Q1 2026 NYC Market Report

April 13, 2026

Manhattan | Brooklyn | Queens | The Bronx

The first quarter of 2026 marked a dynamic start to the year across New York City’s real estate market. Increased transaction activity, rising rental demand, and shifting pricing trends all point to a market that is active — but more selective.

While higher-priced markets experienced some pricing adjustments, more affordable boroughs continued to show resilience, driven by steady demand and accessibility. Across both sales and rentals, one theme is clear: buyers and renters are engaged, but more strategic than ever.

Manhattan Market Overview

Manhattan remained the city’s most active and highest-value market in Q1, leading in both transaction volume and pricing. However, the data reflects a shift in leverage.

While activity remains strong, pricing saw modest declines, and properties are spending more time on the market. Discounts from initial ask have widened, signaling increased negotiating power for buyers.

On the rental side, demand remains elevated. Rents continued to climb year-over-year, and leasing activity stayed consistent, reinforcing Manhattan’s position as the city’s most competitive rental market.

Insight:
Manhattan is still the benchmark market — but it’s no longer one-sided. Buyers have more room to negotiate, while renters continue to face upward pricing pressure.

Brooklyn Market Overview

Brooklyn’s market remained highly active in Q1, with strong transaction volume and steady demand across both sales and rentals.

On the sales side, pricing softened slightly, reflecting a more value-conscious buyer pool. Despite this, price per square foot increased year-over-year, suggesting continued long-term strength in the borough.

Brooklyn’s rental market continues to stand out. Rents increased, leasing activity remained strong, and properties moved quickly — all indicators of sustained demand.

Insight:
Brooklyn is showing balance. While buyers are more price-sensitive, demand hasn’t disappeared — it’s just more disciplined. Rentals remain a standout strength.

Queens Market Overview

Queens delivered one of the strongest performances this quarter, particularly on the sales side. Transaction volume remained solid, and median pricing increased year-over-year, signaling continued demand in more accessible price ranges.

Rental activity also saw steady growth, with rising rents and stable leasing timelines. Compared to Manhattan and Brooklyn, Queens continues to offer a more attainable entry point for both buyers and renters.

Insight:
Queens continues to benefit from its relative affordability. As buyers adjust expectations in higher-priced markets, demand here remains consistent and increasingly competitive.

The Bronx Market Overview

The Bronx remains one of the most affordability-driven markets in New York City, and that positioning continues to attract steady demand.

Sales activity showed strong growth in average pricing year-over-year, even as median prices remained relatively stable.

On the rental side, the market remained fast-moving, with shorter days on market and continued rent growth from a lower pricing base.

Insight:
The Bronx is gaining traction. As affordability becomes a larger factor across NYC, this market is seeing increased attention from both buyers and renters.

What This Means Moving Forward

Q1 data reflects a market in transition — not slowdown.

Buyers are more strategic, with greater negotiating power in higher-priced markets
Sellers are adjusting expectations, particularly in Manhattan and Brooklyn
Renters continue to face strong competition, especially in core markets
More affordable boroughs are gaining momentum as demand shifts

As we move into Q2 and the spring market, we expect increased activity, stronger absorption, and continued competition — particularly in well-priced, well-positioned properties.