Sales were down for the first quarter when compared to Q1 2025. In Manhattan, the company had 2,458 closed sales, down 15.9% from the previous year. In Brooklyn, there were 2,152 closed sales, down 20.2% year over year.
Even with sales down, prices continued to increase. Manhattan median prices reached $1.285 million, up 8% from Q1 2025 and 10.8% from Q4 2025. Brooklyn’s median price was $1.009 million, down 2.2% from last year but up 1.2% from the fourth quarter.
One silver lining in the report was an increase in inventory in the city, which one agent said could set things up for a strong second quarter.
Kevelyn Guzman (pictured top), regional vice president of Coldwell Banker Warburg, is hopeful that the spring buying season could be a successful one, despite the higher interest rates.
“The market seems to be recalibrating rather than slowing down,” Guzman told Mortgage Professional America. “Inventory was up almost 20% quarter-over-quarter, so buyers have more options, but price per square foot remained more or less the same, as did discounting. The combination of increased supply but unchanged prices sets things up for a competitive, and hopefully healthier, spring market.”