2021 broke most records for real estate sales in New York City including highest sales volume (over $30B+), highest number of contracts signed, highest average sales price and more.
The question that everyone should now be asking is “how long can this real estate bull-market run?”. If history is any guide, then we are about a third to half-way through our current bull market run. Don’t believe me? Here is a peek at price inflation in real estate in Manhattan for the past 30 Years and what it suggest about where we are in the current bull market cycle for real estate sales in NYC.
See below for the Corcoran Reports:
2021 Year End Market Summary Highlights:
Manhattan
- Manhattan closings reached a 14-year high. Over 15,600 condos and co-ops closed in 2021 throughout Manhattan, the highest year end total since 2008.
- The best year ever for contracts signed. Over 16,500 contracts were signed in 2021, 5% more than the previous peak in 2007.
- Median price has never been higher. Median price rose to about $1.8M in 2021, a record driven by a greater number and market share of two and three+ bedroom sales.
Brooklyn
- The number of closings and dollar volume broke records. Brooklyn closed sales activity and dollar volume shattered previous record highs for all product types.
- Contracts signed surpass all previous years. Condo and co-ops both saw the number of signed contracts surpass all other years for which data is available.
- Median price reached an all-time high. Median sale price for all types grew by double-digits annually and also reached all-time highs.
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