In June, pricing in Manhattan and Brooklyn moved in different directions, but the rental market was undeniably competitive in both boroughs.

The Brooklyn real estate market showcased its strength in the First Quarter of 2025, with contract signings increasing by 7% year-over-year — a strong indicator of sustained demand. Sellers responded to this momentum by bringing more inventory to the market,

Manhattan contract activity increases versus last year and average days on market declines. Average price per square foot rises despite tighter negotiability.

Brooklyn condo and co-op sales fell 11% YoY in June 2025, while prices rose amid a continued dip in inventory.

Manhattan luxury contracts rise as inventory drops. Days on market fell versus 2024 and average price per square foot increased annually.

Despite all that’s happening in the world, Manhattan proved its staying power in second quarter. Sales climbed to multi-year highs, with over 3,250 closings, more than $7 billion in sales volume, and a fifth consecutive annual increase in signed contracts.

In May, Manhattan leasing activity declined on an annual basis, while available inventory remained below typical seasonal levels. Meanwhile in Brooklyn, signed lease activity declined year-over-year, reaching the lowest May total in three years.

The market slowed versus last year amid shifting market dynamics. Inventory dips for first time in a year.

Manhattan contract activity declines and average days on market falls. Average price per square foot displays uptick despite more negotiability.