Median Manhattan Apartment Price Climbs Past $1M for First Time
“For the second year in a row, Manhattan real estate prices soared, setting new records. For the first time, the median price for an apartment—including both co-ops and condos—was above $1 million.” This is according to CityRealty‘s newly released Year-End Manhattan Market Report, which puts the median price at $1.1 million, 13 percent higher than last year and 60 percent higher than 2005. Additionally, the average apartment sales price ($1.9 million), the average condo price ($2.6 million), and the average co-op price ($1.4 million) all broke 2014’s records by $100,000.
CityRealty projects that 2015’s residential sales will total $24 billion, compared to last year’s total of $22.8 billion. This year’s higher price comes with 200 fewer closings than 2014. New development condo sales, the hottest sector of the current market, are projected to increase in dollar amount and number of closings, however the average new condo price has decreased from $4.8 million last year to $3.9 million this year.
Read CityRealty’s full report HERE >>
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