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New York

Manhattan hits $2M milestone – but can it hold?

Tight inventory, economic headwinds making buyers and sellers more sensitive

From left: Joey Brucculeri, Elizabeth O'Neill and Timur Mone
From left: Joey Brucculeri, Elizabeth O'Neill and Timur Mone

From the April issue: Remember back in December, when the median price of a Manhattan apartment crossed the $1 million mark for the first time? Brace yourself — the market just topped the $2 million threshold.

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The average sales price jumped 18.4 percent to $2.05 million during 2016’s first quarter. That’s up from $1.7 million at the same time in 2015, according to Douglas Elliman’s latest quarterly market report. (The median price for the overall Manhattan market, meanwhile, was $1.1 million, up 17.3 percent.) [more]