It's a well known fact that the highest property values in New York City are located in Manhattan. Tribeca, Billionaire's Row, Upper East/West Side-- these are some of the highest prices per square foot on the planet.

Yes, in human money terms, NYC has some of the most highly valued ground you could possibly live on. But, how pricey? Try a cool million dollars pricey. Minimum.

That's right. Third quarter reports are in, and many real estate rates are breaking records here in the city. It is now basically a fact that unless you have about $1,000,000 to spend, you're not going to purchase an apartment on the island of Manhattan.

Different sources put the median cost to buy a Manhattan apartment at slightly different prices. They're mostly just under a million dollars, and that's considered the low end of the market. 

It sounds crazy, but it makes sense. Pretty much, the price starts around $998,000 and goes up from there.

And, you guessed it, those aren't giant apartments. That's just the cost of owning your living space in Manhattan these days.

Chief Executive of Douglass Elliman Real Estate Dottie Herman noted when speaking with The New York Times, "It seems like a lot of money anyplace else...what you get for a million dollars isn't a lot of space."

Part of why the housing market is what it is at the moment in city is the fact that there are less listings in the lower price point range, which drives those prices up. 

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It's supply and demand. The less listings there are, the higher the price will be-- as long as demand remains about the same.

And it appears to be doing so.

In the third quarter of 2015, the length of time properties spent on the market decreased by 20%, so not only are prices going up, the homes are selling much faster. If you want to buy one, you better do it fast before all we have left are mega luxury units in the $30 million range.

Check out 8 Most Expensive Apartments for Sale in Manhattan. 

[via The New York Times]

[Feature Image Courtesy of CBS New York]