Weekly Manhattan & Brooklyn Market Update: 3/3
Buyers Adapt to ‘New Normal’ as Interest Rates Reshape Decisions
Manhattan and Brooklyn’s residential markets saw increasing supply and more signed contracts. Manhattan added 370 new listings, the highest weekly influx of 2025 so far, bringing the total active inventory to 5,809 (+2.2% WoW). Brooklyn saw 189 new listings, a 1.6% increase, pushing active inventory to 2,922 (+1.9% WoW). This continued growth in supply is giving buyers more options, potentially fueling more contract activity in the weeks ahead.
On the demand side, Manhattan experienced a 19% jump in signed contracts, totaling 222—the highest weekly total this year. Meanwhile, Brooklyn maintained its steady momentum with 126 signed contracts, a 4% increase. Brooklyn’s contract activity has remained consistently within the 120-130 range for five consecutive weeks, reinforcing buyer confidence and stable demand. Overall, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index rose from +16 to +26 this week.
With rates hovering just above 6.75% and expectations that they will remain in the 6.5% range through this year and into next, buyers and sellers are adjusting to the new normal. Rather than waiting for larger rate shifts, transactions are now largely driven by life events and necessity-based decisions. As supply grows and buyer sentiment strengthens heading into spring, the market shows resilience, setting the stage for continued activity in the months ahead.
Manhattan Supply
Manhattan’s residential market saw more new inventory this week, with 370 fresh listings—a 4% uptick from the previous week. This marks the largest weekly addition of new-to-market homes so far in 2025, pushing the total active inventory to 5,809, a 2.2% week-over-week increase.
Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn’s residential market saw 189 new listings this week, a modest 1.6% increase from the previous period. Total active inventory increased to 2,922, reflecting a 1.9% week-over-week gain.
Manhattan Pending Sales: Pending sales increased by 1.1% to 2,730.
Brooklyn Pending Sales: Pending sales decreased by 1.6% to 1,778.
Manhattan Consumer Sentiment
Manhattan’s residential market saw an uptick in buyer activity this week, with signed contracts jumping 19% to 222—the highest weekly total so far in 2025. This rise pushed the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index from -7 to +10, rebounding from last week’s negative trend.
Brooklyn Consumer Sentiment
Brooklyn’s residential market saw 126 signed contracts this week, a 4% uptick from the previous period, pushing the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index from +64 to +70. Contract activity has remained consistently strong, remaining within the 120-130 range for the fifth consecutive week, signaling sustained buyer confidence and a stable demand environment heading into spring.
New Development Insights
Marketproof reported that 49 new development contracts were signed in 33 buildings this week. The following buildings were the top-selling new developments of the week:
- The Austin (Forest Hills) signed six contracts
- 720 West End Avenue (Upper West Side) signed five contracts
- Kensington Manor (Kensington) 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.
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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.
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