Weekly Manhattan & Brooklyn Market Update: 3/24
Spring Momentum Builds Despite Uncertainty
Despite macroeconomic headwinds and a volatile stock market, NYC’s spring real estate market is heating up. Buyers and sellers are stepping off the sidelines, and the numbers tell a compelling story.
Manhattan saw its strongest contract activity in nearly two years, with 284 deals signed—an 18% jump from the previous week and the highest weekly total since May 2023. Brooklyn followed suit, recording 146 signed contracts—up 11% week-over-week and well above its recent six-week average.
Across the city, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index climbed from +44 to +53.
A welcome, albeit small, dip in mortgage rates contributed to this uptick. The average 30-year fixed rate fell 10 basis points to 6.71%, a three-month low that brings rates back to early December levels. While rates remain elevated compared to last September, this reprieve is enough to reignite some buyer motivation.
Still, uncertainty remains. The Fed held rates steady again but reaffirmed plans for two rate cuts later this year. Inflation is proving stubborn, and new tariffs add to the unpredictable outlook. But despite the noise, buyers are making moves—not because the market is perfect, but because life doesn’t wait.
Today’s consumers are transacting based on necessity and timing: relocation, upsizing, downsizing, or seizing an opportunity while others hesitate. Historically, those who act decisively during times of uncertainty are the ones who benefit most.
Manhattan Supply
Inventory in Manhattan climbed 3.6% this week to 6,397 active listings, as 521 new homes hit the market. While that’s 3% fewer than last week, it still marks the second-highest weekly influx of new listings in 2025. This steady rise in supply gives buyers more choices and helps to balance the increase in buyer demand.
Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn added 235 new listings this week—up 4.4% from the previous week—pushing total active inventory to 3,090, a 2.7% week-over-week increase. This steady growth in supply helps to balance the increase in buyer demand.
Data courtesy of UrbanDigs
Manhattan Pending Sales: Pending sales increased by 2.3% to 2,901.
Brooklyn Pending Sales: Pending sales increased by 2% to 1,834.
Manhattan Consumer Sentiment
Manhattan just recorded its highest weekly contract activity since May 2023, with 284 contracts signed—an 18% jump from last week. As a result, the Elegran | Forbes Global Properties Consumer Sentiment Index increased from +19 to +40, staying positive for the fourth week in a row. This sustained momentum underscores growing buyer confidence and signals a resilient market entering the spring season.
Brooklyn Consumer Sentiment
Brooklyn saw 146 contracts signed this week, up 11% from the previous period, pushing the Elegran | Forbes Global Properties Consumer Sentiment Index from +78 to +96. Contract activity continues to outperform, exceeding the six-week average range of 120–130. This week’s high volume reflects steady buyer demand and strong market confidence entering spring.
New Development Insights
Marketproof reported that 60 new development contracts were signed in 41 buildings this week. The following buildings were the top-selling new developments of the week:
- The Mona (Astoria) signed six contracts
- Bergen Brooklyn (Boerum Hill) signed four 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.
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