For the first time in history, the median resale price in Manhattan surpassed $1 million, according to website StreetEasy. In its recent Quarterly Market Report, StreetEasy highlights Manhattan hitting $1,002,008, marking 7.1 percent growth from the year prior.
- Looking at individual neighborhoods within the borough, the highest growth was in Upper Manhattan, where the median resale price grew 14.6 percent to reach $641,882.
- In Brooklyn, resale price exhibited higher growth than Manhattan with an 8.3 percent increase, reaching $537,193.
- At the close of 2015, the number of homes for sale in Manhattan fell 3.5 percent, to 10,122, which is the lowest ever in StreetEasy history.
- Similar to the outlook for Manhattan, the Brooklyn for-sale market is expected to cool in 2016, but not as significantly.