New York City Enjoys Record $50 Billion of Residential Sales in 2017

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 $50 billion in transactions completed in 2017. This peak in consideration (monetary value for completed transactions) was driven by Brooklyn's all-time high annual consideration of $11 billion this year. Sales activity in the fourth quarter of 2017 experienced a ten percent increase in the number of home sales (cooperatives, condominiums, and one-to-three-family dwellings) ranging from $1 million to less than $3 million, when compared to the fourth quarter of 2016. In comparison, the number of home sales recorded at $5 million or greater dropped 38 percent year-over-year..