Q1 2020 Residential Sales Report

The average sales price of a home (condominium, cooperative, and one-to-three family home) in New York City in Q1 2020 was $1.01 million, which remains flat year-over-year.

Citywide, the average sales price of a condominium was $1.5 million, a co-op was $832,000 and a one-to-three family home was $883,000.

Total consideration decreased 16% year-over-year, from $10.5 billion to $8.7 billion. This represents the lowest total since Q1 2014, which was $8.3 billion. Year-over-year, total consideration also declined in all five boroughs. Manhattan declined by 25%, Brooklyn by 3%, the Bronx by 12%, Queens by 9% and Staten Island by 49%.

Citywide residential transactions also decreased 16% year-over-year, from 10,382 to 8,702 sales. Total transactions are the lowest since Q4 2011, which saw 7,796 sales. All five boroughs experienced a decrease in the number of transactions year-over-year and quarter-over-quarter.