Early December Brings Diverging Signals as Manhattan Rebounds and Brooklyn Pauses

The second full week of December delivered a nuanced market read across New York City. Manhattan showed a brief resurgence in contract activity following the Thanksgiving slowdown, while Brooklyn continued its gradual seasonal cooling. Inventory levels declined further in both boroughs, reflecting the onset of the winter holiday period, though Brooklyn bucked the trend with a short-term increase in new listings. Buyer sentiment improved modestly citywide, with the Howard Hanna NYC Consumer Sentiment Index rising from 0% to +8%, suggesting that motivated buyers remain active despite thinner holiday participation. Overall, the market is transitioning from late-fall normalization into its winter holding pattern.

Outlook: Market Settles Into Its Winter Holding Pattern

With holiday travel increasing and year-end timelines approaching, activity across both boroughs is expected to soften further over the next two weeks. Manhattan’s brief rebound highlights that motivated buyers are still present, while Brooklyn’s steadier slowdown reflects its broader buyer base transitioning into wait-and-see mode. January remains the next inflection point, when listings, contracts, and sentiment historically reset.

Manhattan Supply: Inventory Tightens as Holiday Travel Accelerates

Manhattan’s active inventory declined for the fourth consecutive week, falling to 5,878 homes (–4.2%  WoW, –1.3% YoY). New listings dropped sharply to 114 units (–45.7% WoW, –32% YoY), a typical December pattern as sellers delay launches until January. Reduced supply is now defining Manhattan’s year-end market conditions.

Brooklyn Supply: Listings Rise Briefly Despite Ongoing Inventory Contraction

Brooklyn supply decreased to 3,262 homes (–1.36% WoW, +7.3% YoY), marking its sixth consecutive weekly decline. In contrast to Manhattan, new listings increased to 122 units (+15% WoW, –8% YoY). This short-term divergence suggests some sellers are still testing December demand, though year-over-year comparisons confirm overall seasonal restraint.

Manhattan Pending Sales: Pending sales rose 0.8 percent to 2,887 units, indicating continued buyer follow-through despite reduced inventory and holiday distractions.

Brooklyn Pending Sales: Brooklyn pending sales declined 2.5 percent to 1,776 units, reflecting a more cautious buyer stance as December advances and available inventory narrows.

Photo by Rihards Gederts | Howard Hanna NYC

Manhattan Consumer Sentiment: Post-Holiday Rebound Before Winter Lull

Contracts signed jumped to 200 (+22% WoW, –7% YoY), pushing the Manhattan Consumer Sentiment Index from –14% to +3%. This appears to be a post-Thanksgiving release of pent-up demand and likely represents one of the final active weeks before the market quiets further ahead of the holidays.

Brooklyn Consumer Sentiment: Stable but Softening Into Year-End

Brooklyn recorded 102 signed contracts (–1% WoW, –31% YoY), bringing the Brooklyn Consumer Sentiment Index down slightly from +36% to +32%. The decline aligns with seasonal patterns, and it remains too early to determine whether the year-over-year drop signals anything beyond typical December behavior.

New Development Insights 

Marketproof tracked 32 new development contracts across 26 buildings. Top performers included:

• 77 Greenwich (Financial District) signed 3 deals

• The Willow (Kips Bay) signed 2 deals. 

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connect with one of our Advisors.

Howard Hanna NYC brings the nation’s largest independent and family-owned brokerage to New York City, uniting the strength of a national network with the insight and sophistication of a local firm. Formed through joining forces with Elegran Real Estate, Howard Hanna NYC delivers a seamless, full-service experience backed by more than 15,000 agents across 500 offices in 14 states. The firm’s forward-thinking, agent-first culture continues to shape the future of real estate across Manhattan and the Tri-State area.Learn more at www.howardhannanyc.com.