Brooklyn Emerges as Key Market for Buyers and Renters Amid NYC Housing Shifts

New York City’s for-sale housing market remained resilient in April, with Brooklyn and Manhattan leading the way in new listing activity, according to StreetEasy’s latest market report. Despite continued financial market uncertainty, buyer activity remained strong, marking the eighth consecutive month of year-over-year gains in contract signings.

A total of 2,192 homes entered contract citywide, a 10.9% increase compared to April 2024. While contract activity briefly dipped during Easter week, every other week of the month showed annual growth. Homes spent a median of 54 days on the market, one day faster than the same time last year.

Brooklyn and Manhattan led the city in new for-sale listings, signaling continued seller confidence in these boroughs. Citywide, 4,193 homes were listed for sale, down just 1.1% from a year earlier. Though sellers showed slightly more caution, homes still entered the market at nearly double the rate of contract signings, giving buyers more options and stronger negotiating power.

“Financially prepared buyers” were a key driver of the market, according to StreetEasy, even as mortgage rates fluctuated. Rates peaked at nearly 7% early in April before easing to 6.8% by month’s end—still below highs seen in 2024.

In the rental market, the citywide median asking rent rose 3.9% year-over-year to $3,850, the highest on record since StreetEasy began tracking in 2010. Manhattan fueled much of that growth, with its median rent hitting a record $4,500, up 2.4% from last April. Rental inventory in Manhattan dropped 5.9%, to just 15,209 available homes, tightening supply and pushing prices higher.

Brooklyn, however, offered a stark contrast. Rental inventory in the borough rose 6.7% year-over-year to 10,901 listings, driven in part by new developments. This growing supply is attracting renters who are priced out of Manhattan, making Brooklyn an increasingly appealing alternative.

With more affordable options and expanded inventory, Brooklyn, Queens, and the Bronx are meeting rising demand as affordability remains a top concern for many New Yorkers.

As summer approaches and Manhattan rents continue to surge, StreetEasy expects more renters to look to outer boroughs for better value. Meanwhile, Brooklyn remains a standout in both the buying and renting markets, emerging as a top destination amid ongoing economic uncertainty.