New York

Surge in NYC's Apartment Prices Breaks Records, Report Finds

What to Know

  • The average apartment price posted a 6% increase to a record $2,179,172, while the median price rose 10% to a new high of $1,205,000
  • Resale condo prices averaged a record $2,251,376, 21 percent higher than a year ago, and co-ops are no better, rising 13 percent
  • The rise in apartment prices is helped by the increase in high-end closings

Affordable homes are getting even harder to come by in New York City. 

New records were set for average and median apartment prices in New York in the second quarter compared to a year ago, according to Halstead's Second Quarter Market Report.

“Buyers jumped back into the market once the uncertainty of the presidential election had passed, leading to a sharp increase in second quarter closings. Prices were also higher, as many luxury apartments that had previously lingered on the market were finally sold,” said Diane M. Ramirez, CEO of Halstead.

The highest percentage of resales in Manhattan was on the East Side at just over 24 percent, followed by below 14th Street (21 perent), which happens to have the largest pool of new development closings as well, the report found.

The number of closings over $5 million climbed 41 percent, and closings over $10 million were 30 percent higher than in 2016’s second quarter.

Resale apartments posted a 10 percent increase, at an average record of $1,686,224. Those dwellings sold in the second quarter spent an average of 100 days on the market, 15 percent longer than the same time last year.

Resale condo prices averaged a record $2,251,376, 21 percent higher than a year ago, a rise helped by the uptick in high-end closings.

Resale co-op resale prices also jumped, to 13 percent from the last quarter, to an average of $1,364,888.

And for the fourth straight quarter, new development prices averaged over $4 million, 5 percent higher than a year ago.

Perhaps lofts are starting to look more appealing, as prices went down 3 percent from a year ago, at an average $1,549 per square foot.

Data for Halstead's latest findings is based on 2,601 reported Manhattan apartment sales. Read the full report here. 

The findings come days after the website Apartment List released its monthly report on rent, which found median rent in the city rose in June for the third straight month. 

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