Manhattan Real Estate Market Sees Notable Changes in September 2023

The Manhattan real estate market exhibited significant fluctuations in September 2023, according to the latest market data. These changes encompassed shifts in median sale prices, price per square foot, and transaction volumes, reflecting a dynamic and evolving real estate landscape in the city.

1. Median Sale Price: Down 11.4% YoY

September 2023 witnessed a median sale price of $975,000 for Manhattan homes, showcasing an 11.4% year-over-year decline. This substantial drop underscores the evolving market conditions, potentially influenced by various economic factors affecting buyer behavior.

2. Median Price/Sqft: 2.5% YoY Decrease

The median price per square foot in Manhattan for the same month registered at $1,344, indicating a 2.5% year-over-year decrease. This metric highlights the softening of property values per square foot, contributing to the overall decline in median prices.

3. Transaction Volume Soars by 66.1% YoY

September 2023 witnessed an impressive surge in real estate transactions in Manhattan, totaling 2,521 properties changing hands. This represents a remarkable 66.1% growth compared to the same month the previous year. The heightened transaction volume suggests robust market activity, possibly driven by increased demand and favorable financing conditions.

4. Comparison with New York City

In comparison to the broader New York City real estate market, Manhattan maintained a higher median sale price at $975,000, while New York City's median was $680,000 for September 2023. Both markets experienced declines in median prices, with Manhattan's year-over-year change at -11.4% and New York City's at -9%, with Manhattan's decline being more pronounced.

The Manhattan real estate market is dynamic and influenced by factors such as economic conditions, changing buyer preferences, and evolving market dynamics. Owners must closely monitor and adapt to these trends. Buyers, sellers, and real estate professionals should take these factors into account when making decisions, as they will continue to shape the future of Manhattan's real estate market. Broadway Realty is a leading real estate advisory firm with expertise in luxury sales market. Our seasoned professional Alexander Bogod possess a deep understanding of the local market, providing invaluable insights and guidance to clients navigating the ever-changing real estate landscape in Manhattan.

Disclaimer: This press release is based on data available as of September 2023 and is intended for informational purposes only. Actual market conditions may vary, and individuals should consult with real estate professionals for specific advice and investment decisions.

For media inquiries, please contact:

Broadway Realty

Website: https://broadwayrealty.com/

Email: Abogod@BroadwayRealty.com

Call: 212 577-2270

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Full Home Remodel - Give A Fresh Look To Your Home

Many people love their existing home, but over time, after living in it for a while, they begin to notice areas they would like to improve. Because of this, many people decided to home remodel rather than make the effort to sell their current home and find a new one. By improving their own homes, they are actually helping their neighbors gain resale value. Of course, many homeowners must remember that they need to be careful not to price their home out of the community in order to get the maximum return on their investment.

Kitchens and bathrooms can really sell a house. When homeowners take the time to remodel their kitchens and bathrooms, they run the risk of overdoing it and receiving less money than they spent on the remodel. Therefore, homeowners need to consider which type of product to use when renovating. Ceramic tiles are a powerful mid-range home improvement product. It is more expensive than ceramic, cheaper than natural stone, and much more durable than both. It comes in a variety of looks, so most owners will find something they like.

Another consideration is the type of finish on the hardware and lighting fixtures. Brass is very outdated. Brushed nickel is very popular and can be used in most homes. Another popular finish is bronze. It can make a house look more expensive.

While Full remodel the exterior of your home can be an expensive home improvement, it can also be the one that creates the best immediate return. In addition to changing the appearance of your home will greatly improve curb appeal, it can also make a tonal difference in your heating and cooling bills. Installing new low-E windows and doors can pay for itself in just a few years. There are also energy-efficient siding options, such as fiber cement siding and insulated structural siding. They come in a variety of colors to suit any homeowners need.

When homeowners take the time to remodel their kitchens and bathrooms, they run the risk of overdoing it and receiving less money than they spent on the remodel. Therefore, homeowners need to consider which type of product to use when renovation. Ceramic tiles are a powerful mid-range home improvement product. It is more expensive than ceramic, cheaper than natural stone, and much more durable than both. It comes in a variety of looks, so most owners will find something they like.

For more details checkout here: https://volcanobuilders.com/blog/