Median home value of $198K surpasses pre-recession peak

A weekly feature bringing you the industry’s latest intel

Credit: RedFin
Credit: RedFin

According to the most recent market reports, the median value for a home in the U.S. reached $198,000 in April, surpassing the pre-recession peak of of $196,000.

Residential

Luxury Sales | Olshan Realty
The total asking dollar volume for the 32 luxury contracts signed last week was $264.5 million. Last week saw the same number of contracts, but for a total asking dollar volume of $194.5 million. Read the full report here.

Condos and co-ops | Sotheby’s International Realty
There were 2,440 closed sales of condos and co-ops in Manhattan the first quarter of 2017, a 5 percent year-over-year decline. Of the total, 83 percent of the sales were under $3 million. Read the full report here.

Rental report | ApartmentList
A two-bedroom apartment rents for a median price of $2,470 a month in New York City, a 0.9 percent increase year-over year. Read the full report here.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Millennials and homeownership | AprtmentList
Eighty percent of millennials plans to buy a home, but 72 percent say they can’t afford to buy one. Read the full report here.

Housing affordability | RedFin

As home prices rise faster than income, African-Americans and Hispanic homebuyers are getting priced at higher rates than whites. In New York, home affordability decreased by 23 percent overall, but 43 percent for a median African-American homebuyers’ income, and 40 percent for the median Hispanic homebuyers’ income. Read the full report here.

National Market Report | Zillow
The national median home value was $198,000 in April, climbing 7.3 percent from a year ago and surpassing the pre-recession peak of $196,600 set in April 2007. Read the full report here.

Commercial

Office Snapshot | Colliers International
Office leasing activity in Manhattan in April hit 3.1 million square feet, nearly double the 1.6 million square feet leased in April 2016, and up 8 percent from the previous month. Read the full report here.