Manhattan's median home price has dropped 6.3% to $1.55 million, while Brooklyn and Queens enjoy surging prices, with increases of 4.8% and 12% respectively. Real estate experts attribute this trend to buyers seeking better value in the outer boroughs for a quieter lifestyle that still offers access to Manhattan. Notably, buyer competition in Brooklyn has increased alongside a decrease in property inventory citywide. This shift highlights changing preferences among homebuyers, with properties in boroughs outside Manhattan becoming more desirable.
Prices have come down in Manhattan, so it's a good time to get a good deal - if you can stomach the interest rate,
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.
When you're talking about increasing median prices for properties in Brooklyn and Queens, it's because people right now are value seeking.
Even out-of-state buyers have been asking more for Brooklyn and Queens because they're primary destinations now.
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