In the last quarter of 2022, co-ops and condominium apartments in Manhattan were sold for a median price of $1.1 million.
in the fourth quarter of 2022 — which is 28.5% lower than the same period last year and 6.5% below the fourth quarter decade average.
The average rate of a 30-year, fixed mortgage reached 7.08% during the fourth quarter, which added extra incentive for Manhattan buyers to pay cash. Of all transactions in the fourth quarter of last year, 55% were all-cash deals — the highest proportion since Miller Samuel and Douglas Elliman started tracking these trends.The $1.1 million median sales price in the fourth quarter represents the seventh consecutive quarter above that threshold.: “You’re going to see a modest decline in pricing over the year, but not a correction.”
He said that tight inventory was “underpinning” the property values, preventing them from going into a freefall.
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