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Manhattan Home Prices Fall Under $1 Million for the First Time Since 2015

  • Buyers seeking bargains send median to three-year low
  • Price cuts grew bigger in fourth quarter, deepening to 6.2%
Bloomberg business news
Manhattan Home Prices Fall in 4Q

Manhattan home prices fell in the fourth quarter, with the median slipping to less than $1 million for the first time in three years, as ample inventory continued to allow buyers to demand sweeter deals.

Condo and co-op prices declined to $999,000 in the three months through December, a drop of 5.8 percent from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Many apartments were sold for less than sellers originally sought, with an average discount of 6.2 percent from the last list price. That’s up from price cuts of 5.4 percent a year earlier.