According to the Real Estate Board of New York's 2017 Residential Sales Report, New York City's residential real estate market rounded out a year of healthy home sales activity with a record $50bn in transactions completed in 2017.
This new peak (monetary value for completed transactions) was driven by Brooklyn's all-time high annual consideration of $11bn last year.
However, the average sales price for a home in New York City decreased 1% in 2017 to $917,000 in the fourth quarter of 2017 and the average sales price of a home in Manhattan declined 7% to $1,803,000.
When compared to the fourth quarter of 2016, the average sales price of a home in Brooklyn rose 5% to $901,000; in Queens, prices grew by 11% to $595,000; in the Bronx they increased 7% to $422,000; and in Staten Island prices rose by 8% to $524,000.