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Tax Reform, High Prices Cause Sharp Residential Sales Decline in NYC

The median sale price of a residential unit in Manhattan in the fourth quarter of 2017 was $1.06 million, which marked the third consecutive quarter where the median sale price increased as compared to the same period a year earlier. However, the fourth quarter median price was 9.4% lower as compared to the third quarter 2017 median price of $1.17 million.

By John Jordan | Updated on January 03, 2018

Steven James, CEO of New York City, Douglas Elliman Steven James, CEO of New York City, Douglas Elliman

NEW YORK CITY—While the Manhattan residential sales market is still very strong, posting a median sale price of more than $1 million and an average sale price of more than $2 million, the specter of tax reform as well as the high cost of housing caused a sharp decline in sales activity in the fourth quarter of 2017.

Residential real estate brokerage firm Douglas Elliman Real Estate reports that fourth quarter closed sales in Manhattan totaled 2,514 transactions, down 25.4% from three months earlier and 12.3% from the fourth quarter of 2016. Fourth quarter 2017 sales activity in Manhattan was the lowest in the past six years, according to Douglas Elliman.

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