In the city that never sleeps, real estate sure doesn’t rest– no matter the economic downturn troubling the rest of the nation. While New York City and Manhattan real estate weren’t completely immune to the housing bubble in 2007 to 2009, and property price drops seen again in 2012, the market has bounced back with vigor, according to Douglas Elliman’s Manhattan Decade Report.
- According to its survey dating back to 2006, Douglas Elliman says apartment prices are now surpassing pre-financial crisis figures.
- Over the past decade, median sales price has increased 21.7 percent, reaching $1,010,500 in 2015.
- Number of condo sales rose 23 percent over the past ten years. Average sales price on condos grew 66.2 percent, from $1,481,377 in 2006 to $2,462,490 in 2015.
- Total number of sales across Manhattan increased from 8,493 to 11,955 over the past decade – a 40.8 percent increase.