According to the Real Estate Board of New York’s 2017 Residential Sales Report, the overall consideration for all home sales completed in New York City in 2017 notched an all-time high of $50 billion. This consideration peak was driven primarily by the $11 billion record high annual consideration achieved in Brooklyn.
Fourth Quarter 2017 vs. Fourth Quarter 2016
The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City decreased one percent year-over-year to $917,000 in the fourth quarter of 2017. Compared to 4Q 2016, the average sales price of all homes in Q4 2017 by borough was:
- Manhattan: $1,803,000, down 7%;
- Brooklyn: $901,000, up 5%;
- Queens: $595,000, up 11%;
- Bronx: $422,000, down by 7%; and
- Staten Island: $524,000, up by 8%.
Total residential sales consideration increased in three of the five boroughs during the fourth quarter of 2017 when compared to last year’s fourth quarter. Total residential sales consideration increased:
- Manhattan: $4.79 billion, down by 12%;
- Brooklyn: $2.40 billion, up 4%;
- Queens: $2.35 billion, up 12%;
- Bronx: $455 million, up 17%; and
- Staten Island: $675 million, down 4%.