Q2 2021 Residential Sales Report

New York City’s residential sector has provided a much-needed bright spot in
an otherwise challenged real estate market. Homebuyers gave New York City
the ultimate vote of confidence during the first six months of 2021 – buying
homes at a brisk pace and in all five boroughs. Total residential sales volume,
or consideration, more than doubled, soaring from $6.4 billion in the second
quarter of 2020 to $13.3 billion in the second quarter of 2021 - a 109.5%
year-on-year increase. Property sales totaled $23.7 billion in the first six
months of the year, eclipsing the $11.5 billion in the first half of 2020. The
second-quarter total was the largest quarterly total since Q2 2017.

This year’s resurgent sales put to rest talk about a mass exodus of residents
from New York City. The lure of the City – its unrivaled culture, dining,
and status as a center of talent and excellence for multiple industries – is
alive and well. Living in New York City has long come with its challenges,
such as exorbitant costs of living and long commute times. The pandemic
underscored many of these chronic risks. It also highlighted vulnerabilities
that had been forgotten for decades, such as public health and safety, and
the dependency of the transit system and some retail on daytime commuters.