Manhattan Home Prices Are Falling
According to the New York Post, Manhattan real estate prices are going down, making it a rare time for buyers to find a deal. In January, the median asking price for a home in Manhattan was $1.55 million—a 6.3% drop from the previous year. Some experts believe this could be a good time to buy in Manhattan, but high interest rates might make it challenging for some buyers.
The Outer Boroughs Are Getting More Expensive
While Manhattan prices are declining, home prices in the other boroughs are climbing. Brooklyn’s median price hit $1.1 million in January, a 4.8% increase. Queens saw an even bigger jump, with prices rising 12% to $700,000. Staten Island and the Bronx also saw gains, with median prices increasing by 11.9% and 6%, respectively. More buyers are looking outside Manhattan for better value, choosing areas that still offer easy access to the city but with more space and a sense of community.
Why Prices Are Changing
Experts say people are searching for affordability, which is driving demand in Brooklyn, Queens, and other outer boroughs. Limited housing supply is also pushing prices higher, creating bidding wars in popular areas like Park Slope. Meanwhile, high rents in Manhattan—averaging $5,368 per month—are encouraging more people to buy instead of renting. With fewer homes available and more competition, prices in the outer boroughs are expected to keep rising.
