The cost of living in the Big Apple has gotten higher than ever as real estate in Manhattan continues to soar. As real estate thought leaders predicted, the market experienced a sales slowdown during the last quarter of 2016. However, in the second quarter of 2017, it climbed 15 percentage points. That’s a massive uptick compared to last year’s 8 percent rise at this time.
What does this mean for real estate prices in Manhattan? It means that the average apartment is selling for a whopping $2.19 million. Median prices have also climbed to a record figure of $1.19 million. On average condominium units were selling for $3.12 million, and new condos were averaging $4.70 million.
According to one real estate professional, analysts thought the second quarter would not be this impressive, and things appeared to be cooling off during the month of April, but the month of May was a blockbuster for real estate, and the quarter finished on a high note.
Why boom in the real estate market right now? Analysts believe it was a combination of sellers giving their units a more realistic price and a market of people who waited through last year, and were itching to buy now.
It seems that now is a great time to be getting involved in the New York City housing market. If you’re an investor, a homebuyer or a homeseller, an experienced New York City real estate lawyer can help you navigate the complicated world of Manhattan real estate. A real estate lawyer will make sure that your rights are protected throughout every step of your real estate transaction experience.
Source: Newsweek, “The cost of living in New York City just got even higher,” Janice Williams, July 08, 2017