Rising mortgage rates have put a dent in sales and median prices of new condos in Manhattan in Q1 2023, which a year ago were fetching median sale prices of more than $2.3M.
According to the latest Condos and Co-Ops report from Elliman, the median price for a new condo in Manhattan in the first quarter was $1.6M, a 19.3% drop from the Q4 2022 median price of $1.98M.
The number of units that closed sales decline by nearly 12% in Q1 2023 to 2,242 from 2,546 in Q4 2022.
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