Here’s where real estate prices are dropping in NYC this year: reports

The price is right – in one Big Apple borough. 

Manhattan home prices have nosedived while median costs in the outer boroughs are surging, new data shows. 

Manhattan’s median asking price of $1.55 million this January sank 6.3% since the same period last year, according to StreetEasy. 

“Prices have come down in Manhattan, so it’s a good time to get a good deal – if you can stomach the interest rate,” Emily Ackerman, a real estate agent from Compass, told The Post.

The other four boroughs saw prices soar.

Brooklyn’s $1.1 million median pricetag was up 4.8% in January, compared to the same month last year.

In Queens, the $700,000 median asking price was a whopping 12% higher than a year ago.

Staten Island saw an 11.9% surge, when comparing the $727,000 median price in February to the same month in 2024.

The median home price in the Bronx reached $340,000 this year, up 6% from the year before.

“I think there’s a bigger picture at play here, when it comes to Manhattan asking prices declining – and that really comes down to the outer boroughs,” Corcoran real estate agent Andrea Kelly said.

“When you’re talking about increasing median prices for properties in Brooklyn and Queens and Staten Island, it’s because people right now are value seeking . . . people are just really excited at the idea of getting more for their money and still being within reach of all the Manhattan experiences.

“Even out-of-state buyers have been asking more for Brooklyn and Queens because they’re primary destinations now. They can experience all of the perks of Manhattan, but then you’re able to come back to a quieter, less hectic, cool, community-oriented neighborhood. It’s what buyers are looking for now more than ever,” she said.

Overall, property inventory across the five boroughs fell 3.5% year-over-year, to 14,840 units for sale citywide as of January, according to StreetEasy, which noted heightened buyer competition particularly in Brooklyn. 

“Right now, when a two-bedroom in Park Slope goes on the market, if it’s priced correctly – automatic bidding war,” Kelly said with a snap of her fingers. 

“When you have a lack of inventory and a demand for inventory, it drives prices up. So that’s what we’re seeing with those increases in the outer boroughs,” she said. 

And people are fed up with dishing out absurd amounts in monthly rent, Kelly noted. 

In February, the average Manhattan rental price was $5,368 per month – nearly four times the national average, according to RentalRealEstate. 

“It’s really, really tough for people to rent in the city right now, and if they have the means to buy, they’re coming to the conclusion that it is probably in their best interest to do so,” Kelly said.