Markets & Economy

New benchmarks set in Manhattan during Q3

Records set for median price, inventory and time on market
  • Living in Manhattan isn't getting any cheaper.
  • The area saw its median price for a single-family home or condo rise to between $995,000 and $1.04 million during the third quarter.
  • Properties trading quicker than ever has played a part in depleting the borough's available inventory to 6,366 properties -- a 10-year low.

Low inventory coupled with an increase in home and condo sales volume typically bodes well for a market's median price, with records often set. This holds true for Manhattan, which saw its median price rise to $995,000 to $1.04 million during the third quarter of 2015 (Q3) -- depending on which report you look at. According to data from Compass, the median price for a Manhattan property topped $1 million for the first time in any quarter. Additionally, the price per square foot for a property set a 26-year record at $1,497. [gview file="http://www.inman.com/wp-content/uploads/2015/10/Q3-Digital-V12.pdf"] Two submarkets -- Downtown and the Upper West Side -- both reached record prices during Q3 at $1.4 million and $1.2 million, respectively. Looking at specific property types, a Brown Harris Stevens residential report found that the median price for a resale apartment was $910,00. [gview file="http://www.inman.com/wp-content/uploads/2015/10/BHS3Q15_Market_Re...