Manhattan Residential Market
After several years of soaring prices, Manhattan real estate leveled off in 2017, in most cases equaling but not surpassing the record levels of the past few years. Total sales of apartments over $10 million are projected to reach $4.7 billion by the end of 2017.
Average and median sales prices for all residential units in Manhattan—both condos and co-ops—have increased significantly since 2007. This year's average apartment price of $2.2 million is 61% higher than in 2007. This year's median price of $1.2 million is 44% higher than it was in 2007.
Sales Breakdown
The chart below 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 $4.7 billion through the end of 2017. The number of apartment sales in this price tier is down from 2016, when it set a record, but the aggregate sales total is still on track to account for 18% of all dollars spent on Manhattan residential real estate this year, spread over a scant 240 sales.
Trump's Year in NYC Real Estate
In the first full year of Donald Trump’s presidency, both average sales price and average price per square foot for the 11 Trump-branded condos in Manhattan were below the Manhattan condo average for the first time ever. The average price of a Trump condo stayed flat at $2.6 million (below the $3.1 million Manhattan average), and average price per square foot in Trump condos fell from $1,891 in 2016 to $1,759 in 2017. Interestingly, the worst-performing Trump building was the Trump International Hotel & Tower on Central Park West, one of the most visible buildings and a frequent protest site in 2017. Average prices there dropped by 27 percent.
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