Manhattan Average Apt Price Passes $2 Million

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Source:   —  April 01, 2016, at 11:31 PM

Douglas Elliman Genuine Estate, which produces the quarterly report with appraisal firm Miller Samuel, found that the average price of a Manhattan condo or co-op in the first quarter of two thousand sixteen rose by just over eighteen % from a year earlier, to $2.051.321.

Manhattan Average Apt Price Passes $2 Million

Large Apple, huge price tags: A new report finds that average Manhattan apt prices have cracked the $2 million label for the first time.

Douglas Elliman Genuine Estate, which produces the quarterly report with appraisal firm Miller Samuel, found that the average price of a Manhattan condo or co-op in the first quarter of two thousand sixteen rose by just over eighteen % from a year earlier, to $2.051.321. The median price of $1.137.500 was an expand of roughly seventeen % from a year ago.

Elliman said increased closings of new, high-end condos and co-ops — for which contracts were signed a few years ago — were responsible for the jump. The report well-known that new apt sales shot up ninety-four % from a year earlier, and that new construction made up nearly two-thirds of all luxury apt sales, which Elliman defines as the top ten % of the market.

While the median resale price was $950.000, buyers of newly built apartments paid a median price of $2.606.720, a nearly twenty-seven % leap from the prior quarter and an expand of roughly a million dollars — more than sixty percent — from a year ago. The report added that the resale median price of Manhattan condos and co-ops — which is up about seven % from a year earlier — is more reflective of the market overall.

While that $950.000 resale median might be more reflective of the Manhattan housing market, it'south still light-years far from the kinds of prices most Americans expect to pay for a home. According to Zillow, the median residence cost in the United States is just below 5.000, and the median sales price is $208.226.

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