NYC Real Estate Market Reports & Data

2nd Quarter 2017

The New York City residential sales market registered a 19 percent rise in citywide consideration (monetary value for completed transactions) totaling $13.4 billion in the second quarter of 2017, compared with the second quarter of 2016. The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose three percent year-over-year to $1,050,000 in the second quarter of 2017.

New records were set for condo average sales prices in Brooklyn and Queens, for the coop average sales price in Queens, and for one-to-three family dwelling average sales prices in Brooklyn and Staten Island.

The average sales price for a condominium in Manhattan was $3,023,000 this quarter, a six percent increase year-over-year due to strong demand in the middle and lower third of the market. The median price of a New York City home increased eight percent to $630,000 in the second quarter of 2017, signaling again that the demand for New York City homes is not only at the upper end of the market.

Home sales volume increased year-over-year citywide. The number of sales for all homes in the City rose a striking 15 percent from the second quarter of last year to 12,721.  The total number of home sales rose 17 percent to 3,984 in Queens; six percent to 3,268 in Manhattan; and 15 percent to 3,034 in Brooklyn.

Total residential sales consideration also increased in each borough, and with considerable increases outside of Manhattan.  Year-over-year, total consideration increased eight percent to $7.02 billion in Manhattan; 37 percent to $2.97 billion in Brooklyn; 28 percent to $2.24 billion in Queens; 25 percent to $426 million in the Bronx; and 54 percent to $703 million in Staten Island.

 

ANNUAL MARKET TRENDS

 

 

 


 
 

1st Quarter 2017

The New York City residential sales market posted a 15 percent rise in citywide consideration (monetary value for completed transactions) totaling $12.3 billion in the first quarter of 2017, compared with the first quarter of 2016. Total residential sales consideration increased cumulatively and in each of the five boroughs due to strong average sales prices and sales volume. The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose 12 percent year-over-year to $1,022,000 in the first quarter of 2017. The average sales prices for a condominium in Manhattan, Brooklyn, and Queens hit new records this quarter rising 27 percent year-over-year to $3,032,000; 39 percent to $1,138,000; and six percent to $602,000, respectively.

Manhattan’s year-over-year surge was pushed by sales at the very high end of the market. However, the median price of a New York City home increased seven percent to $600,000 in the first quarter of 2017, signaling that the demand for New York City homes is not only at the upper end of the market. Home sales volume increased year-over-year citywide. The number of sales for all homes in the City rose two percent from the first quarter of last year to 12,112 with Brooklyn experiencing the greatest increase in sales at four percent with 2,905 sales, and Queens posting the greatest volume with 3,789 sales.
 
 
4th Quarter 2016

The New York City residential sales market posted an eight percent rise in citywide consideration (monetary value for completed transactions) totaling $11 billion in the fourth quarter of 2016, compared with the fourth quarter of 2015.

The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose 10 percent year-over-year to $924,000 in the fourth quarter of 2016.

The average sales price for a condominium in Manhattan reached a peak of $2,963,000 this quarter, a 36 percent increase year-over-year pushed up by sales at the very high end of the market.  However, the median price of a New York City home increased six percent to $575,000 in the fourth quarter of 2016, signaling that the demand for New York City homes is not only at the upper end of the market.
 

3rd Quarter 2016

In the third quarter of 2016, the New York City residential sales market posted a new all-time high in citywide total consideration (monetary value for completed transactions) at $13.6 billion, a 15 percent rise from the third quarter of 2015. Bouncing back from a lukewarm second quarter 2016, the average sales prices for a home (cooperatives, condominiums, and one-to-three-family dwellings) in Brooklyn, Queens and the Bronx also set new records since the Real Estate Board of New York (REBNY) began tracking home sales data in 2006.

The average sales price for a home hit $891,000 in Brooklyn; $523,000 in Queens; and $400,000 in the Bronx. The average sales price for a condominium in Manhattan also hit a new record of $2,952,000 driven by sales in high-priced, new developments. The average sales price of a New York City home increased eleven percent to $981,000 in the third quarter of 2016 compared to $888,000 in the third quarter of 2015. All five boroughs individually posted year-over-year increases in the average sales price for a home.
 

