4Q Manhattan Market Report

The Manhattan real estate market continues its reset mode, with the median sales price dipping below $1 million for the first time in three years and sales continuing to decline. The resales market, however saw slight gains across the board.

  • The median sales price dropped 5.8% from last year to $999,000
  • The number of sales dropped 3.3%, from 2,514 to 2,432
  • Average days on the market dropped from 97 to 93
  • The listing discount increased to 6.2% from 5.4% last year
  • The listing inventory increased by nearly 12% due solely to the resale market, with 6,092 properties on the market vs. last year’s 5,451
  • New development supply dropped 10.6%, however this is due to developers pulling inventory off the market

  • The median sales price for resales increased by 2.8% to $942,500
  • The number of resales in 4Q increased 1.9% from last year to 2,167
  • The listing discount remained relatively stable at 5.8%

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