Despite chatter about the luxury market slowing down, 2016 has seen Manhattan real estate prices continue to climb and set records. The average sales price for an apartment (including both co-ops and condos) was $2.2 million, topping the $1.9 million record set last year, according to CityRealty’s newly released Year-End Manhattan Market Report. This is a whopping 91 percent increase from 2006. And things heat up even more in the new development sector, where 1,800 units sold for a projected total of $8.9 billion, a huge jump from last year’s $5.4 billion for $1,464 units.
The $1.2 million median sales price also set a record, up slightly from last year’s $1.1 million median. Condos were especially big; their $3.1 million average sales price surpassed 2015’s record-setting $2.6 million, another sign that the high-end market remains successful.
To illustrate how the luxury market is maintaining its vigor, CityRealty put together the chart above that shows the rise of high-priced units over the past five years. Last year, the total sales of apartments priced over $10 million added up to $3.5 billion. This year, it’s expected to hit a record $5.2 billion. The number of units sold in this category, too, has increased, from 189 in 2015 to 300 this year.
Read CityRealty’s full report HERE >>
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