Manhattan Real Estate Prices Reach an All-time High

As per the trusted sources of information, the prices of real estate in Manhattan hit an all-time high in the second quarter, as the buyers have come back to the city after the pandemic, which has boosted the demand for the huge, expensive apartments in the region.

As per the trusted sources of information, the average price of an apartment in Manhattan has reached USD 999,000 in the second quarter, which is the one highest on record as stated in the report generated by Miller Samuel and Douglas Elliman. There has been a rise of around 12% in the average sale prices, which hit the top to be USD 1.9 million.

The sharp rise in the prices, as well as the shrinking inventory in the region, states that the prices of real estate in the region are likely to gain momentum over some time. Now, more families are looking forward to moving up to larger homes, and buyers are likely to avail themselves of low mortgage rates and low prices.The CEO of a real estate appraisal firm said that the rise in price is a lot faster than expected by the market players.

He further added that it is a sign of the high intensity of the market.The rise in buying has left only a few apartments in the market. More than 220 penthouses have been sold in Manhattan over this year, which is the strongest on record till now. This is an increase of 35% from the 164 apartments sold in Manhattan in the year 2019.