NYC Property Prices – Up or Down? 

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Are NYC real estate prices dropping? Many potential buyers repeatedly ask this question to find the best time to enter the market. As per the NYC Comptroller report, median home values in the city were falling at the beginning of the year. However, if we look at the “All-Transactions House Price Index for New York,” it has risen for both the first and second quarter of 2024, and the upward momentum is not waning, which indicates that the prices are still going up. However, another report suggests that the median asking price has remained steady between April and September (at $1,1 million).

Price trends also differ for different groups. If we break down the contract prices for homes sold in the city into three segments, the top 33% may have the weakest momentum, while the bottom 33% may have the highest price growth momentum. 

Graphical representation of NYC property price trends showing fluctuations in co-op and condo markets.
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Prices in Manhattan and Brooklyn and For Different Property Types

The median sales price fell between Q2 and Q3 (marginally) for both Brooklyn and Manhattan. However, considering the latest fall season reports, it is going back up. The trend was held for co-op and condos in both boroughs, but in Brooklyn, the prices of 1-3 family homes rose in value. This is also endorsed by the Redfin price aggregator, which indicates that prices fell (compared to last year) for condos and co-ops and rose for townhouses. Zillow index mimics Redfin on the average pricing but not in the co-op and condos and indicates a rising price there as well.

Despite the conflicts, we can infer that the prices are either going up or holding steady (on average, not going down). 

It’s essential to consult a New York City broker to identify pricing trends for neighborhoods and the property type you are trying to buy.

Also Read: How To Set The Right Asking Price For Your Co-op


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