Year-over-year, mid- and high-rise apartment properties’ price per square foot decreased by 7.7 percent, while the price for garden apartment properties increased by 0.7 percent.
In the first quarter of 2017, the price per square foot for multifamily properties had an average value of $177,000, with $236,000 for mid- and high-rise apartment property and $118,000 per square foot for garden apartments. Compared to the fourth quarter of 2016, the price per square foot decreased for both categories: by 1.2 percent for garden apartments, which peaked in the last quarter of 2016 at $120,000 per square foot, and by 13.7 percent for mid- and High-rise apartment properties. Year-over-year, mid- and high-rise apartment properties’ price per square foot decreased by 7.7 percent, while the price for garden apartment properties increased by 0.7 percent. The price per square foot for mid- and high-rise apartment properties had the largest value in the fourth quarter of 2015 ($291,000) and decreased by 12.2 percent in the next quarter. The smallest value for both categories was registered in the third quarter of 2009, when the garden apartment price per square foot was $65,000 and mid- and high-rise apartments’ price per square foot was $121,000.