It’s time to take a look at the NYC real estate market update for Q1 2026. 

To view the full reports, visit the links below:

Corcoran NYC Real Estate Market Update Q1 2026 – Manhattan

Corcoran NYC Real Estate Market Update Q1 2026 – Brooklyn 

To check out stats from the prior quarter, click here. 

The Breakdown

Manhattan

The year for real estate in Manhattan got off to a mixed start. The median price rose to $1.278 million thanks to more sales over $3 million. These higher priced sales also impacted the average price per square foot which was up 2% compared to the last quarter and 4% compared to the prior year

Inventory remained flat compared to the prior quarter, which is atypical. We usually see an uptick in listings to kick off the year. But a very low number of new development launches plus more sellers holding off kept inventory levels muted. 

Although closings were up year over year, the pace of sales was slower to kick off 2026. Contracts signed were down 8% compared to Q4 2025 and down 11% compared to the prior year.

Brooklyn

The sales market likewise got off to a mixed start in Brooklyn.

The median price was up 4% both year over year and quarter over quarter, landing at $825,000 

And the average price per square foot hit a near record high thanks to a larger number of sales over $2 million. 

There was actually some good news for buyers to kick off the year. Inventory grew by double digits on both an annual and quarterly basis. 

But despite more options, the market appeared to lose momentum towards the end of the quarter. Closed sales were down both year over year and quarter over quarter. And signed contracts saw one of its steepest annual declines in more than two years.

The Takeaway

The hopes for a much improved year were dashed with a relatively lackluster performance. It’s unclear if it’ll continue into the second quarter, but there are already some anecdotal signs that it will continue. The main reason? The continued uncertainty caused by the conflict in the Middle East and fears about how it will impact the economy for the remainder of the year. However, if a resolution seems like it may finally be emerging along with a clearer economic picture, we could see the start of a turnaround in the next quarter.