Average Manhattan apartmentcosts over $1 million

Who wants to be a millionaire?

Anyone who wants to buy a Manhattan apartment.

For the first time, the average price of a Manhattan apartment broke through the $1 million mark, as cheap money, a tight supply and an improving economy made most prospective buyers feel like paupers.

During the second quarter, the average sales price of a Manhattan apartment was $1,047,938 -- up 4.9 percent from the previous quarter and 20.9 percent above last year’s average sales price, according to the quarterly Prudential Douglas Elliman Manhattan Market Overview report, released Tuesday.

Despite ticking up during the second quarter, mortgage rates have dropped back down again. And meanwhile, the New York City economy has improved.

Those two factors whipped prices up above the million-dollar mark, said Jonathan Miller, president of Miller Samuel Inc., which prepared the report

“And a lack of supply” also upped the ante, he said. “We’re still at a level lower than the same quarter last year.”

The report covers the co-operative and condominium markets from the lower tip of Manhattan to 116th Street on the West Side and 96th Street on the East Side.

The average studio in the area cost $326,947, up 26 percent from the first quarter and up nearly 29 percent for the year.

An average one-bedroom apartment cost $535,751, up 10.9 percent from the first quarter and up 22.6 percent for the year.

For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

Up, up and away
The average two-bedroom apartment, which makes up the largest market share of the types of apartments sold, was $1.34 million, up 6.7 percent from the first quarter and up nearly 28 percent for the year.

The average price per square foot reached a record $786, up 7.6 percent over the first quarter and up 19 percent from the same period last year.

Although the supply of condos and co-ops rose 21 percent during the second quarter to 5,211 units, Manhattan’s stock of this type of housing was still 14 percent below last year’s level.

Meanwhile, the median sales price -- the price right in the middle of the entire range -- also set a record of $674,000, and increased at a faster rate than the average price. The median sales price during the second quarter was about 8 percent above the first quarter’s median and 17.2 percent above that of a year earlier.

The average sale price for all apartment sizes set records, except for those of four-bedroom abodes, where the small number available tends to make the segment more volatile.

And next quarter?

“I think there’s the potential for it to be more of the same -- if mortgage rates continue to trend down or remain flat because supply really hasn’t changed,” Miller said.