Manhattan's housing market has dramatically declined since 2019, with prices falling and the borough now ranking 15th among U.S. counties. Home values in the Bronx, Brooklyn, Queens, and Staten Island have fluctuated, with most suburbs experiencing rises in property values due to a pandemic-driven migration to less densely populated areas. For example, Monmouth County, NJ, saw a 63% increase in home prices. Economic factors and high inventory levels in Manhattan suggest that the trend in declining property values may continue, according to experts.
Wealthy people fled to the suburbs and remained there even after the world returned to normal. This pushed their home values above those of once-mighty New York City.
In Brooklyn, homes appreciated by about $104,383 from an average of $762,954 in 2019 to $867,337 in 2025, even though Kings County fell from 14th most expensive county to 33rd nationally.
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