It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for May 2025 in Manhattan and Brooklyn. 

To view the full NYC sales market monthly update for May 2025, click here. And to view stats for the previous month, click here. 

Key Points

Manhattan 

There were signs of a start of a slow down for the month of May. Contracts signed were down both year over year (6%) and month over month (7%). This was the first annual decline for signed contracts in the borough since May 2024. 

Inventory held relatively steady but was slightly above the 10 year average (4%) which was good news for buyers. And prices saw growth on both an annual and monthly basis thanks to a higher share of sales in excess of $2500 per square foot. 

But overall the market seems to have shifted somewhat back to buyers. The negotiability factor stood at 3.3% below the last asking price (compared to 2.2% last month).

Brooklyn 

Brooklyn likewise saw signs of a cooldown. While contracts signed were up 8% compared to April, they tumbled 11% compared to last May (the lowest May in 5 years). Inventory slipped just a bit – 2% both annually and monthly. But it was still at much higher rates compared to what was seen in the winter and early spring. 

Pricing was a mixed bag for sellers. Prices were up on an annual basis but down compared to the prior month. This was largely due to fewer sales in more affordable markets like South Brooklyn and Crown Heights. 

Overall, the market remained competitive for buyers with the negotiability factor sitting at 1.0% above asking. This was the fifth month in a row that it’s been above the last asking price.  

What’s Next

In line with seasonality, we’re likely to see a summer slowdown starting in June. There’s a chance the decrease in activity may not be as pronounced as it typically is in places like Manhattan. Interest rates have started to back off recent highs. So that combined with robust inventory and persistently high rents may encourage some buyers to keep looking. 

The same may not be true for Brooklyn. Although inventory is better than it was in the winter and late fall, it’s not really anything to write home about. So that combined with high interest rates might discourage some buyers from continuing their search. A lot will depend on what their rental market options look like by comparison. If prices continue to go higher, some might try to see what their options in the sales market could be. 

If you’re thinking of trying to own your slice of the Big Apple, make sure you’re prepared! Get pre-approved! Understand your finances! And get my FREE First Time Buyer’s Guide!