The supply of luxury apartments — defined as the top 10% of the market by price — has plunged 24% compared to pre-pandemic levels, according to Miller Samuel.
Median prices for luxury apartments have increased in three of the past four quarters, while overall median prices in Manhattan are down.
Manhattan apartment sales fell 23% in the third quarter as rising interest rates squeezed potential buyers, according to new data from Douglas Elliman and Miller Samuel. Median and average sales prices remained flat, with the average price of a Manhattan apartment stalled at $1.96 million and the median price at $1.15 million.Sign up for NBC Philadelphia newsletters.
With fewer new luxury condo towers now under construction, prices at the high end could continue to rise or remain strong, brokers say.
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