Average Manhattan Apartment Values Approach $1 Million

(Thursday, September 04, 2003) - There are folks who figured people would be living on the moon before the average price of an apartment in a U.S. municipality reached a million dollars, but it looks like the latter is about to become true.

A survey conducted by Prudential Douglas Elliman concluded that the average sales price of a Manhattan apartment in the third quarter of 2003 rose 6% from the previous quarter to $916,959.

Real estate experts point out that real estate costs in Boston and San Francisco are about as high as they are in Manhattan.

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