Manhattan Real Estate Market Continues Weakening in Contracts

Sales rose to 11 homes sold in the Manhattan market over the last 30 days. However, a determined downturn in the amount of pending transactions continued, with 10 completed in the same period. All indications show that the trend may be coming to an end, meaning more pending transactions over the next few weeks. Prices are coming down in Manhattan, as the median sales price dropped to $205,000, while months of inventory also fell to four.

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Demographic facts for Manhattan:

  • The median house value here is $197,200.
  • The area gets 116 rainy days a year. (U.S. average: 100)
  • The unemployment rate is 9.6%.
  • There are 22.2 students for every teacher. (15.3 = national average)

Data reported through 10/13/2016

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