The 2013-2022 Manhattan Decade Report from Douglas Elliman offers a detailed overview of the trends and developments that have shaped the Manhattan real estate market over the past ten years. The report highlights some key findings that shed light on the current state of the market.
Despite a spike in mortgage rates, robust sales momentum in 2021 enabled sales to reach their second-highest total on record in 2022. This is a testament to the strength and resilience of the Manhattan real estate market, which has weathered a number of challenges in recent years.
The report also reveals that the median sales price reached its highest level on record, while the average sales price reached the third-highest on record. This is a clear indication that demand for Manhattan real estate remains strong, even as prices continue to rise.
While listing inventory edged higher, it was consistent with the two-decade average. This suggests that the market is well-balanced and that buyers and sellers are able to find opportunities that meet their needs.
The report also provides insights into sales trends by bedroom size. The median sales price rose annually across all sizes, with 4+ bedrooms seeing the most growth. Sales expanded annually by bedroom for all sizes but studios and 2-bedrooms. Listing inventory by bedroom expanded annually by size except for studios. These trends suggest that larger properties are in high demand, while smaller properties are seeing more inventory growth.
Overall, the 2013-2022 Manhattan Decade Report from Douglas Elliman paints a picture of a market that is strong, resilient, and well-balanced. With its detailed analysis and expert insights, the report provides a valuable resource for anyone interested in the Manhattan real estate market.
