Manhattan Home Prices Rose Nearly 25% Over the Past Decade
The median sale price of apartments increased from $880,000 in 2010 to $1.1 million in 2019, Douglas Elliman reports
BY FANG BLOCK | ORIGINALLY PUBLISHED ON JANUARY 30, 2020 | MANSION GLOBAL
The skyline of midtown Manhattan - GARY HERSHORN/GETTY IMAGES
Despite a significant influx of new developments between 2010 and 2019 with lofty prices, the Manhattan residential market finished the decade with stagnant sales activity and a modest price increase, according to a report Thursday.
The number of sales of condominium and co-op apartments in Manhattan totaled 10,048 in 2019, nearly identical to 2010’s figure at 10,060, according to Douglas Elliman’s analysis of the decade’s trends in Manhattan. The median sales price of these homes increased 24.4% in the 10-year period, from $880,000 to $1.1 million.
Manhattan Decade Co-op and Condo Median Sales Price
“The sales activity peaked in 2013 and has been drifting lower ever since. We ended up where we started,” said Jonathan Miller, author of the report and chief executive of real estate appraisal firm Miller Samuel.
The number of apartment sales peaked in 2013 at 12,735, increasing 26.6% over 2010. The sales declined 21.1% from 2013 to 2019. The price peak arrived later, in 2017, when the median sales price reached $1.14 million, rising 29.5% from 2010. From the peak to the end of 2019, the median sales price lost 3.9%, according to Mr. Miller.
The overall 24.4% price appreciation for the decade was modest compared to the prior decade. From 2000 to 2009, prices of Manhattan apartments more than doubled, rising from a median $399,000 in 2000 to $850,000 in 2009, according to data compiled by Mr. Miller for Mansion Global.
The report didn’t break down price changes for neighborhoods.
In terms of apartment sizes, one-bedrooms saw the largest price gain (32.5%) from 2010 to 2019, followed by two-bedrooms (28.3%) and studios (23.4%). The three-bedrooms or larger apartments only saw a mid-single digit price appreciation.
The submarket of townhouses also registered a similar pace of growth in terms of pricing, with the median sales price rising 24.7% to $4.8 million over the past decade. The number of sales in this segment also remained almost unchanged between 2010 and 2019, standing right below 200 a year.