Activity in Manhattan's rental market slowed in March versus last year as the median rent of $4,706 remains near a record high. In contrast, leasing activity in Brooklyn jumped 17% year-over-year, reaching its highest March figure since 2021.

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 luxury sales continue to rise as inventory declines. Days on market and average price per square foot increased versus 2024.

Active listings rose by 12% year-over-year, the 11th consecutive month without declining inventory in Brooklyn. However, the number of listings was still the second lowest inventory for March in at least eight years.

Strong Manhattan contract activity as average days on market falls. Average price per square foot rose while negotiability tightened.

The Manhattan market is off to an exceptional start in 2025. For the fourth time in two decades, all key demand indicators have improved in the first quarter, with sales surging 14% and sales volume skyrocketing to over $6 billion.

In February, Manhattan's rental market experienced one of the lowest vacancy rates in three years. Brooklyn's rental market also experienced lower-than-usual February lease numbers while available inventory experienced its first annual decline in nearly three years.