The real estate industry is facing the first signs of an explosion in demand for properties, especially in cities like New York and Los Angeles, according to a report by brokerage firm Korn Ferry, which was released Tuesday.
The report says that the average value of a New York property is $1.3 million, which is nearly twice the average for all other major U.S. cities, with an average price of $3.8 million.
The average price in Los Angeles is $2.8 billion, according the report.
The report said the average price for a Manhattan home is $7.1 million.
Korn Ferry’s report says the average new house sold in New York City last year sold for $1,867,500.
The median price in the city is $4,200,000.
The city has one of the highest median home prices in the country at $1 million and the lowest median house price at $700,000, according a 2015 survey by real estate analytics firm Zillow.
The number of sales in Manhattan rose by 9.4 percent last year from the year before, while the number of transactions in the district rose by 2.4% from 2015, according data from Korn Fishers New York office.
The average price per square foot in New Jersey jumped to $1 to $2, and in New Orleans it jumped to a record high of $2 a square foot.
The price per acre in New Mexico rose to $6,000 a acre from $2 in the last three years.
In New York, the average sale price per foot rose to a high of around $5,000 from $3,000 in the past three years, while in Los Angles, the price per unit fell to $5 from $8.
The increase in sales of commercial and office buildings in Manhattan and New York also has been driven by the influx of low-cost, tech-driven apartments.
The median price per house in the United States increased by $1 billion last year, according KornFerry, a real estate brokerage.
The market for new homes is also growing at a faster pace than previous years, with the average number of new houses sold last year to reach 4.7 million, up from 3.4 million in 2014, the report said.
The percentage of buyers that are younger than 35 has grown, the number who are female has increased and the number that are in their 50s and older has grown.
The overall number of homes sold in the U.A.E. last year was up by 13.4%, but Korn said it is not clear if the increase is driven by people moving back to the city or the arrival of more millennials, or whether it is a sign of a slowing market.
The rise in the number and price of homes in New Yorkers was driven largely by younger buyers, the brokerage said.
The number of millennial buyers increased by 12.6 percent, from 11,567 in 2014 to 13,766 in 2015, while they also bought properties for less than $1-million, the firm said.
Kornei Molnar, president of Korn-Ferry New York said that younger buyers are buying properties at a higher rate than in the previous years and that the overall trend will continue to strengthen.
Komunosky said that while millennials are looking to purchase properties, they are still a small percentage of the population.
He said millennials are the second-largest group of buyers and are in the middle of buying a home.
Korda Dzier, an agent with real estate firm Korda Associates, said that the market is “still very saturated” and that buyers are taking advantage of the low vacancy rate in NewYork.
The vacancy rate for New York is about 3.5 percent, according Dziras data.
According to the brokerage, the top ten percent of new-home buyers purchased at least 100 units last year.
The top 10 percent of the market bought at least 5,000 homes last year for $5.4 billion, and the top 10% of the buyers bought a total of 5,971 homes in the first three months of the year.
The most popular types of homes were luxury homes and condo units, followed by apartments and townhomes.