What a Closer Look at Manhattan’s Real Estate Market Reveals for this Year

Written By David Dam | February 09, 2017 | Published in Real Estate Market Trends
2017%2f02%2f09%2f17%2f38%2f54%2f878227ec 992a 4c84 85a8 37e46b27c175%2f12119346443 265093c55b b

As 2017 gets underway, many developers and landlords predict that the current New York City real estate market will force them to offer more concessions and discounts to potential buyers. One reason for this is the large number of new apartments — mostly luxury condos — that will be entering the market this year. But a closer look at the Manhattan market offers more information on how market prices are changing for specific types of apartments throughout various parts of the city. 

StreetEasy compiled a report that focused on the last quarter of 2016. It found that in the sales market, Manhattan as a whole witnessed only 1 percent growth from last year. The rental market showed a similar pattern, experiencing only 1.2 percent growth compared to last year.

This is in contrast to the higher rates at which sales prices and rents have consistently risen in the past few years. So for anyone considering if now is the time to buy or rent, this may be a good indicator that it's time to start looking. Also, with landlords facing the chance that their listings may spend an increased number of days on the market, and the possibility that they could have a significant uptick in inventory, you might be able to count on seeing a few additional concessions, such as free month’s rent or more luxury amenities. In the fourth quarter, almost 40 percent of all Manhattan sales had a price cut.

However, this pattern isn’t uniform throughout Manhattan’s real estate market. While price growth has slowed down for mostly luxury apartments, Uptown Manhattan has seen considerable price growth. In Harlem, Inwood, Washington Heights, Hamilton Heights, and Manhattanville, the median resale price grew 8.8 percent. Rents here also increased by 6.2 percent.

StreetEasy economist Krishna Rao predicts that demand and competition will continue to increase in far Uptown Manhattan, where prices are relatively lower and much more affordable than the rest of Manhattan. As for luxury apartments, price cuts may continue to occur until there's a shift in demand.

You can read StreetEasy’s full report here.

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.