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.