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Q1 Average Apt. Prices Reached a Record

NEW YORK CITY—The spike was driven by luxury new development closings and an uptick in high-end resale condo sales, according to a new report.

Diane Ramirez Ramirez: “First quarter data was better than expected, especially considering the levels of uncertainty during Q4.”

NEW YORK CITY—The average apartment price in Manhattan reached a record in the first quarter, according to Halstead’s first quarter 2017 market report. At about $2.2 million, the average price, driven by luxury new development closings and an uptick in high-end resale condo sales, increased 4% since last year.

A record also was set for the median price, which at about $1.2 million was slightly above the previous record set during the first quarter of 2016. The Halstead market report is based on 2,301 reported Manhattan apartment sales, 1% fewer than last year’s comparable period.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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