With the cost of debt continuing to rise, cash is king in Manhattan's apartment market as the number of transactions involving mortgages dropped to about a third of the total, an all-rime low.
The average median sales price continues to hover near record levels, notching $1.2M in the second quarter, slightly lower than the $1.25M median in Q4 2022 and a bump up from the Q1 level of $1.075M, according to a new report from Elliman.
"The Manhattan co-op and condo market is nearing the end of price distortions experienced with comparisons to the pandemic-era sales boom," the report said.
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© 2024 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.
