Manhattan real estate prices reach record as buying ‘frenzy’ takes hold

Manhattan real estate prices reached an all-time high in the second quarter, as buyers returned to the city and boosted demand for the largest, most expensive apartments, according to new reports.

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. Average sale prices rose 12% in the quarter, topping $1.9 million.

Manhattan real estate

The price jumps and shrinking inventory suggest 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.

“It’s a sign of the frenzy and intensity of the market,” said Jonathan Miller, CEO of real estate appraisal firm Miller Samuel. “It’s rebounding much faster than most participants expected.”

Click here to read the full article on CNBC.

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Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205

www.OliverReportsMA.com
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Andrew Oliver
REALTOR® | Market Analyst | DomainRealty.com
Naples, Bonita Springs and Fort Myers

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