Spiking interest rates, stubbornly high home prices and a volatile economic environment helped plunge housing affordability to a 15-month low in May but did little to deter home buyers in Manhattan, where both prices and sales volume continued to rise in the second quarter.
The median sales price for Manhattan condominiums and co-ops climbed 5.5 percent from the previous quarter and 10.6 percent year-over-year to $1.25 million, breaking the previous record set in 2019, according to data compiled by appraiser Miller Samuel.
Sales activity also remained strong. According to the report, more than 3,800 condo and co-op deals closed in April, May and June — the most for a second quarter in the last 15 years and the highest fourth in any quarter in history.
But the bounceback has not been consistent across the borough. Price increases in the West Village and Upper East Side have far outpaced those in Manhattan at large. In other areas, average prices are lower than they were a year ago.
The West Village topped the list with an average sale price of $3.79 million in the second quarter. The average sales price in West Village skyrocketed 72 percent from the same period a year earlier, though across a smaller sample of 47 deals — 29 percent fewer than in the second quarter of last year–nearby Tribeca placed second on the list with an average sales price of $3.16 million across 10 deals. Third on the list was Carnegie Hill, where the average sale price was $2.94 million across 65 deals. Greenwich Village came in fourth with an average price of $2.53 million across 58 deals, including the most significant individual sale across the top five neighborhoods. While in June, Chipotle founder Steve Ells flipped his townhouse at 27 East 11th Street for $35 million. Rounding out the top five was Soho, with an average sale price of $2.53 million across 18 deals, down about 20 percent from last year.
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