DataMarkets & Economy

Halstead Property Report shows Manhattan apartments averaging $2 million

Average condo price exceededs $3 million for the first time in Q3
  • The average Manhattan apartment price rose 18 percent annually, $2,044,287.
  • The Halstead Property Report suggests the spike in average price is due to closings from previous quarters in the luxury new development market.

The average price for a Manhattan apartment pushed 18 percent up through the third quarter to $2,044,287, according to a new Halstead Property Report, which also revealed average price for condos in Manhattan toppled $3 million. "While we continue to see record new development prices, contracts for those apartments were, on average, signed over a year ago and do not reflect the current state of the market,” Halstead Property Chairwoman and CEO Diane Ramirez said in a statement. Average prices rise in third quarter The Halstead Property Report examined 2,547 properties throughout Manhattan, which is 14 percent less than the previous year. The data showed that average prices rose in the third quarter, but that's mostly due to a flood of closings in the luxury new development class, the report notes. "Buyers and sellers of resale apartments must look past the increase in the overall average price, which is inflated by luxury new development closings," Ramirez said. N...