People in the greater New York City area who have been watching the residential real estate market with an eye to buy may well be pleased to learn about some of the changes reported recently about the market in Manhattan. Known to be a very expensive area in which to live, it seems that some level of increased value may be experienced by buyers, at least based on the statistics from the most recent quarter.
According to data reported by Cocoran Inhabit, the third quarter of 2019 saw both the average and the median home price in Manhattan drop. The average home price reduced by 13% to just above $1.65 million, its lowest point since 2014 while the median purchase price reduced by 8% to just over $1 million. Along with these drops, the price per a home’s square foot also experienced a decline last quarter.
Along with lowered prices, home buyers in Manhattan were greeted with an increase in properties from which to choose. The third quarter of this year saw 7,400 active listings on the market. Homes are also staying on the market by a good two weeks or more longer than they have in recent quarters. All of these changes translate into the potential to enjoy greater value in a home purchase than when inventory is low and prices are high.
It will be interesting to track the fourth quarter home prices to see if the trend of lower prices and higher availability continue or if the last quarter was something of an anomaly.