The median price of all condominiums and co-ops sold in Manhattan fell below $1 million for the first time in three years, according to Douglas Elliman‘s fourth-quarter market report for Manhattan.

The median condo or co-op sold for $999,000, 10.6 percent lower than last quarter and 5.8 percent lower than the fourth quarter of 2017.

Steven James, the New York City president and CEO of Douglas Elliman said the price dip is a good thing and represents a continuing reset of the residential market in Manhattan that started at the end of 2017.

“It means we are finally moving in the right direction to a better more normal market, which in turn will mean an eventual uptick in values down the road,” James said. “Sellers are finally getting the message about pricing and once that occurs on a bigger level, we’ll have an even better market.”

The total number of sales also fell year-over-year by 3.3 percent – and 18.6 percent from last quarter – to 2,432 condos and co-ops sold in the fourth quarter of 2018.

But more good news, outside of prices declining, is that inventory is simultaneously rising. Listing inventory rose 11.8 percent year-over-year.

The median sales price of townhouses in Manhattan dropped 4.1 percent to slightly more than $2 million.

Email Patrick Kearns

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription