As of June, condos priced $500,000 to $999,000 took, on average, 4.7 months to sell — substantially below the marketwide average of 8.6 months over the last 10 years. They sold more than five times as fast as condos over $10 million, which were moving at an average of 25.7 months, according to an analysis done by the appraisal firm Miller Samuel.

High-end buyers have not necessarily been exhausted, but you won’t find many willing to pay prices from two years ago, said Jonathan J. Miller, the president of Miller Samuel. “Values dropped, but prices didn’t,” he said. “We’re moving out of a market that’s solely focused on superluxury, and for the developers who can get the formula right, demand for entry- and middle-income new development — the heralded $1 million to $3 million — can’t be satiated.”

Value, a word rarely heard several years back when almost every developer in the city was looking to cash in on the trophy craze, is the catchword of the day. And though “affordable luxury,” the industry’s preferred term for such projects, is hardly an apt description for apartments that remain beyond reach for most New Yorkers, developers are finding a deep pool of affluent buyers who have spent the last several years shut out of a market that catered to the global elite.

While new developments, as a rule, try to fill their units with luxury finishes, those priced at the lower end often find an edge by offering smaller apartments in areas where new developments are otherwise scarce.