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
Understanding NYC’s Rental Income Requirements
Why are most renters required to earn 40 times their rent in annual income?
High Housing Costs Top of Mind for Voters
More and more Americans fear they won’t be able to afford housing.
Understanding Average Versus Median Rent
The disparity between these commonly used terms can give vastly different outlooks on the housing market.
National Parks Layoffs Will Cause Communities to Lose Billions
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Balancing Bombs and Butterflies: How the National Guard Protects a Rare Species
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Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
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Planetizen
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Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service