August 2026 NYC Real Estate Market Report: Manhattan & Brooklyn | Randy Baruh

August 2026 NYC Real Estate Market Update from Randy Baruh

In his latest New York City real estate market update, Randy Baruh breaks down what happened across Manhattan and Brooklyn in August 2026.

August brought the expected late-summer slowdown in contract activity, but pricing remained relatively resilient across both boroughs. Inventory continued to contract, particularly in Manhattan, where active supply was down more than 23% from one year ago.

One of the most notable figures this month was just how close median pricing became between the two boroughs. Manhattan’s median sale price was $1.24 million, while Brooklyn’s reached $1.225 million, a difference of just $15,000.

The NYC Market at a Glance

Across both boroughs, contract activity slowed in August. Manhattan contracts declined 12.3% year over year, while Brooklyn contracts fell 14.9%. Inventory also remained below last year’s levels, down 23.5% in Manhattan and 8.3% in Brooklyn.

Manhattan: Limited Inventory and a Resilient Median Price

Manhattan’s average sale price came in just above $2 million in August, down 6.9% from one year ago. The median sale price moved in the opposite direction, rising 3.3% year over year to $1.24 million.

The average price per square foot declined 3.5% to $1,480, while properties entering contract spent an average of 98 days on the market, nearly unchanged from last August. The average discount remained 6%.

Inventory was one of the most significant Manhattan market stories of the month. There were 4,946 active listings, representing a 23.5% decline from August 2025 and a 13.4% decrease from July.

Contracts signed totaled 746, down 19.4% from July and 12.3% from one year ago. Closed sales were more resilient, however, increasing 3.6% annually to 1,153 transactions.

Brooklyn: Higher Prices Despite Slower Activity

Brooklyn’s average sale price increased 6.5% year over year to approximately $1.56 million, while the median sale price rose 2.2% to $1.225 million.

That brought Brooklyn’s median within just $15,000 of Manhattan’s for the month, although Manhattan continued to command a substantially higher average price and price per square foot.

Brooklyn’s average price per square foot was $1,016, down 1% annually. Properties spent an average of 83 days on the market, slightly faster than the 85-day average recorded one year earlier.

Inventory declined 8.3% year over year to 3,243 listings. Contracts signed fell 14.9% annually and 19.3% from July, while closed sales were nearly flat at 816. Brooklyn properties sold at an average discount of 4% from their original asking price.

The Condo Market

Manhattan condos recorded an average sale price of approximately $2.52 million, down 13.3% from August 2025. The median sale price declined 2.3% to just under $1.75 million, while average price per square foot fell 5.2% to $1,694.

Condo inventory declined 21.3% year over year, and contracts signed were down 10.6%. Closed sales, however, increased 4.9% to 514 transactions.

Brooklyn condos moved somewhat differently. The average sale price increased 3.5% annually to approximately $1.56 million, while the median rose 4.2% to $1.344 million.

Inventory fell 9.1%, contracts signed declined 16.2%, and condo sales were down 12.5% compared with last August. The average price per square foot was $1,318, down 6.6% year over year.

Co-ops Were a Standout Segment

Manhattan co-ops showed relatively strong year-over-year pricing in August. The average sale price increased 9.1% to approximately $1.46 million, while the median rose 8.2% to $898,250.

Average price per square foot climbed 7.5% to $1,155, and closed sales increased 4%. Inventory, meanwhile, declined 27% from August 2025.

Brooklyn co-ops posted even larger pricing gains. The average sale price rose 20.5% annually to $912,348, while the median increased 16.1% to $580,000.

Contracts signed increased 4.3% year over year, and closed sales rose 6.5%. Inventory declined a comparatively modest 2.3%.

Manhattan Townhouses and Brooklyn Houses

Manhattan’s townhouse market remained highly sensitive to its relatively small number of monthly transactions.

The average townhouse sale price was approximately $9.72 million, up 7.9% year over year, while the median declined 34.7% to $6.2 million. Only 11 townhouse sales were recorded during the month, down 42.1% from one year ago.

Townhouses entering contract spent an average of 172 days on the market and sold at an average discount of 14%. Just eight contracts were signed during August.

Brooklyn houses recorded an average sale price of approximately $1.88 million, up 6.1% annually, while the median rose 1.1% to $1.485 million.

Average price per square foot increased 13.7% to $814, and closed sales rose 6.2%. Inventory declined 10.1%, although contracts signed fell 23.9% compared with August 2025.

Randy Baruh’s Take on the August NYC Real Estate Market

For buyers and sellers, the August numbers reinforce just how segmented the New York City real estate market remains.

Limited inventory continues to support values in many neighborhoods, particularly in Manhattan, where supply was down sharply from last year. At the same time, declining contract activity shows that buyers are still selective and are not simply chasing every property that comes to market.

Brooklyn also remains highly competitive in the right segments. Its median sale price came remarkably close to Manhattan’s in August, while properties generally sold faster and with a smaller average discount.

For sellers, that makes pricing strategy especially important. Reduced inventory can create leverage, but the market continues to distinguish between properties positioned correctly from the start and those priced aspirationally.

For buyers, opportunities still exist, particularly where a property has spent more time on the market or where seller expectations have not yet adjusted to current conditions.

What This Means for Buyers and Sellers

For buyers, lower inventory means preparation remains important. Being ready with financing, understanding neighborhood-level pricing and moving decisively when the right property appears can make a meaningful difference.

At the same time, Manhattan’s 6% average discount and Brooklyn’s 4% average discount suggest that there is still room for negotiation depending on the property and price point.

For sellers, August’s results reinforce the importance of launching at the right price. Limited supply can support values, but slower contract activity means buyers remain disciplined.

Looking Ahead to the Fall NYC Real Estate Market

August was characterized by fewer available homes, slower contract activity and relatively resilient pricing across both Manhattan and Brooklyn.

Manhattan’s inventory contraction was particularly pronounced, while Brooklyn continued to post year-over-year gains in both its average and median sale prices. Co-ops emerged as one of the stronger segments in both boroughs.

With September marking the beginning of the traditional fall listing season, the next major question will be whether new inventory returns to the market and whether renewed buyer demand is strong enough to absorb it.

For anyone considering a move this fall, the headline numbers are only part of the story. Conditions can vary significantly by neighborhood, building, property type and price point.

Thinking about buying or selling in Manhattan or Brooklyn? Contact Randy Baruh for a personalized perspective on the current NYC real estate market and what these trends may mean for your next move.