2nd Quarter 2016

The New York City residential sales market started to face some resistance in the second quarter of 2016. While the average sales price of all homes in the city increased – reaching a new, all-time high since the Real Estate Board of New York (REBNY) began tracking home sales data in 2006 – and average sales prices for a home in each of the five boroughs rose year-over-year, sales volume started to weaken. The Bronx and Staten Island were the only boroughs to record increases in sales volume this quarter when compared to last year.

The average sales price of a New York City home (cooperatives, condominiums, and one-to-three-family dwellings) increased ten percent to $1,018,000 compared to $923,000 in the second quarter of 2015. Average price increases were posted by all the boroughs this quarter compared to last year’s second quarter, but recordings at some of Manhattan’s most expensive, new condominium buildings drove the average price to this all-time high average price for a home in New York City.
 

1st Quarter 2016

The New York City residential sales market continued to post small, healthy increases in both average homes sales price and homes sales volume in the first quarter of 2016 compared to last year’s first quarter. The most significant percentage increases in residential sales volume occurred in the Bronx and Staten Island, driven by the sale of one-to-three family dwellings. The sale of one-to-three family dwellings in both boroughs has been on a relative upward trajectory over the last five years since the start of 2011.

The average sales price of an NYC home (cooperatives, condominiums, and one-to-three-family dwellings) increased one percent to $911,000 compared to $898,000 in last year’s first quarter, despite average home sale price increases of five and eight percent in Manhattan and Brooklyn respectively. Declines in sales volume in Manhattan and Brooklyn, whose average home sale prices are the highest in the city, combined with increasing sales in the Bronx, Staten Island and Queens, whose average home sale prices are considerably lower, moderated average home sales price growth.
 

4th Quarter 2015

The New York City residential sales market had small increases in both average homes sales price and homes sales volume in the fourth quarter of 2015 compared to last year’s fourth quarter. The average sales price of a NYC home increased one percent to $843,000 compared to last year’s fourth quarter of $841,000 due to fewer sales recordings of condos in the ultra-luxury segment of the market. In the fourth quarter of 2015 there were six sales recorded at 157 West 57th with an average sales price of about $17 million, while in the fourth quarter of 2014 there were eleven sales with an average price of about $34 million. A decline in sales volumes in Manhattan and Brooklyn, whose average home sales prices are the highest in the city, combined with increasing sales in Queens and the Bronx, whose average home sales prices are considerably lower, also played a significant role in the lower average home sales prices within NYC in the fourth quarter.
 

3rd Quarter 2015

The New York City residential sales market had slightly lower average sales prices but with increased sales in the third quarter of 2015 compared to the third quarter of 2014. The average sales price of an NYC home decreased 2 percent to $888,000 compared to last year’s third quarter of $910,000 due to fewer sales recordings in the upper echelons of the market as well as a pickup of sales in the boroughs. The weakening of sales at the top of the market is clearly evident by looking at the following statistic. In the third quarter of 2015, the average sales price of a home in the top 5 percent of sales was $5,103,107. In the third quarter of last year, the average sales price of the top 5 percent of sales was $5,974,991, 17 greater than this year’s third quarter.
 

2nd Quarter 2015

The New York City residential sales market posted higher average sales prices along with increased sales in the second quarter of 2015 compared to the second quarter of 2014. The average sales price of a NYC home increased 12 percent to $923,000 compared to last year’s second quarter of $826,000 driven by a large average price increase in Manhattan as well as substantial average price increases in the other boroughs. NYC homes sales increased by 5 percent over last year’s second quarter to reach a total of 11,262. The Manhattan condo segment of the market again had the largest effect on the overall NYC home average sales price. The average price of a Manhattan condo increased 31 percent over last year’s second quarter to $2,353,000 with the number of sales increasing 2 percent. This large average price increase is again partly attributable to more closings at 157 West 57th Street where 6 sales over twenty million dollars were recorded during the quarter, including one over ninety million dollars. The average Manhattan condo sales price in the quarter without the 157 West 57th sales was $2,143,000, still a 19 percent increase over the second quarter of last year.
 

1st Quarter 2015

The New York City residential sales market posted higher average sales prices and stronger sales volume in the first quarter of 2015 compared to last year’s first quarter. The average sales price of a NYC home increased 12 percent to $898,000 compared to last year’s first quarter of $801,000 driven once again by large price increases in Manhattan and Brooklyn. NYC homes sales increased by 8 percent over last year’s first quarter to reach a total of 11,216. The Manhattan condo segment of the market had the greatest impact on the overall NYC home average sales price. The average price of a Manhattan condo increased 28 percent over last year’s first quarter to $2,344,000 with the number of sales increasing 11 percent. This large average price increase is partly attributable to more closings at 157 West 57th Street where 6 sales over twenty million dollars were recorded during the quarter, including one over one hundred million dollars. The home sales markets in Brooklyn and Queens also had strong average price increases of 12 percent and 7 percent respectively. The two boroughs also had sales volumes increases of 15 percent and 8 percent respectively over the first quarter of last year.
 

4th Quarter 2014

The New York City residential sales market again experienced rising prices but weakening sales volume in the fourth quarter of 2014. The average sales price of a NYC home increased 11 percent to $841,000 compared to last year’s fourth quarter of $760,000 driven by large price increases in Manhattan and Brooklyn. The number of sales in the fourth quarter fell by 8 percent though to 11,699. The biggest price gains were in the Manhattan condo segment of the market. The average price of a Manhattan condo increased 37 percent over last year’s fourth quarter to $2,338,000, but the number of sales fell 11 percent. This large average price increase is partly attributable to closings at 157 West 57th Street where 9 sales over twenty million dollars were recorded during the quarter. The Brooklyn Condo and 1-3 family home markets also saw strong average price increases of 13 percent and 17 percent respectively, but saw sales volumes fall 10 percent and 7 percent respectively.
 

3rd Quarter 2014

The New York City residential sales market saw rising prices but diminishing sales volume in the third quarter of 2014. The average sales price of a NYC home increased 13 percent to $910,000 compared to last year’s third quarter of $806,000 driven by large price increases in Manhattan and increases in both Brooklyn and Queens. The number of sales in the third quarter fell by 15 percent though to 11,954. The biggest price gains were in the Manhattan condo segment of the market. The average price of a Manhattan condo increased 29 percent over last year’s third quarter, but the number of sales fell 20 percent. The Manhattan coop and Brooklyn 1-3 family home markets also saw strong average price increases of 14 percent and 13 percent respectively, but saw sales volumes fall 20 percent and 17 percent respectively. Similarly, the average price of a Queens 1-3 family home was up 7 percent to $571,000, but sales fell year on year by 15 percent to 2,045.
 

2nd Quarter 2014

The New York City Residential sales market strengthened in the second quarter of 2014. The number of homes sold during the second quarter of 2014 was 10,722, 2 percent higher than the second quarter of 2013. The average sales price of a NYC home increased 6 percent compared to last year’s second quarter to $826,000 driven by average price increases in Manhattan and Brooklyn. The strongest growth occurred in the Brooklyn 1-3 Family Home market where prices increased 21 percent and sales volume increased 18 percent compared to the second quarter of 2013
 

1st Quarter 2014

The New York City Residential sales market remained strong in the first quarter of 2014. The number of homes sold during the first quarter of 2014 was 10,391, 4 percent higher than the first quarter of 2013. The average sales price of a NYC home decreased slightly by less than 1 percent compared to last year’s first quarter to $801,000 due to fewer sales in Manhattan compared to last year. Looking at individual market segments though, this quarter had very robust price gains. Manhattan recorded all time high condo and coop average sales prices, Brooklyn had record condo and 1-3 family home average sales prices, average sales prices of 1-3 family homes, coops, and condos all increased year over year in Queens, and the average 1-3 family home sales price increased in the Bronx over the first quarter of last year.
 

4th Quarter 2013

The New York City Residential sales market maintained high levels of activity and average prices during the fourth quarter of 2013. The number of home sold during the fourth quarter of 2013 was 12,677, 31 percent higher than the fourth quarter of 2012. The average sales price of a NYC home slipped 2 percent to $760,000 from last year due to a higher percentage of sales occuring outside of Manhattan, where the average price of a home is substantially lower. The number of sales of homes over 10 million dollars increased by 1 from last year;s fourth quarter to 31.
 

3rd Quarter 2013

The total consideration for all residential sales in New York City during the third quarter of 2013 was $11.3 billion, up 31.63 percent from the third quarter of last year and 38.06 percent from last quarter. Sales of all homes in the city totaled 14,073, up 28 percent from the third quarter of last year and 33 percent from the previous quarter. The average sales price of a home increased 3 percent from the third quarter of last year and 4 percent from last quarter to $806,000. Sales of homes over 10 million dollars increased from 22 in the previous quarter and 27 in the third quarter of last year to 34 this quarter
 

2nd Quarter 2013

The New York City residential sales market in the second quarter of 2013 maintained the elevated level of sales volume and average sales price compared to last year. Sales of all homes in the city totaled 10,551, up 9 percent from the second quarter of last year and 5 percent from the previous quarter. The average sales price of a home fell just over 1percent from the second quarter of last year and 3 percent from last quarter to $779,000.
 

