Just when you thought Manhattan’s residential prices couldn’t get any higher, they push the envelope a little further. Encouraged by new luxury developments, average Manhattan apartments have hit $2,081,762 — a 13 percent increase from 2015, according to a recent report from Brown Harris Stevens.
- According to the report, resale apartments hit a median $965,000 .
- The average price for a resale condo, specifically, fell 5 percent to $1,956,165.
- The absorption rate, or how many months it would take to sell all active listings in a given market, rose 4.4 months in March
- With new development units hitting the market at high rates, closings skyrocketed.
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