New York Apartment Prices Q2, 2017

Posted by Wei Min Tan on September 1, 2017

Key points on the Q2 Manhattan condo market

  • Days on market increased, reflecting the slower market
  • Price per sqft of $2,100 was flat
  • Transaction volume up 8.3%


New York (Manhattan) Q2, 2017 Condo:

Average price                        $3.122m (+13.2% vs prior year)

Avg price per SF                   $2,100 (+1.3%)

Transactions                          1,479 (+8.3%)

Days on market                       135 (+26.2%)


Residential Rents Jul 2017:

Average Rent                        $4,109 (+1.0% vs prior year)

Rent per sqft                          $66.28 (-0.2%)

Luxury property:

The luxury property market, defined by Miller Samuel as the top 10 percent of sales.

Median price                         $6.836m (+3.5%)

Avg price per SF                   $3,037 (+2.2%)

Transactions                             316 (+15.3%)

Days on market                         231 (+36.7%)

Data Source:    Miller Samuel Manhattan Q2 2017 Market Report

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Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.