If you’re watching New York City real estate headlines, you might wonder: are home prices dropping, or are they holding steady? The answer depends on which number you’re looking at.
Asking prices show what sellers hope to receive. Sale prices show what buyers paid for homes that closed. Right now, those numbers tell different stories: asking prices have softened in several boroughs, while Manhattan sale prices have held near $1.25 million.
That difference matters whether you’re preparing to sell or looking at homes for sale in Queens NYC and elsewhere.
What the asking-price numbers show
StreetEasy data cited by Compass agents in November shows median asking prices moving in different directions across the boroughs:
- Manhattan: down 6.9% to $1.35 million
- Brooklyn: down 9.0% to $1.0 million
- Queens: up 1.2%
- The Bronx: down 2.4%
These are median asking prices, not completed sale prices. They reflect what is currently listed, and can change as sellers adjust prices or as the mix of homes on the market shifts.
Price cuts can be part of that adjustment. One striking example is a co-op at 860 Fifth Avenue, reduced from $15.5 million to $8 million, about 48% below its original asking price. That’s an exceptional high-end listing, not a typical discount, but it illustrates why an original list price should not be treated as proof of a home’s market value.
The sale side is telling another story
Manhattan’s median sale price has been holding near $1.25 million. October also brought a reported 916 signed contracts, 56% more than in September. Contracts are not completed sales, but they offer a useful early signal of buyer activity.
At the same time, Manhattan months of supply rose 38% month over month to 7.2 months. That measure compares available listings with the pace of sales; a higher figure can mean buyers have more options and sellers may face more competition. The citywide figure is a starting point, though, not a substitute for checking the specific neighborhood and price range.
One reason sale prices may not move in lockstep with asking prices is timing. A listing can be reduced today, while a sale closing today may reflect an agreement reached weeks or months ago. And a median can shift depending on which types of homes sold in a given period.
The buyer mix matters, too. Manhattan has a large share of all-cash purchases. Miller Samuel and Douglas Elliman reported that cash made up about 65% of Manhattan co-op and condo sales in Q4 2025. Cash buyers are less exposed to mortgage-rate changes, which can help support completed sale prices even as some sellers reduce their asks.
Rent is another part of the picture
For people weighing whether to keep renting or buy, the rental market remains relevant. Realtor.com’s Q3 2026 data put the citywide median asking rent at a record $3,785. The borough figures were $5,375 in Manhattan, up 8.3%; $4,197 in Brooklyn; and $3,744 in Queens.
Rising rents can keep some would-be buyers looking for a home of their own. But rent and purchase prices are different measures, and a home’s monthly cost also depends on financing, taxes, maintenance, and, where applicable, co-op charges.
What the gap means for sellers
A lower asking-price median does not mean every home has lost the same amount of value. But it does signal that buyers are comparing options carefully, and that pricing too high at the start can work against you.
A home that launches above comparable properties may sit while better-priced listings attract attention. Later cuts can prompt buyers to wonder how much more room there is to negotiate. A realistic price, grounded in recent comparable sales and current competition, can help bring serious buyers in early.
What the gap means for buyers
The widening space between asking prices and completed sales may create negotiating opportunities, especially for a listing that has been on the market for a while or has already had a price reduction. Look beyond the current ask: check comparable closed sales, days on market, prior price changes, and inventory for homes like the one you want.
But don’t assume every seller will accept a steep discount. Well-priced homes can still draw competition, and a borough-wide median won’t tell you exactly what is happening on one block or in one building.
For anyone following the real estate market in Queens, NY, the borough’s 1.2% rise in asking prices is a reminder that NYC isn’t moving as one market. Conditions for homes for sale in Queens NYC can vary by neighborhood, property type, and price range. A local Queens real estate agency can help put the numbers in context.
Armas Group NYC helps buyers and sellers across Queens and the wider city compare current listings with relevant sales and neighborhood supply. Contact Armas Group NYC to talk through what the market data may mean for your next move.
Market figures reflect different sources, periods, and property mixes; asking prices, signed contracts, and completed sales are not directly interchangeable.
Sources: StreetEasy asking-price data cited by Compass agents; Brown Harris Stevens Manhattan October 2026 Inventory Report; Realtor.com Q3 2026 NYC rental report; Miller Samuel/Douglas Elliman Q4 2025 Manhattan report; CityRealty report on price reductions, including 860 Fifth Avenue.