When prices started to drop elsewhere, Manhattan was still holding its own. It seemed to have begun to drop well after other areas. The metropolitan area has seen prices stabilize recently, and you may see the same happening in the city shortly. What you may not want to wait for, however, as a buyer, is for interest rates to rise. Now is still a great time to buy in terms of what you will ultimately pay monthly for a loan, assuming you are planning to take out one. If you would like to go over any scenarios with me so you can compare what you would pay now, vs. waiting for a decline in prices, I would be happy to go over it with you.