Manhattan home prices drop while outer boroughs rise

Manhattan home prices have dropped significantly this year. In January, the median asking price in the borough was $1.55 million, which is 6.3% lower than a year ago. Meanwhile, prices in the outer boroughs are on the rise. In Brooklyn, the median price reached $1.1 million, up 4.8% from last January. Queens saw a 12% increase, with a median price of $700,000. Staten Island's median price surged by 11.9% to $727,000. The Bronx also experienced a 6% rise, bringing the median price to $340,000. Experts suggest that buyers are seeking better value in the outer boroughs. According to real estate agent Andrea Kelly, many people want more space and a quieter environment while still having access to Manhattan's attractions. Additionally, inventory across all five boroughs has decreased by 3.5%, leading to competition for available properties. Kelly mentioned that two-bedroom apartments in neighborhoods like Park Slope often trigger bidding wars if priced right. Rental prices are also high in Manhattan. The average rent in February reached $5,368 a month, nearly four times the national average. Kelly noted many people are turning to buying homes as a better option due to rising rents.