Market Overview {Q1 | 2023}

In comparison to Q1 2022, in Q1 2023, the number of transactions dropped 38% market-wide, with the $3M-$10M market having the most sizeable drop, being down 47%. The over $10M market had a significant drop in number of closed sales as well, falling 41%. However, the average sales price for the over $10M market increased by 35%.

2,492 Closed Sales

-38% Change in Closed Sales {2023 v 2022}

$1.94M Average Sales Price

Closed sales reflect market activity 4-6 months prior due to the protracted closing period in NYC.

Comparing Y-O-Y may be misleading as the NYC real estate market was still very actively recovering from the Covid shutdown in Q1 2022.

-4% Change in Average Sales Price {2023 v 2022}