The housing market in Manhattan, NY is much more expensive than the average US city. The median value of houses in Manhattan is over $1 million while the median value in the US is only $338,100. Despite this large gap, both areas have seen similar appreciation rates of 8.22% and 8.27%, respectively, within the last year. This indicates that while Manhattan may be pricey, it is still a strong investment for potential buyers.
The median home cost in Manhattan is $1,169,400. Home appreciation the last 10 years has been 62.6%. Home Appreciation in Manhattan is up 10.8%.
Average Age of Homes
- The median age of Manhattan real estate is 67 years old
The Rental Market in Manhattan
- Renters make up 67.2% of the Manhattan population
- 3.7% of houses and apartments in Manhattan, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.