The average sales price of a home (condominium, cooperative, and one-to-three-family dwelling) in New York City during the fourth quarter of 2018 was $938,000, a two percent increase from the fourth quarter of 2017, according to the Real Estate Board of New York’s (REBNY) Residential Sales Report.
The average sales price for a home in the Bronx rose 12 percent to $472,000 in the fourth quarter of 2018 from $422,000 in the fourth quarter of 2017. Bronx residential sales consideration (monetary value for completed home sales transactions) increased seven percent year-over-year to $486 million from $455 million in the fourth quarter of 2017.
Citywide residential sales consideration totaled $10.3 billion in the fourth quarter of 2018, a three percent decrease from the fourth quarter of 2017. Year-over-year, residential sales consideration declined by seven percent to $4.46 billion in Manhattan, one percent to $2.38 billion in Brooklyn, and two percent to $2.30 billion in Queens.
The total number of home sales in New York City decreased five percent to 11,063 in the fourth quarter of 2018 compared to the fourth quarter of 2017. Year-over-year, the total number of home sales declined eight percent to 2,445 in Manhattan; five percent to 2,527 in Brooklyn; six percent to 3,701 in Queens; and five percent to 1,030 in the Bronx. Home sales in Staten Island increased six percent to 1,360 in the fourth quarter of 2018 compared to the fourth quarter of 2017.
“Despite the softening in residential sales activity, citywide economic fundamentals remained strong at the close of 2018,” said John H. Banks, REBNY president. “The continued demand for homes was demonstrated by average sales price growth throughout the five boroughs and most notably in the Bronx.”
In Manhattan, the average sales price of a home increased one percent year-over-year to $1,824,000. When compared to the fourth quarter of 2017, the average sales price of a house: in Brooklyn, rose by four percent to $940,000; in Queens, grew by four percent to $621,000; and in Staten Island, increased by six percent to $555,000 in the fourth quarter of 2018.
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