Plenty of residential properties were snapped up on Manhattan’s Upper East Side during the first 11 months of 2023: 2,245, to be precise. The plurality—44%–of the properties sold for less than $1 million, with another 37% selling for $1 million-$3 million. At the opposite end of the price range, 5% sold for more than $8 million.
As of early December 2023, 1,544 residential properties were on the market. A modest 29% were priced at less than $1 million, while 36% had an asking price of $1 million-$3 million. Those with a price of $3 million-$8 million made up 22% of the available residences, with those priced $8 million-$12 million accounting for 6%. The remaining 8% had an asking price of more than $12 million.
At $13 million, the median asking price for UES townhouses was more than eight times that of co-op units. The median asking price for co-ops was $1.59 million, and that of condos was $2.8 million.
The residential rental market was also robust, with 683 active listings as of early December. Only 3% of the units were available for less than $2,500 a month, compared with 28% renting for more than $9,000 a month. In between, 21% had a monthly rent of $2,500-$3,500, 25% $3,500-$5,000, and 23% $5,000-$9,000.
The median monthly rent for studios was $3,000. The addition of a bedroom increased the median rent to $3,999. The median monthly rent for two-bedroom units was $6,300, less than half the median rent of $12,800 for three-bedroom units. For residences with four or more bedrooms, the median monthly rent was $26,775.
