Survey: Average Manhattan Apartment Now Over $1 Million


manhattan– The price of an average apartment in the New York borough of Manhattan has passed the $1 million mark for the first time, according to a study published Wednesday.

The median price — at the midpoint of all sales prices — is now $1.1 million, up 11 percent in a year, said the CityRealty website, which reports on real-estate data.

Prices in Manhattan have surged by 60 percent over the past 10 years.

The mean price — the average of all sales prices — is now $1.9 million, up 5.5 percent from last year and 72 percent from 2005.

Total real-estate sales in Manhattan this year should reach $24 billion, a 4.2-percent year-on-year increase, according to CityRealty’s projections.

Some 190 Manhattan apartments were sold this year for more than $10 million, a slight decline from the 214 sold in 2014. Read more.