The New York City residential sales market posted an eight percent rise in citywide
consideration (monetary value for completed transactions) totaling $11 billion in the fourth
quarter of 2016, compared with the fourth quarter of 2015.
The average sales price for a home (cooperatives, condominiums, and one-to-three-family
dwellings) in New York City rose 10 percent year-over-year to $924,000 in the fourth quarter
The average sales price for a condominium in Manhattan reached a peak of $2,963,000 this
quarter, a 36 percent increase year-over-year pushed up by sales at the very high end of the
market. However, the median price of a New York City home increased six percent to
$575,000 in the fourth quarter of 2016, signaling that the demand for New York City homes is
not only at the upper end of the market.
Home sales volume decreased year-over-year citywide and in each of the largest boroughs.
The number of sales for all homes in the City slipped two percent from the fourth quarter of
last year to 11,837. The total number of home sales in Manhattan fell eight percent to 2,801;
one percent to 2,703 in Brooklyn; and five percent to 3,908 in Queens.
Despite the drop in sales, total residential sales consideration increased cumulatively and in
each borough due to strong average sales prices. Year-over-year, total consideration
increased nine percent to $5.5 billion in Manhattan; seven percent to $2.3 billion in Brooklyn;
two percent to $2.1 billion in Queens; 19 percent to $388.4 million in the Bronx; and 23
percent to $700.4 million in Staten Island.