Manhattan Condo Historical Price Trend

This graph shows the historical median price of a Manhattan residential condo increasing from $425,000 in 1999 to $1.7 million in 2017. During the downturn period of 2017-2019, median price declined to $1.588 million. Median price in 2022 was $1.746 million, a new record surpassing even the 2017 level. In Q1’2024, median price dropped to $1.632 million because of increased mortgage rates.

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Market pulse shows that we are currently in a neutral market.

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Average Manhattan, New York Apartment Prices

 

Average Manhattan apartment prices are based on whether the apartment is a condo or coop. Price per square foot of a condo is higher than for a coop because: a condo owner gets real estate title, does not require board approval and can rent out the apartment as desired without limitation.

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Manhattan Real Estate Market Forecast 2024

Is Manhattan real estate picking up? The Manhattan real estate market, a microcosm of New York City’s dynamism, experienced a rollercoaster ride in 2023. Soaring interest rates dampened buyer enthusiasm, leading to a significant drop in sales volume compared to the record highs of 2021. However, as we enter the second quarter of 2024, experts see signs of a stabilizing market with potential opportunities for both buyers and sellers.

Get our 2024 forecast on sales, prices and what metrics to watch for buyers and sellers here: Manhattan Real Estate Market Forecast 2024

New York Property Capital Gains and Other Taxes

Capital gains tax is a common question from our foreign clients when evaluating whether to invest in Manhattan property. Besides capital gains, there is also monthly New York City property tax, income tax and estate (inheritance) tax.

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Pros and Cons of New Property Launches in Manhattan

Buying into new condominium launches in Manhattan means price discount and visiting a beautiful sales office, but uncertainties abound too.

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Engaging property agent in Manhattan, New York

In the U.S., there is a buyer’s agent and a seller’s agent. The buyer’s agent represents the interest of the buyer, while the seller’s agent represents the interest of the seller.

Read the full article here: Engaging property agent in Manhattan, New York