Manhattan Real Estate Sees Price Drops and Surging Inventory
High mortgage rates and increased apartment listings create a buyer's market in Manhattan.
- Average apartment prices in Manhattan fell 3.3% to $2 million in Q2 2024.
- Inventory levels have risen to over 8,000 apartments, a decade-high.
- Luxury apartment prices dropped 10.5%, with inventory spiking 22.4%.
- Sales increased by 12.2% as buyers took advantage of lower prices.
- High rents are pushing more residents to consider purchasing homes.
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