The square-foot price of real estate in Manhattan hit a record high in the third quarter of 2015, rising to $1,497.
According to a report released by Douglas Elliman on Thursday, in addition to rising prices, New York City is also experiencing a tightening inventory as apartments continue to sell faster and with more frequent bidding wars – and there are no signs of letting up.
“Everything is selling fast, I don’t see how there could be a bubble,” said Howard Lorber, chairman of Douglas Elliman. “I think to some degree real estate follows the stock market, but people buy real estate to live in also, not just to invest in.”
Image via flickr/Carlos Adampol Galindo