Manhattan Apartment Sales Surge to Three-Decade High

The Big Apple is back in a big way. In a faster-than-expected comeback, more homes were sold in Manhattan last quarter than at any other time in over 30 years, according to a new report from Douglas Elliman. A total of 4,523 homes changed hands in the borough during the third quarter, up 229% annually to the highest quarterly total in more than 32 years. “What we’re seeing right now is a catch-up,” Jonathan J. Miller , appraiser and author of the Elliman Report, told The New York Times . “All the suburbs were booming while Manhattan was seeing sales at half the normal rate last year. Now we’re seeing this massive surge.” Manhattan’s apartment market had a supercharged third quarter, according to a slew of market reports from some of New York City’s major brokerages. https:t.coHj8YHnpqSV — Mansion Global (@MansionGlobal) October 7, 2021 With buyer activity increasing thanks to still record-low mortgage rates and rising vaccinations, competition is also heating up, with smaller discounts from sellers and bidding wars returning. The median sales price in Manhattan in the last three months was $1,115,000, up 1.4 percent from the same period last year, and up 8.8 percent from the same time two years ago, Miller told The New York Times, citing the Douglas Elliman report. Find your next New York City home with Douglas Elliman.