The April market did not dramatically change course, but the tone did shift slightly. March was about broad Spring momentum returning to the market. April felt more selective. Buyers remained active across both Manhattan and Brooklyn, but they became increasingly price sensitive as inventory expanded and more choices became available. Well-positioned properties continued to move, while those aspirationally priced faced more resistance.
In Manhattan, the median price per square foot rose to $1,463, up 5.48% month-over-month and 4.05% year-over-year. That increase was driven in part by continued strength at the high end of the market, where contract activity remained elevated. Manhattan recorded 1,112 signed contracts in April, up 3% from March, including 143 deals above $4 million and 36 above $10 million. Luxury buyers continue to transact at a pace that contradicts many broader narratives about hesitation or economic paralysis.
Brooklyn showed a more mixed pricing picture. Median price per square foot declined 4.66% month-over-month to $1,024 after several months of strength, though contract activity remained stable. Pending sales increased modestly by 1.04% to 1,656 properties in contract despite a meaningful increase in inventory. That combination suggests demand is still present, but buyers are exercising greater leverage and patience as more listings come to market.
Inventory growth was one of the defining themes of April. Manhattan supply increased to 6,597 listings, up 10.58% from March, while Brooklyn inventory climbed to 3,554 listings, up 9.39%. Unlike earlier in the year, buyers are no longer competing over a severely constrained pool of inventory in many segments of the market. The result is a healthier market overall, but a more competitive environment for sellers, where pricing strategy and presentation matter more than they did six months ago.
At the same time, market liquidity remains solid. Median days on market in Manhattan fell to 91 days, down 3.19% from March, while Brooklyn declined to 78 days, down 4.88%. Buyers may be more selective, but they are still moving quickly when value feels clear relative to competing inventory.
The upper end of the market continued to produce outsized activity and headline transactions. Manhattan luxury contracts remained concentrated in new development and turnkey products, particularly on the Upper East Side, Downtown, and along Billionaires’ Row. The number of signed contracts above $10 million in April, 36 in total, would have been considered exceptional for a Spring month only a few years ago.
One of the clearest trends emerging this Spring is the growing divide between “best-in-class” inventory and everything else. Renovated apartments with efficient layouts, great light, and realistic pricing continue to generate competition. Properties requiring substantial work or priced too are sitting longer and seeing more negotiation.
While headlines continue to emphasize uncertainty around rates, recession risk, and the broader economy, the actual market data tells a more measured story.
Media Narrative vs Market Reality
Narrative: Buyers are pulling back because of economic uncertainty (New York Post, “Homebuyers, sellers growing cautious over increasing mortgage rates”, May 8, 2026)
Reality: Manhattan signed contract activity remained strong at 1,112 deals in April, while pending sales increased in both Manhattan and Brooklyn. Buyers are still transacting, they are simply more selective than they were during the post-pandemic surge.
Narrative: Rising inventory means the market is weakening (Redfin News, “America’s Housing Market Favors Buyers …”, May 12, 2026)
Reality: Inventory growth this Spring appears much more seasonal than distressed. Even with supply increasing, days on market declined in both boroughs, suggesting that well-priced properties are still being absorbed efficiently.
The takeaway from April is relatively straightforward. The market is not euphoric, but it is functioning well. Buyers remain active, luxury demand continues to outperform expectations, and increased inventory is creating a more rational environment overall. In many ways, this is what a healthier New York City market looks like: active, selective, and increasingly driven by fundamentals rather than urgency.
Best Wishes,
Boris Fabrikant, Esq and Collin Bond, Esq.
