The real estate market in New York City is showing mixed results right now. According to Zillow, median home prices are up in 4 out of the 5 boroughs. The median home price for all 5 boroughs of New York City combined is $677,000. The median home price for New York City has risen 2.4% year-over-year.
Manhattan is the outlier, where the median home price has declined -8.1% year-over-year. The median home price in Manhattan is $1,209,100. It's a buyers market in Manhattan, where there are thousands of new construction units for sale, on top of thousands of resales lingering on the market.
The market in Brooklyn has plateaued but remains steady. It's a buyers market in some neighborhoods, and seller market in others that have less inventory. The median home price right now in Brooklyn is $782,300. The median home price in Brooklyn has increased slightly 0.2% year-over-year.
The median home price in Queens has gone up 3.7% year-over-year. The median home price in Queens right now is $646,100. There is less inventory in Queens compared to Manhattan & Brooklyn which has kept the market stable. More affordable options has led many new buyers to Queens, where the market remains strong.
The median home value in Staten Island right now is $528,300, which is an increase of 3.9% year-over-year. Staten Island is seeing more inventory than in recent years. It's become more of a buyers market, but the market remains strong.
The median home price in the Bronx has risen the highest over the past year. The median home price in the Bronx right now is $435,600. The median home price has increased 7.4% year-over-year.