The Cost of Living in New York City Just Got Even Higher | Newsweek


The price rise has resulted in New York apartments selling at an average of $2.19 million a pop while median prices also hit a new record of $1.19 million.

“The expectation for the second quarter had been more modest,” said Jonathan Miller, president of Miller Samuel, told CNBC Thursday. “We did see the market cool in April. But by May the market kicked in and the quarter ended up finishing strong.”

Condominium units also saw an increase, jumping some 13 percent to a $3.12 million average, the report said. And despite concerns that the several newly developed condos would be slow to sell, purchasing booms still resulted in new condo prices reaching a $4.70 million average.

While speaking with Architectural Digest, Miller said the increases were most likely caused by sellers pricing units more realistically combined with potential buyers itching to make a purchase after holding off the year before.

“The key item from my perspective is greater negotiability at the high end of the marketplace. Listing discounts began rising in the last quarter, which means that luxury sellers are becoming more realistic with pricing,” he said.

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The Cost of Living in New York City Just Got Even Higher.

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