Manhattan property investment performance

Mortgage rates spiked from 2021 to 2023, making it a lot more expensive for buyers needing financing. Many buyers became renters because of the significant increase in monthly mortgage payments. Rents, already at record levels because of inflation, increased further because of demand coming from buyers.

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Manhattan Condo Historical Price Trend

This graph shows the historical median price of a Manhattan residential condo increasing from $425,000 in 1999 to $1.7 million in 2017. During the downturn period of 2017-2019, median price declined to $1.588 million. Median price in 2022 was $1.746 million, a new record surpassing even the 2017 level. In Q1’2024, median price dropped to $1.632 million because of increased mortgage rates.

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Market pulse shows that we are currently in a neutral market.

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