What’s Listing And What’s Selling Right Now In NYC’s ‘Discerning But Liquid’ Real Estate Market

In its July 2023 Market Update, Midtown-based brokerage Elegran described the Manhattan and Brooklyn markets as “neutral, where neither buyers nor sellers have a significant advantage.” While decreasing supply and a sharp decline in median listing discounts may point toward a seller’s market, a retreating demand and median price per square foot favor buyers.

Just under 1,000 contracts were signed in Manhattan in June, or a sizable 14% decrease from the month before, while supply decreased by 3% to 7,300 listings, according to the update. Despite a quieting demand, sales above asking price increased 12% from Q1. In Brooklyn, demand similarly shrunk, down 8% with 670 contracts signed, and supply dropped 1% to 3,250 listings.