Holiday Lull Gives Way to New Year Momentum in Manhattan and Brooklyn

As expected, the holiday season brought a temporary slowdown to NYC’s real estate markets, with Manhattan and Brooklyn contract activity and inventory declining during the quieter weeks. Despite the expected slowdown, early signs of the new year’s energy are already visible with a wave of new listings. Similarly, Brooklyn’s resilience shone through, maintaining steady contract activity and showing year-over-year growth in demand.

The Elegran | Forbes Global Properties Consumer Sentiment Index dipped from -20 to -32, reflecting seasonal norms rather than any lasting market shift. As the holiday dust settles, both boroughs are primed for an uptick in activity, with inventory expected to grow steadily and buyer engagement set to intensify. These early signs point toward a bustling spring market just around the corner.

For those considering a move, now may be the time to act. With inventory set to expand and competition manageable, the coming weeks offer a rare window to seize opportunities in one of the world’s most sought-after real estate markets. Whether buying or selling, this can be your moment to position yourself for success in 2025.

Manhattan Supply

During the holiday season, Manhattan's residential inventory experienced a typical seasonal decline, decreasing by nearly 5%, leaving approximately 5,113 units on the market. Despite the overall reduction in supply, a predictable rise in new listings occurred during the first few days of the new year, with a week-over-week increase of nearly 140% in new listings, adding 74 new properties to the market. Many more new listings are expected to come on the market in the coming weeks as supply will begin to ramp up into the spring market.

Brooklyn Supply

Brooklyn's residential inventory exhibited typical seasonal trends during the recent holiday period, experiencing a 6% decline, resulting in 2,660 properties available on the market. New listings rose during the first few days of the new year, as 82 new listings came on the market, a 91% increase compared to last week.  Many more new listings are expected to come on the market in the coming weeks as supply will begin to ramp up into the spring market. 

Manhattan Pending Sales: Pending sales decreased by 2.4% to 2,944 units. 

Brooklyn Pending Sales: Pending sales decreased by nearly 3% to 1,908 units.

Manhattan Consumer Sentiment

The Manhattan residential market saw a predictable holiday slowdown, with signed sales contracts dropping 25% week-over-week to 106 during New Year’s week. Consequently, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index fell from -26 to -47. This decline, driven by seasonal patterns rather than market fundamentals, reflects a temporary pause in activity typical of the holiday season. As the market transitions into the new year, sentiment is expected to rebound with increased activity.

Brooklyn Consumer Sentiment

Brooklyn’s residential market showed resilience with a 1% week-over-week uptick in signed sales contracts, reaching 87 units—a rebound from the expected Christmas slowdown. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index climbed from +11 to +19, underscoring this steady market momentum. Notably, signed contracts are up 10% year-over-year, highlighting sustained demand and signaling the borough’s continued strength as a sought-after market entering 2025.

New Development Insights 

Marketproof reported that 15 new development contracts were signed in 13 buildings this week. The following buildings were the top-selling new developments of the week:

- Both 393 West End Avenue (Upper West Side) and Mason LIC (Long Island City) signed two contracts each.

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.