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Manhattan real estate prices continued to soar in 2016, setting new records. For the first time, the average price for an apartment - including both co-ops and condos - was above $2 million.
The average sales price for co-ops and condos in 2016 was $2.2 million, topping the $1.9 million record set in 2015. The median sales price of $1.2 million, also a record, represented a 9% increase from last year, when the median was $1.1 million.
The average price of a condo in 2016, $3.1 million, was also at an all-time high, surpassing the record set in 2015, $2.6 million. The average price per square foot also rose to a record $1,886, a 9% increase from 2015.
Average prices dipped slightly in the Manhattan co-op market. The average price for a co-op was $1.3 million, down from $1.4 million in 2015. However, the median price, $825,000, rose from last year, when it was $785,000.
Average prices dipped slightly in the Manhattan co-op market. The average price for a co-op was $1.3 million, down from $1.4 million in 2015. However, the median price, $825,000, rose from last year, when it was $785,000.
Average and median sales prices for all residential units in Manhattan - both condos and co-ops - have increased significantly since 2006. This year's average apartment price of $2.2 million is 91% higher than in 2006. This year's median price of $1.2 million is 62% higher than it was in 2006.
The chart above illustrates the rise in sales of high-priced units over the past five years. Total sales of apartments over $10 million are projected to reach a record $5.2 billion through the end of 2016, up significantly from the $3.5 billion recorded in the same category last year. The number of sales at or over $10 million will hit a projected 300 through the end of 2016, also a record and up from the 189 recorded last year.
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