Manhattan is becoming a buyer’s market as apartment prices fell and inventory rose in the second quarter of 2024, according to new reports.
The average real estate sales price in Manhattan fell 3% to just more than $2 million, according to a report from Douglas Elliman and Miller Samuel. The median price fell 2% to $1.2 million, and prices for luxury apartments fell for the first time in more than a year, according to the report.
The price declines are a result of rising inventory of apartments for sale, which are also taking longer to sell. There are now more than 8,000 apartments for sale in Manhattan, which is higher than the 10-year average of about 7,000, according to Jonathan Miller, CEO of Miller Samuel, the appraisal and research firm.
Manhattan now has a 9.8 month supply of apartments for sale, which means it would take 9.8 months to sell all of the apartments on the market…
