The NYC market moved forward in March. Contract activity increased, pricing held steady, and inventory expanded seasonally, all signs of a stable market as we enter the spring season. After a prolonged adjustment to higher borrowing costs, buyers and sellers are increasingly aligned on expectations, helping drive transactions.
In Manhattan, median price per square foot rose to $1,387, up 0.58% from February, though still 1.35% below March 2025 levels. In Brooklyn, median price per square foot held steady at $1,074, following a notable 6% increase in February. Despite ongoing discussion about interest rates, the data does not show broad-based price declines in either borough. Well-positioned properties attract interest when priced appropriately relative to competing inventory.
Median days on market in Manhattan increased to 94 days, up 10.59% from February, but slightly improved year-over-year. In Brooklyn, days on market rose more modestly from February, increasing 7.89% to 82 days, though this represents a 26% increase compared to March 2025. Buyers are taking more time to evaluate options as new listings come online for the spring market, but deals are getting done.
Contract activity is the clearest indication of demand. March ended with 3,011 properties in contract in Manhattan, representing a 10.82% increase month-over-month and a 2.59% increase year-over-year. Brooklyn contract activity increased 1.80% from February to 1,629 properties in contract, though this represents a 9.55% decrease year-over-year. Despite headlines suggesting hesitation, buyers are moving forward. Manhattan’s high share of all-cash purchases, particularly at higher price points, reduces sensitivity to short-term interest rate fluctuations.
Inventory increased to 5,966 listings in Manhattan and 3,249 listings in Brooklyn, up 12.84% and 13.64% from February, respectively. This reflects the typical seasonal increase heading into spring. Even with this increase, Manhattan inventory remains 9.55% below last year’s level, reinforcing the longer-term pattern of constrained supply. Brooklyn inventory is roughly in line with last year.
At the higher end of the market, notable transactions demonstrate demand for distinctive properties. A full-floor residence at the Flatiron Building entered contract for approximately $30.5 million. 50 West 66th Street, Unit 53N is in contract after asking $35 million. 105–107 Bank Street, a combination of two townhouses into a single expansive residence, is in contract after asking $75 million. If it closes near that level, it would rank among the most expensive downtown sales on record.
Office-to-residential conversions are expanding the future housing pipeline and represent one of the most meaningful structural shifts to supply in years.
While headlines often emphasize uncertainty, the underlying data tells a more measured story:
Media Narrative vs Market Reality
Narrative: Buyers are on the sidelines because of interest rates
("Crucial Home Selling Season Off to a Sour Start", WSJ 4/13/26)
Reality: Contract activity increased 10.82% month-over-month in Manhattan, demonstrating continued engagement despite borrowing costs
Narrative: Prices are falling
("US existing home sales hit nine-month low in March", Reuters 4/13/26)
Reality: Median price per square foot increased from February and remains broadly stable year-over-year
Narrative: Luxury demand is weakening
("Ultraluxury NYC condo has seen homes languishing for years", NYPost, 3/26/26)
Reality: Trophy transactions such as the $30.5M Flatiron deal, the $75M Bank Street property, and 50 West 66th 53N show strength at the high end
Narrative: Sellers are being forced into price cuts
("Real Estate Market Trend in New York, NY: Prices Fall", Realtor, 4/11/26)
Reality: Sellers are pricing appropriately at the outset, creating a more orderly negotiation environment
The takeaway is straightforward: the New York City market is active, balanced, and gradually gaining momentum.
