Record High Apartment Prices in Manhattan

New York Real EstateThe average apartment price in Manhattan hit a record $1.72 million in 2014, as the New York wealthy and overseas rich continue to seek safety in the New York skyline.

While sales volume is slowing, prices continue to rise in New York as strong demand competes for historically low supply. The average sale price for the year topped the previous peak in 2008, of $1.591 million, according to a report from Douglas Elliman and Miller Samuel Real Estate Appraisers.

For the fourth quarter, average sales prices topped $1.74 million, up 13 percent from the fourth quarter of 2013.The median sales price for the quarter was up 15 percent from a year ago, to $980,000–the second highest for a quarter.

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Authored By Robert Frank – See the Full Story at CNBC

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