustained rise in activity. Excluding last week’s anomaly, the broader trend shows supply continuing to decrease. On an annual basis, new listings rose 7% compared to the same week last year, indicating a more active market than in 2023. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales in Manhattan decreased by 3.6% this week, totaling 2,878 units. This marks the first week-over-week decline in this metric since early October. Although pending sales often peak around this time of year, the recent strong contract activity during the late fall suggests this dip could be a temporary pause. Pending sales may increase further in the coming week before declining into the new year until the spring market arrives. Brooklyn Pending Sales: Pending sales remained virtually unchanged at 1,970 units. Manhattan Consumer Sentiment As anticipated with the arrival of the holiday season, the number of contracts signed in Manhattan decreased by 9.2% week-over-week, totaling 167 contracts. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index also mirrored this decline, dropping from -5 to -13. The decrease is similarly reflected on a year-over-year basis, with a 3% contraction in the first week of December compared to last year. Brooklyn Consumer Sentiment Unlike Manhattan, Brooklyn saw a notable increase in contracts signed this week, with 144 contracts—representing a nearly 46% week-over-week growth. This rise contributed to a significant increase in The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index, which jumped from +28 to +87. More importantly, on a year-over-year basis, Brooklyn's residential market demonstrated its resilience and strength, showing an 8% increase. New Development Insights Marketproof reported that 53 new development contracts were signed in 42 buildings this week. The following buildings were the top-selling new developments of the week: - One High Line (West Chelsea) signed 3 contracts - 1020 Hancock Street (Bushwick) signed 2 contracts. If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.
Read more
Elegran Manhattan Market Update: December 2024
Rihards Gederts - Elegran | Forbes Global Properties Overall Manhattan Market Update: December 2024 Manhattan Market Momentum Builds: November 2024 Achieves Third-Highest November Contract Volume in a Decade November 2024 marked a significant turning point for Manhattan’s real estate market, showcasing a substantial increase in demand and contract activity year-over-year. With 882 contracts signed, this November marks the third-highest contract volume in the past decade. This represents a significant uptick compared to last November, indicating that the market is emerging from the low-volume trap of the past two and a half years. For the second consecutive month, monthly contract activity has exceeded the rolling seasonal average after lagging for the previous sixteen months. This upward trend is fueled by changing expectations on interest rates, the presidential election now behind us, and growing optimism about economic growth. The Elegran | Forbes Global Properties Manhattan Leverage Index indicates a relatively balanced market in November 2024, with a slight edge for sellers. Tightening inventory levels further underscore the market’s strength, with overall supply down 8.5% from October to 6,276 units. Inventory is now 7.2% lower than the same period last year and approximately 10% below the ten-year average for November. This decline in supply is attributed to fewer late-fall listings, sellers pulling homes from the market for the holidays, and steady buyer demand. Limited supply and rising demand are expected to sustain inventory constraints through early 2025. Price trends are beginning to shift as well. The median price per square foot dipped slightly to $1,381—a 0.9% month-over-month decrease—but posted a notable 2% increase year-over-year. While Manhattan prices have remained relatively flat since 2017, unlike other metro areas with substantial appreciation, these dynamics suggest the market is on the verge of breaking through its price ceiling and entering a period of appreciation. Looking ahead, stabilizing interest rates and Manhattan’s unique position—countercyclical to national trends and not at bubble risk—create a compelling opportunity for growth. Demand is expected to remain robust through the winter and accelerate into the spring season, paving the way for continued market activity. Manhattan appears ready to leave its period of stagnation behind, with rising demand and stabilizing conditions setting the stage for price appreciation and renewed confidence. Elegran | Forbes Global Properties Manhattan Leverage Index The Elegran | Forbes Global Properties Manhattan Leverage Index² is powered by four indicators: supply, demand, median price per square foot (PPSF), and median listing discount. It informs us whether the current is a buyer’s or a seller’s market, i.e., which party possesses transactional