Price at which most buyers priced out? $1mm?

FWIW am in the process of selling a one bedroom and a studio in UES (both in contract) and have been looking downtown (south of 23rd anyway). I realize the downtown market is "hot" but for me, as a 1BR/ 1 BA inches to the $1M mark, I back out. I probably will be accused of not understanding the NY RE market, but one mil for what to me is an average 1 bedroom apartment (albeit in a highly desirable area) is ridiculous.

you are ignoring the supply variable. clearly there are more properties in less than 1mm range.

in nyc, probably 1.2~1.4mil,

in carolina, 400~500k

The answer is not a number, it's a time frame "Buy now, or be priced out forever!"

> Is there a power curve going on, where the number of buyers exponentially drop as price goes up. Where is that inflection point?

very interesting questions! such curve will also change in time according to credit conditions for the locals and wealth creation from abroad.