< All Press

Manhattan pad prices up 66% in 9 years

The cost to own Manhattan real estate surged over the last nine years as new homes popped up, a real estate report found.

The average sales price for a Manhattan home was $1,417,080 in 2012, a 66% increase from 2003, when it was about $850,000, according to a Douglas Elliman report.

The prices hit their peak at $1.6 million in 2008, before the economy fell.

Although Manhattan experienced a 12-year low in home listings in 2012 with 4,749, lower-priced homes seemed popular with a record 2,598 sales, according to the report.

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
millersamuel.com/housing-notes
Joined October 2007