Although home prices in Manhattan are marginally lower than prices recorded prior to the housing bubble burst, the area continues to outperform national market averages, The New York Times reports.
According to the newspaper, the average sales price of a Manhattan home is currently at $1.42 million, while prices peaked in 2008 at $1.59 million.
Meanwhile, Pamela Liebman, president of the Corcoran Group, told the news source that the city's dwindling inventory will be a hard obstacle to overcome to get the market back to pre-recession levels.
"If someone is looking for a four-bedroom apartment on Central Park West," she said. "I literally have only five places I can show them."
