If you think home prices have gotten too overheated in some areas of the country, try living in Manhattan. The average sales price for an apartment in the Big Apple soared above $1.8 million in the second quarter, shattering a previous record, major real estate firms in the area report.
Image credit: Unsplash via Pixabay.com
Manhattan sales prices are up 11 percent year-over-year, boosted by high demand, tight inventories, and a strong economy, according to Jonathan J. Miller, president of appraisal firm Miller Samuel. Miller is also the author of Douglas Elliman Real Estate’s latest housing report, which put the average price of a Manhattan apartment at $1.87 million. The previous record was $1.77 million, set in the first quarter of last year.
Meanwhile, the median sales price in Manhattan was $980,000, slightly behind the $1.025 million record set in the second quarter of 2008. The median measures the middle of the market and is less affected by high-end sales.
“It’s like everyone revved up their engines again,” The Corcoran Group CEO Pamela Liebman told The New York Times. In its own report, The Corcoran Group put Manhattan’s record average sales price at $1.81 million and the median at $960,000.
“We saw continuous demand across all price points, buoyed by some exciting new developments that have come on the market and a continued influx of buyers from China,” Liebman says. “In all my years of doing this, I have never seen such a hunger for New York City real estate.”
About the author: Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
About Mike Wheatley
