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Real Estate

Manhattan home sales price passes $2M median mark, report says

Manhattan's average home sales price surpassed $2 million

Manhattan's average home sales price surpassed $2 million in 2016, a report said. Above, apartments on West 78th Street, between Broadway and Amsterdam on the Upper West Side, on Friday, Dec. 2, 2016. Photo Credit: Linda Rosier

Manhattan real estate soared to record levels at the end of 2016 as the average price of homes surpassed $2 million, a report released Wednesday said.

CityRealty’s end of the year survey found condos, co-ops and other listings went up in the last 12 months from an average of $1.9 million in 2015 to $2.2 million in 2016.

There were 300 apartments that sold for more than $10 million in 2016, more than double the amount that were sold in 2012. By comparison, the number of units priced under $1 million dropped by 1,917 during that time.

The real estate listings site predicted that prices will level off in 2017 led by a decrease in the the average co-op price.

A separate report issued by MNS Wednesday indicated a downward trend for Manhattan rents. The real estate group found that the average rents in the borough decreased by .27% between November 2015 and last month.

Several neighborhoods saw bigger dips including the Lower East Side, where average rents went down 7.8% over the last year, and Murray Hill, where rents decreased 5.3% between November 2015 and last month.

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