Despite expectations, a significant increase in new residential properties between 2010 and 2019 with high prices did not prevent Manhattan’s residential market from completing the past decade with only moderate price increases. Recently, a report was published that collected all the interesting and relevant statistics on real estate prices in Manhattan for the period from 2000 to 2019 inclusive. Specialists analyzed the situation on the real estate market of the metropolis year after year and presented their verdict.
What do the numbers say?
According to analysts, the number of sales of condominiums and cooperative apartments in Manhattan in 2019 amounted to 10,048, which is almost the same number comparing to 2010. Back then, the indicator was 10 060. The average sales price of homes increased by 24.4% over the 10-year period from €810 000 up to €1 million.
The number of apartment sales peaked in 2013 and amounted to 12,735. This was an increase of 26.6% compared with 2010’s numbers. The sales fell by 21.1% from 2013 to 2019. The peak of prices came later, in 2017 when the average selling price reached €1 million. It was an increase of 29.5% compared with 2010. According to experts, from the peak of residential property cost growth to the end of 2019, the average selling price lost 3.9%.
As for the size of apartments, one-bedroom apartments showed the largest price increase (32.5%) from 2010 to 2019, followed by two-bedroom apartments (28.3%) and studios (23.4%). In apartments with three bedrooms or more – prices have increased by only one average figure.
The submarket of townhouses also showed similar growth rates: the average selling price increased by 24.7%, that is, up to €4.4 million over the past decade. The number of sales in this segment also remained virtually unchanged from 2010 to 2019, remaining slightly below 200 per year.
The overall price increase of 24.4% over ten years (2010-2019) was more than modest compared to the previous decade. According to authoritative sources, from 2000 to 2009, apartment prices in Manhattan more than doubled, increasing from an average of €368,000 in 2000 to €780,000 in 2009.