The New York City / Manhattan Real Estate Markets are currently experiencing strong growth, even though mortgage interest rates continue to rise. At the current time, demand is growing more quickly than supply, and eager buyers are trying to lock down deals on NYC apartments as soon as they materialize. Even when buyers have the financing, the money and the down payment, they are still experiencing some frustration on account of the larger than average number of bidders.
Fundamentals of a New York City real estate market analysis point to a continued trend in market growth. The sales tag on a 2-bedroom Upper East Side apartment is set to close at $2 million, and many in the market will tell you that this is a good deal as prices will continue to rise.
Current NYC Apartment Market Averages
Rentals (Jan-Jun 2005)
- Doorman Studio: $1859
- Non-Doorman Studio: $1490
- Doorman 1 BR: $2558
- Non-Doorman 1 BR: $2030
- Doorman 2 BR: $3871
- Non-Doorman 2BR: $2818
- Doorman 3 BR: n/a
- Non-Doorman 3 BR: n/a
Sales (3rd quarter 2005)
Condominiums
- Studio: $531,739
- 1 BR: $794,039
- 2 BR: $1,736,748
- 3 BR: $3,877,361
- 4 BR: $9,244,300
Co-Ops
- Studio: $376,035
- 1 BR: $601,890
- 2 BR: $1,240,353
- 3 BR: $2,804,637
- 4 BR: $5,310,250
