The Manhattan housing market is seeing lower sale prices and a slowdown in demand, but rents in the city are still going up.
Following a national trend, the housing market in Manhattan is starting to cool, Jennifer Epstein reports for Bloomberg. In the third quarter of 2022, “The median price on transactions completed slipped 7.6% to $1.15 million from the second quarter,” according to the article.
Sales also slowed. “The number of Manhattan homes entering contract in September was down roughly 32% from a year earlier, the sixth consecutive month of year-over-year decreases.”
Manhattan rents, meanwhile, remain stubbornly on the rise, with median rent for a two-bedroom in reaching $3,804 in August, a growth of more than 25 percent since August 2019.
FULL STORY: Manhattan’s Housing Market Is Starting to Cool With Sales Stalling
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