Manhattan apartment sales plunged by 31% in the fourth quarter and median prices declined by 4.7%—the first dip in prices since the beginning of the pandemic in early 2020.
The impact of rising interest rates also was reflected in a record number of all-cash deals in Manhattan, which accounted for 55% of all sales in the fourth quarter.
According to the Q4 sales report from Douglas Elliman and Miller Samuel, there were 2,546 sales in the fourth quarter, down from 3,692 in Q3 2022. The median Manhattan sales price of $1,100,500 in Q4 was down from $1,154,625. In a YOY comparison, prices dropped by 5.5%.
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