The median Manhattan rent of $2,776 this past November was down 12.7% year over year, exceeding “the biggest price drop during the Great Recession, when prices fell nearly 10 percent,” while the suburbs witnessed 20%+ growth in median sale prices. Looking forward, however, the number of new signed contracts in NYC’s urban centers have been on an upswing while the suburbs are reverting to long-run norms.
As ever, The New York Times seems to have forgotten that land mass west of the Hudson in its reporting, where “sales of luxury homes skyrocketed 101.6% year over year.”
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