Higher rates and still-high housing prices cooled demand at the end of last year, causing sales to tumble. Sales dropped 28.5% in the fourth quarter compared to the fourth quarter of 2021. The huge…
It is almost as if the wild turns in the Manhattan real estate market during the pandemic didn’t happen. Almost.
The median price of all apartments in Manhattan in the fourth quarter was $1,100,500, down 5.5% from the prior year, according to a report from brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. This is the first time in the pandemic era that the year-over-year price has dropped. Even so, the median cost of an apartment remains above pre-pandemic prices.
The largest share of condos sold were one-bedrooms with a median price of $1,140,000. The median price for a two-bedroom condo was $2,150,000. Median prices of co-ops were lower, at $710,000 for a one-bedroom, and $1,325,000 for a two-bedroom. The huge drop in sales at the end of 2022 was largely because the year before was such a historic anomaly.
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