Are NYC property prices dropping? The answer is both yes and no, and it depends on what you are buying and where you are buying. According to Zillow, the market rose by over 3% in the last year. Redfin, in contrast, showed a rise of 0.7% in year-over-year median sale price.
Property Price Trends Through 2024
Assuming that the 2024 trends and momentum will carry into 2025, we can get some idea of whether NYC property prices are dropping from data available on Streeteasy.
The median recorded price saw the opposite trend. It kept rising for most of the year for all property types but fell for almost all boroughs, though the slump was weakest for Brooklyn.
The median recorded prices for single-family homes kept rising (though very subtly) for all boroughs except Manhattan.
The asking prices for all property types kept rising for all boroughs, though the trend was strongest in Queens and weakest in the Bronx.
Streeteasy records show co-op prices dropping (both asking and median recorded price), but their trend report for 2025 indicates a strong comeback. In contrast, condo median asking price trends varied by borough, going up for Manhattan and Queens and down for Brooklyn and Bronx. The overall price index was down for all boroughs except Manhattan.
While a New York City broker may give you more relevant insights, zeroed in for the neighborhoods you are planning on buying in, we can make an educated guess that the prices in general may not drop or drop significantly.
Prices are less likely to go down in Manhattan and Brooklyn, but they may vary more significantly across neighborhoods in other boroughs.
