There’s more data showing New York City’s luxury home owners are getting real on pricing when it comes time to sell, according to listing site StreetEasy.
Across the Manhattan market, median sale price for luxury homes—excluding new developments—dropped 3.5% in the second quarter compared to a year prior, according to a report Friday by StreetEasy. Fittingly, Manhattan, the priciest borough with the largest share of luxury properties, saw the slowest price growth over the past year compared to more affordable boroughs like Brooklyn and Queens.
The median sales price in Manhattan hit $1.173 million in June, an increase of 1.2% from a year before. Meanwhile, Brooklyn’s median sales price grew 5.6% to over $757,500; and prices rose 8.3% in Queens to a median price of more than $500,300.
Luxury wasn’t the only segment to see a rise in price cuts and cooled growth. Upper Manhattan, which is traditionally much more affordable than other parts of the borough, saw its median resale price drop 0.4% from a year ago. The share of units there with prices cuts rose nearly 6%.
“This quarter’s data shows signs that buyers may be regaining some leverage: The share of homes that offered a price cut were up since last year, signaling that there are limits to how fast prices can rise and that more sellers may be willing to negotiate,” Grant Long, StreetEasy’s senior economist, said in a statement.
Midtown and the Upper East Side also saw roughly flat resale prices, with the median price in Midtown rising 0.1% since last year, to just under $1.227 million. Resale prices in the Upper East Side rose just 0.9%.
Downtown Manhattan was the most expensive area among the three boroughs included in StreetEasy’s report, with a median price in the second quarter of about $1.71 million—an annual increase of 1.2%.
By contrast, the most expensive neighborhoods in Brooklyn are surging. Northwest Brooklyn saw a nearly 9% uptick in the median resale price, which at $1.191 million is approaching the median price in Midtown Manhattan.
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