Median resale price in Manhattan passes $1M benchmark

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | June 28, 2017 05:35PM

Credit: Instant Group

According to this week’s market reports, the median resale price in Manhattan increased 1.3 percent year-over-year to pass $1 million for the first time, and New York is the world’s most expensive city to rent a co-working space.

Residential

Manhattan and Brooklyn sales and rentals | StreetEasy
In Manhattan, home prices contracted at both extremes in May. Prices at bottom of the market prices increased 11.8 percent year-over-year while luxury market prices dropped 3.4 percent. Median resale prices climbed to $1 million in Manhattan and $575,574 in Brooklyn. Read the full report here.

Luxury Sales | Olshan Realty
In the second quarter of 2017, 350 contracts above $4 million were signed. That’s just about equal to the 343 signed in the same quarter last year. Read the full report here.

Absorption report | Halstead Property
The absorption rate for Manhattan apartments fell to 6.3 months in June, but remained 11 percent higher than a year ago. Read the full report here.

Home affordability index | RealtyTrac
Home prices rose faster than weekly wages in 87 percent of markets in the second quarter of 2017, with the median home price rising 7.7 percent from a year ago to $253,000. Brooklyn is one of the least affordable markets, requiring 125 percent of average wages to purchase a median-priced home. Read the full report here.

Commercial

Flexible workspace | Instant Group
New York is the most expensive market for flexible office space, at a rate of $1,100 per person per month, followed by San Francisco and Chicago. That’s a 24 percent increase from 2016. Read the full report here.