1st Quarter 2013

The New York City residential sales market in the first quarter of 2013 once again demonstrated the strength of the real estate recovery in the city. Sales of all homes in the city totaled 10,012, up 11 percent from the first quarter of last year and 4 percent from the previous quarter. The average sales price of a home in the first quarter of 2013 reached $805,000, up 11 percent from the first quarter of last year and 4 percent from the previous quarter. This is also the highest average sales price for all homes in the city since 2008 when the average price was up to $853,000.
 

4th Quarter 2012

Overall, 2012 was the strongest year for the New York City residential sales market in terms of total consideration since the financial crisis of 2008. Total consideration for the entire year was $30.3 billion. The next highest year was 2010 with total consideration of $29.7 billion Total sales this year were the second highest since 2008 at 39,381. In 2010, there were 41,039 sales, but that figure was boosted by the home buyer tax credit program. Based on the annual growth in total consideration and total sales since 2008, the New York City market continues to show clear signs of a recovery from the financial crisis.
 

3nd Quarter 2012

Slowly rising prices and sales volumes in the New York City residential sales market continued in the third quarter of 2012, continuing a trend that we have seen since the official end of the recession. Average prices increased by 1 percent year on year citywide and sales increased 6 percent year on year. The lack of forceful economic winds in either direction seemed to act as a stabilizing factor for the market. The only major development systematically important to the market was the Federal Reserve’s announcement of a round of mortgage backed security purchases aimed to keep mortgage rates at near bottom levels. Given the sustained level of demand and the decline in inventory both in Manhattan and the boroughs, development of new units should pick up in 2013.
 

2nd Quarter 2012

The second quarter of 2012 was another stable and steady period for the New York City
residential sales market. Sales volume and average prices posted small gains or losses
depending on borough and property class. There was nothing in the data to suggest a significant trend in either direction. The continual stress on banks in Europe, the slow job growth domestically, and the lack of new residential developments in New York City have all contributed to this steady state in the residential sales market. Thankfully, mortgage rates have continued to dip lower, due to the economic unease around the world and Federal Reserve policy. These low rates have preserved home values and help sustain modest demand.
 

1st Quarter 2012

The average sales price of an apartment in New York City during the first quarter of 2012 was $870,000, a decline of 1 percent year on year. The average price of an apartment in Manhattan in the first quarter of 2012 was $1,337,000; a less than 1 percent decrease from the first quarter 2011. Brooklyn’s average sales price of an apartment in the first quarter of 2012 was $475,000; a decrease of 5 percent from the previous year’s first quarter. The average price of an apartment in Queens declined 2 percent year on year to $265,000.
 

4th Quarter 2011

The average sales price of an apartment in New York City during the fourth quarter of
2011 was $821,000, a 8 percent decline year on year. The average price of an apartment
in Manhattan in the fourth quarter of 2011was $1,240,000; a 10 percent decrease from the fourth quarter 2010. Brooklyn’s average sales price of an apartment in the fourth quarter of 2011 was $489,000; an increase of 2 percent from the previous year’s fourth quarter. The average price of an apartment in Queens declined 4 percent year on year to $272,000.

3rd Quarter 2011

The average sales price of a home in New York City ($780,000) increased 4 percent in the third quarter of 2011 when compared to the second quarter of 2011. The average sales price of a home in Manhattan ($1,393,000) increased quarterly by 2 percent. In Brooklyn, the average sales price ($589,000) increased by 5 percent. The average sales price in Queens ($399,000) increased by 3 percent. The average sales price in the Bronx ($350,000) increased by 2 percent.
 

2nd Quarter 2011

The average sales price of a home in New York City during the second quarter of 2011 was $747,000, a 3 percent increase from the second quarter 2010 average. Year on year, the average price of a home in Manhattan was less than 1 percent lower to $1,369,000. Brooklyn prices increased 6 percent to $563,000. Queens prices decreased less than 1 percent to $386,000.
 

