Manhattan home prices see sharpest drop since 2009

Prices fell 3.3% year over year thanks to tons of inventory on the market, according to StreetEasy

TRD New York /
Dec.December 19, 2018 01:00 PM

(Credit: iStock)

Home prices in Manhattan slipped to an almost three-year low in November, thanks to a supply glut.

The average price of condos, single-family homes, co-ops and townhouses for sale last month was $1.1 million, a 3.3 percent year-over-year drop, Bloomberg reported, citing a new StreetEasy report.

That’s almost the same level seen in October 2015, and marks the sharpest year-over-year fall since February 2009.

It’s a well-known trend particularly on the luxury end, where many of the biggest deals this year saw significant price chops.

The combination of rising inventory and potential buyers holding out for better deals has helped spur a buyer’s market, according to StreetEasy’s senior economist Grant Long.

About 1,400 new homes hit the Manhattan market in November. That’s 18 percent more than the year before and the second-biggest uptick since the financial crisis.

And while the volume of sales tends to slow down in the fall, it rose 2.8 percent in November.

Meanwhile, Brooklyn and Queens saw sale price gains in November. In Brooklyn, prices were up 1.6 percent year over year; they rose 4.8 percent from the year prior in Queens, in part due to Amazon’s announcement it would have an office campus in Long Island City. [Bloomberg] — Mary Diduch

Related Articles

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore