October's NYC real estate market tells a much more interesting story than simply saying sales slowed down.

In Manhattan, 885 contracts were signed, an 8.5% decline from last October. Yet the median closed sale price increased 8.6% to $1.19 million, and properties going into contract spent just 70 days on the market compared with 88 days last year. Fewer transactions, but faster decisions.

Brooklyn experienced a sharper slowdown, with contracts falling 14.5% to 253. The biggest declines were below $2 million, where contracts dropped 17% to 20%. Meanwhile, the median closed sale price increased slightly to $856,000, even as the price per square foot declined 8%.

But the most interesting shift was between condos and co-ops.

Manhattan condo contracts fell 20.3%, while co-op contracts increased 3%. In Brooklyn, condo contracts declined 25.9%, while co-op contracts rose 9.7%.

And luxury wasn't immune to the slowdown, but there were exceptions. Brooklyn condos priced between $2 million and $4 million saw contracts increase 16.7%, while Manhattan condo contracts above $10 million increased slightly.

Why does this matter?

With mortgage rates above 7%, buyers are paying closer attention to their total monthly costs. Purchase price is only part of the equation. Maintenance, common charges, taxes, assessments and renovation costs can dramatically change what a home actually costs to own.

The result is a market where buyers are making very different decisions depending on their budgets and property types.

For sellers, the biggest mistake is assuming that because Manhattan's median price increased 8.6%, your apartment is automatically worth 8.6% more. Median prices reflect what sold, not necessarily how much an individual property appreciated.

For buyers, fewer contracts don't automatically translate into better deals. Manhattan properties are going into contract 18 days faster than last year, while certain segments of Brooklyn are experiencing meaningful declines in activity.

There isn't one NYC real estate market, and October made that especially clear.

At Decode, we look beyond the headlines to understand where demand is shifting, where pricing is holding, and where opportunities are emerging.

What surprised you most about October's numbers?

October 2026 | Manhattan & Brooklyn
Source: Marketproof | Decode Real Estate

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