If you are planning on buying an apartment in the borough, one question you might have is – What is the average price per square foot for an apartment in Manhattan? The exact answer to this varies from time to time and based on the type of apartment you want to buy, but one consistent fact is that it’s almost always higher than the other four boroughs.
The price also differs quite significantly between condos and co-ops. The average apartment prices are:
The average price-per-square foot for Manhattan condos was $2,127 in Q4 2024 and for the same period, the average price (per square foot) was $1,236 for co-ops. So the average price per square foot is over 70% higher for condos than co-ops. This was based on the sales that were completed in the last quarter.
Another source is the Streeteasy dashboard, which informs us about the median asking price per square foot (based on the listings for any given month). The number was $1,582 for December, and it’s the average of all listed properties in the borough, most of which are apartments (both co-ops and condos). It also varies significantly among the neighborhoods. The median asking price per square foot was $2,318 for Midtown and just $910 for Central Harlem in December.
This should give you an idea that averages, even ones that abstract away other elements, may not paint you a very accurate picture, and looking into neighborhoods you want to move into might give you more relevant numbers. This is also where a New York City broker can be instrumental in helping you find the right information.
