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Big Apple, Big Price Tags: Average Manhattan Apartment Price Passes $2M, Report Finds

The average price for an apartment on the island rose 18 percent in one year

A new report finds that average Manhattan apartment prices have cracked the $2 million mark for the first time, NBC News reports.

Douglas Elliman Real Estate, which produces the quarterly report with appraisal firm Miller Samuel, found that the average price of a Manhattan condo or co-op in the first quarter of 2016 rose by just over 18 percent from a year earlier, to $2,051,321. The median price of $1,137,500 was an increase of roughly 17 percent from a year ago.

Elliman said increased closings of new, high-end condos and co-ops were responsible for the jump.

The median resale price was $950,000, which might be more reflective of the Manhattan housing market on the whole. But it's still light-years away from the kinds of prices most Americans expect to pay for a home. 

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