leverage. Looking at the graph below, this is indicated by the direction of the curve, where: An increasing trend from left to right indicates a seller’s market A decreasing trend from left to right indicates a buyer’s market Our indicator also informs us regarding the relative strength of that leverage, indicated by the slope of the curve, where: A gentle slope indicates a weak advantage by one party over the other A sharp slope indicates a strong advantage It’s not the exact numbers that matter most - it’s the direction and slope of the trend. Buyers and sellers have been in a stalemate within a balanced market for over eighteen months. This summer saw a minor shift favoring sellers before buyers regained a slight advantage by September. In October and November, though, the pendulum swung back again, leaning subtly toward sellers. Manhattan Supply As is typical for this time of year, supply decreased in November compared to October. This decline is due to fewer new listings coming on the market late in the fall season, more sellers taking their unsold homes off the market for the holidays, and steady buyer demand. Overall supply declined 8.5% in November from October, reaching 6,276 units. Notably, supply is 7.2% lower than the same period last year. Compared to the last ten November’s, the current supply level is about 10% below the ten-year average for this period. No significant influx of supply is expected in December due to the holiday season, and inventory is anticipated to remain tight through the first month or two of 2025. What this means for: BUYERS: The decrease in inventory means more buyers are competing for fewer available properties. With higher demand and lower supply, homes will likely sell faster, giving buyers less time to make decisions. SELLERS: Demand is strongest for renovated, turn-key, and properly priced properties. Those in need of renovation or overpriced often languish on the market and require price reductions to find a buyer. Overall, current market conditions in Manhattan favor sellers that are in tune with their local market conditions. However, buyers who are well-prepared and act quickly may still find opportunities to purchase desirable properties. Both buyers and sellers should work with experienced real estate advisors who can provide up-to-date market insights and help navigate the competitive landscape. Manhattan Demand Although, as is seasonally normal, contracts signed in November decreased by 11.2% compared to October 2024; November was a very strong month for contract activity in Manhattan by historical standards. With 882 contracts signed, it ranked as the third-best November in terms of contract activity over the past decade. Additionally, contract activity surpassed the rolling seasonal average for the second consecutive month after lagging for the previous sixteen months, indicating renewed demand after an extended period of low volume. Over the past three months, this upward trend has gained momentum, driven by changing expectations on interest rates, the presidential election behind us, and increasing optimism about economic growth. What this means for: BUYERS: As the market stabilizes and buyer interest increases, competition will intensify, especially for desirable properties. Growing demand may encourage sellers to ask for higher prices. While buyers have lost some leverage in recent months, those seeking better deals should focus on long-listed or unrenovated properties for potential savings. Buyers must be prepared to act quickly on well-priced, move-in-ready homes where competition remains high. SELLERS: The increased buyer activity and stabilizing market create a more favorable environment for sellers. Properties may sell more quickly, reducing time on the market. To capitalize on this trend, price your property competitively to avoid lingering during the winter months, as overpricing now could lead to deeper discounts later. Demand is expected to remain above average through the typically quieter winter months and accelerate further during the traditionally busy spring season, with more people expected to transition from renting to owning. Manhattan Median PPSF In November 2024, the median price per square foot (PPSF) for residential apartments in Manhattan continued its downward trend, reaching $1,381—a 0.9% decrease from the previous month. This decline largely reflects deals signed over the summer, before the market’s resurgence following the Federal Reserve’s first interest rate cut. More importantly, there was a 2% increase year-over-year in PPSF. While most national markets have experienced significant price appreciation since the start of COVID-19—the national average being 51%—Manhattan has seen only 3% appreciation. The Manhattan market now appears poised to break through its price ceiling and enter a period of appreciation. Meanwhile, many national markets that saw the greatest price increases over the past few years (e.g., Miami, Tampa, Austin) are now experiencing some of the most significant price declines. What this means for: BUYERS: The recent downward trend in PPSF is largely historical, and buyers have lost some leverage as the market has accelerated this fall. However, buyers still hold more negotiating power for properties that have been on the market for over 90 days, have had price reductions, or require renovation. Compared to the national average, Manhattan’s relatively stable market presents a favorable opportunity for buyers to acquire properties that may seem undervalued and offer outsized appreciation potential in the mid-term. SELLERS: Accurate pricing remains crucial. Buyers are placing a greater premium on renovated, turn-key properties, while those needing even moderate renovations are trading at a discount. The gap between renovated and unrenovated properties has widened, so pricing your property appropriately is essential to attract buyers and avoid prolonged time on the market. While major metropolitan markets face bubble risks, Manhattan’s countercyclical nature and undervalued prices offer a unique opportunity for growth. Rising demand, limited supply, declining interest rates, and the city’s inherent strengths align to set the stage for Manhattan to break through its eight-year price ceiling. As many national markets show signs of cooling, Manhattan is primed for growth and is finally poised for price appreciation. Manhattan Median Listing Discount In November 2024, the median listing discount for Manhattan homes remained steady at 4.7%, the same as in October. On a year-over-year basis, the discount saw a minimal decline of 0.3%, indicating a slight firming of the price floor and setting the stage for potential price increases in the mid-term. What this means for: BUYERS: The consistent discount level suggests the room for negotiation remains relatively stable. Buyers can expect similar flexibility to that in previous months. Focusing on properties that have been on the market longer—often reflected in the listing discount—may allow buyers to secure better deals. SELLERS: The negligible year-over-year decline in discounts indicates that prices are stabilizing, signaling a potential bottoming out of discounts. Homes priced appropriately are less likely to linger on the market, so it’s crucial for sellers to aim for competitive, realistic pricing to minimize the need for heavy negotiation. Expect listing discounts to continue declining as the imbalance between supply and demand intensifies during the winter months. Declining listing discounts are often a precursor to price appreciation, suggesting a strengthening market ahead. Rental Remarks In October 2024, the median rent in Manhattan increased by 2.3% from the previous month, reaching $4,295. This marks a 2.4% rise year-over-year and the first annual increase in median rent since April.³ Mortgage Remarks The 30-Year Fixed Rate JUMBO Mortgage Index is currently trending at 6.9%⁴, with the average JUMBO Annual Percentage Rate (APR) at 6.7%⁵. Although these rates had decreased in late August and into mid-September, they have since risen by 80 basis points after hitting a low in mid-September. As economic uncertainty diminishes, interest rates are expected to stabilize. This stabilization should provide much-needed certainty for both buyers and sellers, encouraging transactions and easing market gridlock. A more predictable interest rate environment can boost confidence in the real estate market, leading to increased activity and smoother transactions. Investor Insights The total return on real estate investments is driven by net rental income and capital appreciation. Manhattan cap rates are currently between 3% and 3.4% for all-cash investors. Unfortunately, investors using a large percentage of leverage face challenges in generating net income, given the average JUMBO mortgage APR of 6.7%. Current demand and recent bullish signals for Manhattan real estate suggest that prices are starting to see upward pressure. Importantly, Manhattan presents a rare opportunity to purchase assets that have remained virtually unchanged in value since 2017, as indicated in the chart below. No other metro area in the country has seen such minimal appreciation during this period. Additionally, Manhattan tends to move countercyclically compared to national trends and is not at bubble risk, creating a compelling entry point for buyers. Timing and a strong U.S. dollar may afford foreign investors—depending on their native currency—the opportunity to realize significant capital gains upon selling their assets. References 1. Data courtesy of UrbanDigs 2. According to the Elegran | Forbes Global Properties Brooklyn Leverage Index 3. Data courtesy of Miller Samuel, Inc. 4. Data courtesy of Federal Reserve Bank of St. Louis 5. JUMBO mortgage rate APR data courtesy of Bank of America, Chase, and Wells Fargo If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.
Read more
