April 06, 2025
It’s not often we say this, but right now might be the time to get a deal in Manhattan.
According to new data from StreetEasy, Manhattan’s median home asking price dropped to $1.55 million this January — a 6.3% decline compared to the same time last year. That’s a notable dip for the borough long known as NYC’s priciest. But before you assume the whole city is cooling off, the rest of the data tells a different story.
While Manhattan’s market softens, the outer boroughs are on the rise. Brooklyn saw a 4.8% increase year-over-year, with a median price of $1.1 million. Queens jumped a massive 12% to $700,000, and Staten Island followed closely with an 11.9% increase to $727,000. Even the Bronx climbed 6%, hitting a median price of $340,000.
So what’s driving this shift?
It boils down to buyer behavior. More and more people are moving with value in mind. They want space, charm, and community — without sacrificing access to Manhattan’s lifestyle. Neighborhoods in Brooklyn, Queens, and Staten Island offer just that. Buyers (even out-of-state ones) are turning their attention to these areas where they can stretch their budgets further.
As a licensed NYC contractor and someone who's hands-on in the real estate space, I’m seeing the same thing on the ground. There’s high demand in neighborhoods like Park Slope, where a well-priced two-bedroom triggers instant bidding wars.
The lack of inventory is only making competition fiercer — StreetEasy reports a 3.5% decrease in available homes citywide compared to last year.
Meanwhile, high rents are pushing more people to consider ownership. With the average Manhattan rental now topping $5,300/month, many renters are finally taking the plunge into buying — and they’re starting that journey in the outer boroughs.
If you’ve got the stomach for current interest rates, Manhattan may offer a rare chance to negotiate. But if you're hunting for long-term value, Brooklyn, Queens, and Staten Island are heating up fast — and worth every look.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
