While real estate prices in New York City are slowly trending downwards, some sections of the market began to thrive last month.
StreetEasy recently released their January 2020 market report for Manhattan, Brooklyn and Queens. According to their findings, home prices on the Manhattan market continued to fall, decreasing 2.8% to $1,089,060. Homes that were on the market stayed there for nearly four months (119 days), a length of time that has not been seen since 2012.
However, despite the decrease overall, certain subsections of the Manhattan market are continuing to climb upwards. According to StreetEasy, the bottom 20% of the Manhattan market rose 8.9% to $480,438. However, this subsection of the market had only 1,005 homes listed, the least compared to the higher subsections of the market.
“Even as the city experiences a slowdown in the sales market, the cost of entry to homeownership continues to move further out of reach for many potential buyers,” says StreetEasy Economist Nancy Wu. “Demand for affordable housing options is consistently strong. But it’s likely that first-time buyers and those with lower budgets will feel the competition even more acutely this upcoming home shopping season.”
Queens also saw some dips in January. Price growth for the borough has slowed down significantly, stagnating at $507,322 in January 2020, despite the steady growth that the Queens between 2012 and 2019. Queens also had smallest share of price cuts of all boroughs analyzed with 9.6% of homes getting a discount in January.
Brooklyn was the only borough that StreetEasy analyzed that saw price increases last month, if only slightly. Prices rose 1.4% to $707,436, which marks the first increase in the borough since late 2018. However, with the price growth finding a Brooklyn home with a discount became harder to find — StreetEasy found that one in 10 Brooklyn homes for sale had a price cut last month.
Read the full report at streeteasy.com.