Residential property sales in Manhattan hit a record of $7,300,000,000 in the first three months of this year. Recovery growth after the severe losses from the COVID-19 pandemic does not lose its strength.
In New York, the average price of apartments in the central area increased by 19% compared to the first quarter of last year. We are talking about a rise in the amount of more than $2,000,000.
In general, the first quarter of 2022 closed with 3,585 real estate transactions. It was an increase of 45.9% in annual terms. This is also 48.9% higher than pre-pandemic rates.
The general consumer’s demand is growing. As a result, the number of available properties decreased by 4.4% (6,906 units) in the market. The decline is notable for the third quarter in a row. The selling speed of existing offers increased by 34.1% in annual terms and by 23.7% compared to the pre-pandemic periods.
In yoy (year on year) terms, median real estate sales prices increased by 10.7%. From January 2021 to January 2022, rental rates rose by 33%, the highest rise among major U.S. cities and twice the national average.
The median rental rate was $2,900 before the pandemic. In 2020, the price dropped by 14%, but in January it reached $2,895, almost returning to pre-COVID-19 levels.
The biggest fluctuations in prices and rates were observed in the most wealthy areas of New York, like Williamsburg (Brooklyn) and the Upper West Side. The median rental rates in these areas fell by 20% a year earlier (January 2020 - January 2021).