The New York City / Manhattan real estate market is still going strong despite dramatic drops nationwide. The residential rental market held steady after large increases in real estate value in 2007, showing how people are still looking for NYC apartments. In addition to these numbers, learn more about the Manhattan real estate market trends.
Current NYC Apartment Market Averages
Rentals 2009
Neighborhood
Studio
1BR
2BR
3BR
Morningside Heights
$1,200
$1,700
$2,500
$3,400
Financial District
$2,300
$3,000
$4,050
$5,400
West Village
$2,100
$2,950
$3,900
$5,550
Fundamentals of the New York City real estate market remain strong, even with a decrease in the average sales of apartments, condiminiums and co-ops. The sales residential market saw slightly lower prices, with the biggest decreases coming on the larger real estate properties in Manhattan (3 bedroom and up). Inventory remained low.
Sales (2009)
Condominiums
- Studio: $483,000
- 1 BR: $720,000
- 2 BR: $1,200,000
- 3+ BR: $2,565,000
Co-Ops
- Studio: $375,000
- 1 BR: $600,000
- 2 BR: $1,050,000
- 3+ BR: $2,225,000
