NEW YORK CITY RESIDENTIAL SALES REPORT- 4TH QUARTER 2015
The real estate markets in Manhattan and Brooklyn closed the final quarter of 2015 with record-high prices as sales inventory continued to slide in Manhattan and competition among renters intensified in both boroughs. The median resale price of homes in Manhattan grew 7.1 percent from last year to $1,002,008, according to the StreetEasy Price Index, marking the first time it has ever exceeded $1 million. The highest growth was in Upper Manhattan, where the median resale price grew 14.6 percent from last year to $641,882, followed by Upper East Side (9.1 percent), Upper West Side (8.1 percent), Downtown (6.1 percent) and Midtown (4.5 percent). Upper Manhattan has led the borough in annual resale price growth for 14 consecutive months, underscoring the highly competitive environment above 110th Street as more buyers move their home search northward amid high prices elsewhere in Manhattan.