Manhattan Resale Home Prices at Record, Even After Discounts
- Median of $995,000 was reached after price cuts averaging 6.8%
- ‘Market now is people who are motivated to sell,’ broker says
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The price of Manhattan resale homes hit a record in the third quarter, but sellers shouldn’t get too bullish. It took some discounting to get there.
Owners pared an average of 6.8 percent off their asking prices in the quarter -- the second-most since 2010 -- and the adjustments spurred a flurry of sales at all price levels, pushing the resale median up to $995,000, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That was the highest level since the firms started tracking the data in 2003.