UrbanDigs,<\/a> a New York City real estate analytics firm.<\/p>\nThe report contrasted snapshots of Manhattan and Brooklyn sales inventory in June 2023 to June 2026 in four price ranges: under $1 million, $1-$2 million, $2-$4 million, and $4 million-plus.<\/p>\n
\u201cOver the past three years, Manhattan\u2019s under-$1 million is the only price band bringing more new listings to market than it did in June 2023, up 8.9 percent, while $2-4 million new listings have shrunk 18.3 percent, the steepest drop of any tier.\u201d Sellers in that $2-4 million band \u201cappear to be sitting out,\u201d he said.<\/p>\n
Brooklyn showed a mirror image, Walkup said. Its $4 million-plus tier has more than doubled its new-listing volume, up 111.5 percent, and $2-4 million is up 31.1 percent, while under-$1 million is the only tier bringing less supply to market than three years ago, down 5.2 percent, he wrote.<\/p>\n
Why are the markets reversed?<\/p>\n
Walkup said the growth in listings \u201cappears concentrated where sellers are more confident they can get their price.\u201d<\/p>\n
Brooklyn\u2019s under-$1 million sector is the exception to this rule. Supply there \u201cis slipping, and that is where the two boroughs diverge most sharply,\u201d he wrote.<\/p>\n
A mortgage lock-in effect may also be playing a role in Brooklyn: Sellers with low mortgage rates are reluctant to list properties if it means they must borrow at a higher rate to buy somewhere else, \u201cparticularly if prices have not fallen enough to justify a move,\u201d Walkup wrote.<\/p>\n
This does not mean the Brooklyn market is unhealthy, he wrote. Buyers and sellers are reacting differently across price tiers rather than one side pushing the market in a single direction, he wrote.<\/p>\n
Manhattan properties under $1 million showed \u201cstability,\u201d Walkup told Brick. \u201cIt was the only Manhattan price tier to show a positive change, while the higher tiers were generally slipping.\u201d<\/p>\n
Most of the supply at this price level comes from resales of small co-ops and condos, namely studios and one bedrooms. The amount of new development listings under $1 million is a tiny fraction.<\/p>\n
If there was any lock-in effect in this price range, it was likely \u201cunlocked by life,\u201d Walkup said. Sellers had to make a move for reasons that outweighed any other consideration.<\/p>\n
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