DataMarkets & Economy

New price highs seen for Manhattan luxury and resale properties

Douglas Elliman and Jonathan Miller track price, sales and market shifts
  • Median sales price scaled 13.1 percent year-over-year to reach a new record of over $1.1 million, according to the report.
  • Days on the market fell to 89 days.
  • Sales picked up in the second quarter by 2.3 percent year-over-year, with 2,736 closings.
  • Sales of new development condos more than doubled year-over-year.

The real estate market in Manhattan makes shifts in a New York minute. In just one year, median sales price across the borough scaled 13.1 percent to reach a new record of over $1.1 million, according to Douglas Elliman’s Q2 report. At $1,759 per square foot, Manhattan hit another record, thanks to a 31.3 percent increase year-over-year. Douglas Elliman The average sales price rose 13.1 percent year-over-year, reaching just under $2.03 million. And sales picked up in the second quarter by 2.3 percent year-over-year, with 2,736 closings. Looking deeper, co-op median sales price dipped 3.5 percent since Q2 of 2015 to $767,500, while the condo median sales price rose 13.4 percent to over $1.57 million. Are buyers losing leeway in Manhattan? Douglas Elliman Real estate guru and author of Douglas Elliman’s report, Jonathan Miller, says time on the market and buying power was already extremely low but tightened even further in the second quarter. Days on the mark...