More Sales, (Slightly) Lower Prices Downtown
Homebuyers bought more apartments Downtown at higher prices than any other submarket in Manhattan in Q4 2016. Buyers closed on the purchase of 983 coop apartments, condominiums and townhouses, up 11% from the year before, at a median price of $1.4 million, according to CitiHabitats.
That’s the highest median price of any Manhattan submarket — though even that high price is down 8% from last year.
Homes prices are falling across Manhattan on average, as new construction projects offer their homes for sale. The inventory of homes for sale Downtown increased by a third to 1,826, for example.
Everyone slices up New York’s geography a little differently —- CitiHabitats includes most of Manhattan below 42nd Street in its “Downtown” district, minus the Financial District, which has it’s own district.