Rising mortgage rates have put a dent in sales and median prices of new condos in Manhattan in Q1 2023, which a year ago were fetching median sale prices of more than $2.3M.
According to the latest Condos and Co-Ops report from Elliman, the median price for a new condo in Manhattan in the first quarter was $1.6M, a 19.3% drop from the Q4 2022 median price of $1.98M.
The number of units that closed sales decline by nearly 12% in Q1 2023 to 2,242 from 2,546 in Q4 2022.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
