Upper Manhattan Prices Will Climb the Fastest
Resale prices in Upper Manhattan will remain low relative to the rest of Manhattan in 2016. However, lower prices will give way to even stronger competition and rapid price appreciation in neighborhoods like Central Harlem, Hudson Heights and Inwood.
According to StreetEasy’s forecasts, sales prices in the Upper Manhattan sub-market are expected to rise 10.2 percent to $683,428, roughly four times the growth rate projected for New York City overall.
Upper Manhattan enters 2016 with strong growth momentum from this year. In 2015, the median sales price grew by 15.7 percent over the course of the year.
Buyers seeking value will continue to bid up prices for homes above 110 Street in Manhattan. Expect this market to be among the most competitive in the city in 2016. From: StreetEasy
The average price of an apartment in Manhattan in the 4th quarter of 2015 is a record high of $1.95M. As well, the average price per square foot is $1,645 and the median home price in Manhattan is 1.15M.