Brooklyn and Manhattan Real Estate Market Update – June 2025
It's been a busy month with plenty of new listings and active buyers. I've toured a bunch of open houses with clients over the past few weeks and most have been well attended. Many listings continue to see accepted offers within a week or two of first showing.
Clients and I recently got caught in a bidding war (and won!) on a great apartment on the Upper East Side. Believe it or not, we were competing for a property that had been on the market for four months! After a couple of price reductions on an initially overpriced apartment, interest spiked quickly. Thanks to a strongly positioned offer, a savvy, well prepared and decisive client, and a winning strategy, we came out on top. It was a clear reminder that you can't get too complacent in today's market; even older listings can become competitive if they adapt well to market conditions.
As we head into June, we enter a historically transitional period. This is when the pace of early spring gives way to a more moderate tone with summer approaching. Despite being a bit early to tell, this year seems to be tracking past seasonal cycles. Consistency should be a good sign. While some national markets are seeing price softening and slower absorption, NYC remains relatively resilient and well-balanced.
Manhattan Market Snapshot
In Manhattan, the picture in late May was a bit mixed. New listings rose 15.9% week-over-week and 12.2% year-over-year, a sign of growing seller confidence. At the same time, buyers have been slower to commit, with contract signings down 14.6% from the prior week (though still up 16.4% from last year). Properties that were well-priced continued to move, while overpriced listings have tended to languish — and the longer they sit, the steeper the price cuts tend to be.
Brooklyn Market Snapshot
Brooklyn saw a rise in inventory, with supply up 0.5% from the previous week and 7.8% higher than this time last year. However, demand leveled off, down 3.7% week-over-week and only up 1.8% annually. Some of the recent softness may be attributed to the holiday weekend, but with summer travel ahead, a slower July and August is usually on the horizon. As in Manhattan, timing and pricing are critical. Listings that don't catch attention early may need to adjust quickly to stay competitive.
NYC vs. the National Market
Despite some localized slowdowns, New York has outperformed many national markets. In other cities, higher mortgage rates, affordability concerns and financial market volatility have led to some cooling. Here, however, buyer demand has been steady, and contract activity continues to outpace last year's levels.
Looking Forward
I expect the market to remain active but discerning. For sellers, success will come from smart pricing, strong presentation, and timing that aligns with buyer behavior. For buyers, it's about preparation, market knowledge, and realistic expectations. The best offers in today's environment come from those who are well informed and move with clarity and confidence.
This month's newsletter includes curated articles, market insights, and upcoming local events I hope you'll find valuable.
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 start to summer, and as always, don't hesitate to reach out!
All the Best,
Steve
