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Home » You Could Buy 1000s Of Homes For The Price Of NYC’s Most Expensive Penthouse

You Could Buy 1000s Of Homes For The Price Of NYC’s Most Expensive Penthouse

Published by Nikki Palmer on Thu, 06/15/2023 - 3:00am

(Stock Elements)
By 
Kai Van Ginkel
The Daily Record

In 2019 a 28,000 sq ft penthouse apartment in New York City sold for a record $240 million. This led PropertyShark – an organization that covers real estate market trends, research reports, market studies, and company and industry news – to do a study on the 2022 housing market to see how many houses could be bought for that price.

PropertyShark studied 335 cities with a minimum population of 100,000 to see how many houses could be purchased for $240 million and measured the median sale price of houses. Omaha, which has a current median price of $177,700, averaged 1,350 houses for that million-dollar price tag. Lincoln, which has a median price of $193,800, averaged 1,238. These are on par for the Midwest, which the study found to have the most “budget-friendly home price trends”, with seven of the top ten homes you could buy for $240 million.

Their study found that the highest number of houses you could buy for that price; 4,158; from Detroit, MI, which currently has a median price of $57,000. The most expensive, however, was found in Sunnyvale, CA which has houses running for around $1.5 million, and could only buy 156 houses for that rate.

For more information about PropertyShark’s study, you can go to propertyshark.com/Real-Estate-Reports/2023/05/17/how-many-homes-can-you-buy-in-the-us-for-the-price-of-nyc-s-most-expensive-condo/.

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