REBNY: Residential Sales Report Q3

Market Report provided by REBNY

In the third quarter of 2020, the New York City average residential sales price, which covers condominiums, cooperatives, and one-to-three family homes, was $1 million - a 4% decline year-over-year. From Q3 of 2019, total residential sales volume, or consideration, decreased from $12.2 billion to $6.5 billion, representing a 47% drop. The decline in the total consideration occurred in all five boroughs. The Citywide residential transaction volume also decreased year-over-year, declining from 11,475 to 6,305 sales, representing a 45% drop and a second consecutive quarterly historic low. All five boroughs experienced a decrease in the number of transactions year-over-year.