Real Estate
Rock Bottom for New York Real Estate Could Be a Long Way Off
Sales activity has soared, according to a new report, but unsold inventory, especially in the luxury tier, continues to push prices down.
New York’s home prices could go even lower, according to StreetEasy.
Photographer: Alexander Spatari/Moment RFNew York’s real estate market started 2021 with a whimper.
Rents in Manhattan and Brooklyn had the steepest year-over-year drop on record in January, according to a new report from StreetEasy, with Manhattan rents slipping 15.5% and Brooklyn rents down 8.6%. Home prices in January also showed major declines compared to a year prior, according to the report, falling a precipitous 6.2% in Manhattan and 5.4% in Brooklyn.