Q2'2023 data from Miller Samuel reveals that the average price per square foot for a Manhattan condo is now $2,025, marking a 5% drop from last year. The number of sales also decreased significantly, with a 38.3% decline compared to the previous year, mainly due to the interest rate hikes by the Federal Reserve. Consequently, mortgage rates have more than doubled since 2021/early 2022, making it considerably costlier for buyers seeking financing. The median sales price currently stands at $1.675 million, representing an 11% decrease from last year.
Read the full article here: Manhattan Property Market Update
About:
Wei Min Tan is a Manhattan, New York property broker focusing on global investors of Manhattan condominiums. Wei Min has been interviewed by CNBC, CNN, Wall Street Journal and New York Times on the Manhattan property market. Wei Min can be reached at tan@castle-avenue.com
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