1st Quarter 2011

The average sales price of an apartment in New York City during the first quarter of 2011 was $875,000, a 3 percent increase year on year. The average price of an apartment in Manhattan in the first quarter of 2011 was $1,340,000, a 2 percent increase from the first quarter 2010. Brooklyn’s average sales price of an apartment in the first quarter of 2011 was $498,000, an increase of 9 percent from the previous year’s first quarter.

4th Quarter 2010

The average sales price of an apartment in New York City during the fourth quarter of 2010 was $889,000, a 13 percent increase year on year. The average sales price of an apartment in Manhattan in the fourth quarter of 2010 was $1,375,000, a 10 percent increase from the fourth quarter 2009. Brooklyn’s average sales price of an apartment in the third quarter of 2010 was $479,000, an increase of 12 percent from the previous year’s fourth quarter.
 

3rd Quarter 2010

The average sales price of a home in New York City during the third quarter of 2010 was $722,000, a 7 percent increase from the third quarter 2009 average. The year on year change in the average price of a home in Manhattan was up 8 percent to $1,332,000; Brooklyn prices rose 1 percent to $544,000; in Queens, prices fell 3 percent to $396,000. The number of home sales increased citywide by 18 percent, and in Manhattan the number of sales rose 25 percent.

2nd Quarter 2010

The New York City residential sales market in the second quarter of 2010 continued showing the characteristics of a healthy market and continued the trend that emerged during the previous two quarters. The total consideration for residential property was $7.5B, up 4.8% quarterly and 72.8% when compared to the frozen market of
the second quarter in 2009.
 

1st Quarter 2010

The total dollar value of New York City residential sales was $7.2B in the first quarter of
2010, up over 63 percent compared to the first quarter of last year. Manhattan sales represented about 56 percent of this total value. Brooklyn and Queens each accounted for 17 percent of the total dollar value of sales, while Staten Island represented 7 percent and the Bronx 3 percent. However, this New York City total dollar value was a 9 percent drop from the $7.9B figure for the total value of sales last quarter.
 

4th Quarter 2009

The average sales price of a home in New York City during the fourth quarter of 2009 was $679,000, a 1 percent increase compared to the average of the fourth quarter of
2008. The year on year change in the average price of a home in Manhattan was down
7 percent to $1,320,000; in Brooklyn, prices fell 10 percent to $499,000; and in Queens,
prices fell 5 percent to $398,000.
 

3rd Quarter 2009

The average sales price of a home in New York City during the third quarter of 2009
was $670,000, a 14% drop compared to the average price during the third quarter of 2008. The year on year change in the average price of a home in Manhattan was down 17% to $1,233; in Brooklyn prices fell 5% to $534,000; in Queens prices fell 6% to $406,000.
 

2nd Quarter 2009

The average sales price of a home in New York City during the second quarter of 2009 was $644,000, a 22% drop compared to the average price during the second quarter of 2008. The year on year change in the average price of a home in Manhattan was down 19% to $1,297,000; in Queens prices fell 13% to $403,000; in Brooklyn prices fell 12% to $503,000.
 

1st Quarter 2009

The average sales price of a home in New York City during the first quarter of 2009
was $660,000, a 23% drop compared to the average price during the first quarter of 2008. The individual borough’s average home price declines though were not as
steep as the city wide number.

4th Quarter 2008

The average sale price of a home in New York City during the fourth quarter of 2008 was $669,000, a 10% decline from a year earlier. This decline continues a downward trend in all home prices since the beginning of the year. However, to provide another perspective, the fourth quarter 2008 price is still above the average price in the fourth quarter of 2006 and almost 17% higher than the average price in the first quarter of 2006.
 

3rd Quarter 2008

The average sale price of a home in New York City was $783,000 in the third quarter of 2008, slightly higher than a year earlier ($782,000). However, since the first quarter 2008 the average sale price has been declining, due in part to the reduction in the number of condominium sales whose average sale price is higher than all the property types that comprise the Home category as well as the decline in the sale price citywide of 1-3 family dwellings.

2nd Quarter 2008

New York City’s average sale price for a home (apartments and one to three family
homes) rose 12% to $824,000 in the second quarter of 2008, compared to a year ago. This increase is attributable primarily to the continuing price increases for Manhattan apartments.
 

1st Quarter 2008

The average sales price of a home in New York City reached $853,000 during the first quarter of 2008. This was an increase of 28% over the average price of a home in the first quarter of last year.

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