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Manhattan Home Sales and Prices Fall in Fourth Quarter

Higher mortgage rates, uncertainty about the impact of the new federal tax law and challenged affordability continued (and) will likely continue to play a role suppressing sales levels in 2019,” Douglas Elliman states in the report.

Jonathan Miller, president and CEO of Miller Samuel Inc. Jonathan Miller, president and CEO of Miller Samuel Inc.

NEW YORK CITY—The Manhattan residential sales market continued to weaken at year’s end 2018 with sales down more than 3% and the median sale price nearly 6% lower than the fourth quarter of 2017.

The median sale price for Manhattan stood at $999,000 at the end of the fourth quarter of 2018, down 5.8% from the $1,060,000 median at the end of 2017 and 10.6% lower than the $1,117,000 third quarter 2018 median sale price, according to a report released today by real estate brokerage firm Douglas Elliman. The price per-square-foot for a sold residential unit in Manhattan rose 4.7% to $1,684 year-over-year.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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