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Manhattan’s real estate market ends 2018 in ‘reset mode’

January 03, 2019 / Amy Plitt

New York’s real estate market is in a slump. (Or, if you’re a buyer, you could look at it this way: Now’s the time to strike if you’ve been waffling on whether to buy a place.) The latest batch of market reports, looking at Q4 sales in Manhattan, are here, and there are some commonalities among them; namely, the fact that median prices are falling (in the case of Douglas Elliman’s report, they’ve dipped below $1 million for the first time since 2015); the number of closed sales is decreasing, while inventory is up; and apartments are spending more time on the market.