The price of a typical Manhattan apartment just fell below $1 million for the first time in 3 years

• Real estate in Manhattan has been moving toward a buyers’ market.
• The median sales price of units sold in Manhattan fell 6% in the final three months of 2018.
• The fourth quarter marked the first time in three years that the figure was below $ 1 million.

In the latest sign that Manhattan is heading toward a softer real-estate market, the typical cost of housing sold fell below $ 1 million during the final stretch of 2018 for the first time in three years.

The median sales price of units sold in the borough fell nearly 6% from the same period last year to $ 999,000 from October to December, according to a report from listing broker Douglas Elliman Real Estate, the lowest since 2015. Though the rate of decline is steadying, the number of total sales fell for a fifth straight quarter.

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