Manhattan, New York Property Historical Price Trends
Posted by Wei Min Tan on January 5, 2018
– Condominiums and Cooperatives
Average price per square foot: Graph shows the historical appreciation trend of Manhattan condominiums and cooperatives in terms of average price per square foot. In 1997, the average price per square foot was $328. 2016 set the new price record at $1,725 per sqft, while 2017 saw a weak buyer’s market amid uncertainty with the Trump administration and new tax bill.
Note that the average price per square foot of a Manhattan condominium in Q4’2017 was $1,965, representing a significant premium over the condo/coop average shown in the graph.
Graph shows the historical median price of a Manhattan condo/coop increasing from $239,000 in 1997 to $1,100,000 in 2016, declining slightly in 2017.
While the graph shows the blended average of condo/coop, note that the median price of a Manhattan condo in Q4’2017 was $1.634 million.
Number of transactions:
Graph shows the trend for number of transactions per year, from 1997 to 2017. The peak was 13,430 transactions in 2007, the height of the market, while the valley was 7,430 transactions during the recession of 2009.
Data: Miller Samuel Appraisers