Manhattan has become a “buyer’s market” as prices plummet and inventory soars to a decade high, according to new reports.Manhattan inventory has currently more than 8,000 apartments for sale, a 4.2% spike from 2023 — the first increase in more than a year, according to the report, first cited by CNBC.
It would take nearly 10 months to sell 8,000 apartments without any new units coming on the market, according to a separate report from Brown Harris Stevens. The luxury market, which represents the top 10% of total sales, saw a steeper year-to-year increase in inventory than the non-luxury gain, according to the outlet.The median sales price for luxury listings was nearly $6 million, which is down 10.5% since last year and is the first decline for luxury apartments in more than a year, the report said.
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