Manhattan Housing Market Broke Records for 2014 – NMP Skip to main content

Manhattan Housing Market Broke Records for 2014

Phil Hall
Dec 26, 2014

One the nation’s most expensive real estate markets became considerably more expensive during 2014.

According to a new report from CityRealty covering the first 11 months of 2014, the average sales price for condos and co-ops in Manhattan was $1.8 million, which broke the 2008 record of $1.6 million record set in 2008. Last year’s average sales price was $1.5 million.

Manhattan’s average condo sales prices hit a new high at $2.4 million, up 21 percent from last year’s $2 million peak. The $1.5 million median sales price for condos in 2014 was a 9.9 percent from the record set in 2013 of $1.3 million.

Sales in new development condominiums also increased dramatically in 2014m with 737 new development sales through November 30, a 91 percent increase from the same 11-month period in 2013, during which 386 sales were recorded, and a 46 percent increase from the full 2013 calendar year, when there were 505 new condo sales. New developments sold for an average price of $2,200 per square foot, a 14 percent increase from 2013, when the average price was $1,927 per square foot.

Co-ops also recorded strong sales this year: The average price for co-ops was $1.27 million in 2014, surpassing the previous record of $1.25 million set in 2008. This year's median sales price of $729,000 broke last year’s record of $695,000.

CityRealty also projected that total condo and co-op sales volume for Manhattan will be approximately $22 billion in residential sales for the full calendar year of 2014, based on the

$19.6 billion recorded through November 30 and accounting for seasonality and properties currently in contract. Volume is on pace to be roughly $1 billion higher than the $21 billion recorded in 2013.

Published
Dec 26, 2014