Upon examination of data compiled by Miller Samuel for Douglas Elliman indicates that the number of apartments sold in Manhattan dropped by 28.5% in the fourth quarter of 2022 compared to the fourth quarter of 2021. The average price for a Manhattan apartment is approximately $1.5M with the median sales price dropping by 5.5%. According to the Douglas Elliman and Miller Samuel data, the number of sales in fourth quarter 2021 totaled 3,559 compared to 2,546 in fourth quarter 2022. CNBC reported, “The declines in both sales and prices mark the end of the roaring comeback in Manhattan real estate after the worst days of the pandemic and raise fears of continuing weakness into the new year. Rising interest rates, a weaker economy and a falling stock market, which has an outsized impact on Manhattan real estate, are all likely to weigh on the market this year.”
