$2.2M Is Average Manhattan Home Price, Report Claims

NEW YORK, NY — Manhattan is more expensive than it's ever been.

A new record high was set in the first quarter of 2017 for the average price of property in the borough, rocketing in at nearly $2.2 million, according to a report released by luxury realty firm Stribling Tuesday. It didn't say what the previous record was.

The average price per square foot was $1,575, with the lowest price range found in Upper Manhattan.

The report said the record numbers indicated that New York's economy is thriving and the rich are flocking to the city. According to a Forbes article, New York has a higher number of billionaires than any other city in the world.

The Stribling report also showed that, while Downtown Manhattan had the highest real estate price, Uptown sales, inventory and contracts signed all increased due to the relative affordability of housing and the high potential for development in the area.

The list of inventory by price range showed that real estate listed for between $1 and $3 million accounted for 39 percent of the market, while property costing less than $500,000 made up only 6 percent.

For the first time, real estate priced upwards of $10 million had the same share in the market as that below $500,000, the report showed.

With 71 percent of listings entering contract within 90 days, studio apartments spent the least time on the market.

Stribling's report said 869 contracts were signed in the first three months of 2017.

Photo by Massimo Catarinella via Wikimedia Commons/CC by 3.0