The average sales price of a New York City home hit an all-time high in the second quarter of 2016 at $1,018,000, according to the Real Estate Board of New York (REBNY). Sales in the high-end segment of the market drove the price increases. Home prices increased by 10% city-wide, mostly due to Manhattan’s most expensive, new condominium buildings: This boosted the average sales price for a home in Manhattan by 20 percent to $2,118,000 and the average sales price for a condo in Manhattan by 21 percent to $2,843,000 compared to the second quarter of 2015.
The middle segment of the market also saw increases in median sales prices, posting a 7% increase year-over-year to $582,000.
“While high-end Manhattan sales drove up the average sales price, the continuous demand for middle market homes is pulling the median sales price of homes higher as well,” said John Banks, III, REBNY President. “In response, the New York City residential sales market started to face some resistance as activity was down compared to last year.”