Posted October 04, 2018 04:16:10 New York’s condo market has taken another major step forward as more and more new construction comes online.
With the exception of a few mid-rise buildings that are being built by developers looking to expand their operations, most of the city’s new condo homes are being purchased by buyers who are not locals, according to a new survey by real estate firm Realtors.
The median price of a condo townhome in Manhattan is $2.7 million, according the firm, up slightly from the $2 million the median price was in 2016.
However, buyers in the suburbs are buying condos that are priced below their income.
In Queens, where the median house price was $1.3 million in 2016, that number has risen to $2,200, according Realters data.
In Brooklyn, where median home prices are $2 billion, they are down to $1,600.
The number of new condo properties being built has also jumped.
The number of condos being built in the boroughs of Manhattan and Brooklyn has doubled in the past two years, according a survey by Realtor.
The average price of an existing condo is now $2million in Manhattan, up from $1 million in 2015.
Meanwhile, the median sale price of new condos in Brooklyn is $1m, up 25% from last year.
A study by the National Association of Realtores found that the number of condo townhomes in New York City is at a record high, with nearly a third of all the units sold since 2014 being condos.
Realtions data showed that condos accounted for roughly 17% of all new condo sales in 2016 alone, according