1st Quarter 2022

1st Quarter 2022

  • The Field Team
  • 04/7/22

New York...Beyond Back

  • + 36% / 3,664 Closed Sales
  • +17% Change in Average Sales Price (2022 v 2021)

After a steady five year decline, average sales prices increased 17% year over-year in Manhattan. Q1 2022, soared, with transactions up 36% market-wide in comparison to Q1 2021.  The velocity was driven largely by an 86% increase in the $3M-$10M market and a whopping 172% increase in the luxury sector. Indeed, the luxury market (over $10M) continues to rebound at a faster pace than initially forecasted. 

All segments; New Development, Coops, Condos and Townhouses saw an increased volume of transactions. This robust activity has been driven primarily by domestic buyers, however foreign buyers are re-entering, feeling emboldened by the city’s resurgence.