Manhattan real estate prices reach new record as buying 'frenzy' takes hold

The median resale price for Manhattan apartments hit $999,000 in the second quarter — the highest on record, according to a report from Douglas Elliman and Miller Samuel.The buying spree has led to fewer apartments on the market, and there is robust demand for pricey penthouses, which offer buyers more space and private outdoor areas.

The price jumps and shrinking inventory suggest that the Manhattan real estate rebound continues to gain momentum, as more families look to trade up to larger apartments and buyers look to take advantage of lower prices and low mortgage rates. The buying spree has led to fewer apartments on the market. Listing inventory fell 27% compared with a year ago, and the supply of homes for sale — at 6.9 months — is now lower than the historical average of about eight to nine months, Miller said.

The strength of the high-end market — above $5 million — marks a dramatic turnaround from before the pandemic. An oversupply of high-end apartments and sellers unwilling to lower prices led to a slowdown in the price range before 2020, while the lower end, at $1 million to $2 million, was strong. Now brokers say the top the market is driving much of the growth, since the wealthy have grown even wealthier during the pandemic from rising stock markets and easy monetary policy.

Source: Real Estate Daily Report (realestatedailyreport.net)

If housing prices going up in Idaho, you know they going up in Manhattan.

Jews

Are these buyers aware of NYC’s 7 month winter? Over priced restaurants?

good luck

I'm sure that will work out fine. The last real-estate bubble worked out so well.

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