Nothing particularly game changing, to be fair, but at this point any kind of respite from relentless inflation is a pretty welcome one. And according to a new report from Douglas Elliman and Miller Samuel Inc., median prices in the borough really did drop in May, falling 3 percent to an average of $2,579. At the same time last year, the median was $2,658.
This comes on the heels of a 1 percent drop in April, and Miller Samuel president Jonathan Miller said, “The market seems to be taking a bit of a breath. I’m not sure if this is a continuing trend.” There’s also been an overall increase in the actual number of rentals on the market.
Which is still probably a temporary blip, but notable at a time when Manhattan rents continue to climb steadily (the median jumped from $3,093 in May 2012 to $3,200 in May 2013), and maybe a harbinger of future outer-borough trend pieces to come: “I think the beneficiary of this rental growth and sales growth is going to be Queens, especially markets like Long Island City,” Miller told Brownstoner. “In many ways, the commute is simpler if you work in Manhattan.”
Follow Virginia K. Smith on Twitter @vksmith.