Average Apartment Price Tops $1 Million

End of year reports released by Prudential Douglas Elliman and Halstead Properties show a five percent increase in the average price of a New York apartment, up to $1.1 million. While the exponential growth in recent years may make the increase look small, 2006 was a huge year for the real estate market, thanks in part to the mega Wall Street bonus season that is expected to drive the market throughout the first quarter of 2007. High profile sales and new development also contributed to the year.

-Heather Corcoran
AP Photos/Bebeto Matthews