NYC Single-Family Home Values Forecast to Drop, Led by Manhattan
- City sees NYC real estate values rising 0.7% in fiscal 2025
- Apartments, trophy offices to offset single-family home prices
The value of New York City’s properties is expected to slow as the decline in value of single family home prices is offset by rental buildings and office towers.
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The Federal Reserve’s aggressive interest rate hikes are catching up with some home owners in New York City.
The market value of single-family properties is projected to fall by about 3.4% citywide to $738.8 billion in the upcoming fiscal year beginning July 1, according to a tentative assessment roll released by the Department of Finance Tuesday. Manhattan homes are forecast to slump the most, by 5%, while Brooklyn home values are projected to fall 3.3%.