By Anna Bahney | CNN
It is almost as if the wild turns in the Manhattan real estate market during the pandemic didn’t happen. Almost.
The frenzy to buy apartments in Manhattan took off in 2021 as the city bounced back from the worst of the pandemic. But it nosedived at the end of 2022, with the market returning to its pre-pandemic trajectory as sales dropped and prices slipped. The only outlier is that inventory is still slow to materialize.
The median price of all apartments in Manhattan in the fourth quarter was $1,100,500, down 5.5% from the prior year, according to a report from brokerage firm Douglas Elliman and