New York Real Estate

Expert Analysis by Jonathan Miller 

Key Takeaways for New York Real Estate

Manhattan’s rental market is cooling, but not by much. The median rent for a brokered apartment in the borough dipped slightly in September to $4,550, but still more than 8 percent higher than last year.

Across the city, prices remain near record highs as elevated mortgage rates keep would-be buyers renting and inventory tight.

And although the pressures that pushed rents up are easing off, there’s unlikely to be a significant decline in prices anytime soon. Appraiser @JonathanMiller says it’ll take more than seasonal slowdowns to move the market — only a severe recession would push rents lower.

Meanwhile, in Brooklyn and Queens, bidding wars are still common and prices have barely budged.

That's the expert view from Jonathan Miller on New York Real Estate