The old adage, “What goes up, must come down,” most definitely applies to the New York City housing market today.
Take a look at what’s been happening to prices in targeted neighborhoods in both Manhattan and Brooklyn during the last year between Q3 2018 and Q3 2019:
Manhattan:
– Garment District -36%
– Soho -35%
– TriBeCa -30%
– Chelsea -24%
– Upper West Side -18%
– Central Midtown -11%
– Times Square -9%
– Hell’s Kitchen -9%
– East Village -9%
– Financial District -9%
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Brooklyn:
– Dumbo -27%
– Prospect Heights -27%
– Fort Greene -21%
– Borough Park -18%
– Greenwood Heights -17%
– Brooklyn Heights -14%
– Boerum Hill -13%
– Windsor Terrace -11%
– Crown Heights -8%
– Manhattan Beach -7%
Source data from Miller Samuels Appraisers.
Also read: Median Home Prices Jump +8% in Q3 2019, Top 10 Metros with Highest Home Seller Gains, Housing Affordability Hits African Americans Hardest
