Q2 2020 Residential Sales Report

In the second quarter of 2020, the New York City average residential sales
price, which covers condominiums, cooperatives and one-to three family
homes, was $975,806 - a 13% decline year-over-year. Broken out, the citywide
averages were:
• Condominiums: $1.6 million
• Cooperatives: $724,983
• One-to-three family homes: $860,631
From Q2 of last year, total consideration decreased by 50%, from $12.8 billion
to $6.4 billion, reaching the lowest point since the fourth quarter of 2011.
The Citywide residential transaction volume also decreased year-over-year,
declining from 11,413 to 6,534 sales, representing a 43% drop and an all-time
low since REBNY began collecting the data in the first quarter of 2006.
All five boroughs experienced a decrease in the number of transactions
year-over-year.
Borough Year-Over-Year Change in Total Consideration:
• Manhattan: -66%
• The Bronx: -31%
• Brooklyn: -36%
• Queens: -35%
• Staten Island: +4%