NEW YORK — Manhattan apartments up, New York City apartments down as the housing market recovers, according to a new report from real estate brokerage Cushman & Frierson.
The report said that prices are at a record high, with average prices up 3.8% in October from the same month a year ago.
Cushman’s survey found that the median price in Manhattan for an apartment rose 3.7% in the month of October from a year earlier, while the median sales price in the city for a condo rose 2.5% from the month before.
“The city is now on track to exceed its full capacity for supply, with almost half of the city’s population expected to be priced out of the market by the end of 2021,” the report stated.
The average price of a condo was up 4.3% from October, while prices in townhouses rose by 1.6%.
“New York’s housing market has never been this good and is expected to keep improving for years to come,” said James Cush, chief executive officer of Cushmans.
“The new high in home prices will also be good news for homebuyers looking to secure a home in the New York area.”