Real EstateMortgage

New York City’s housing market struggles under lockdown with residential sales down 61% YOY

Many potential buyers are looking outside the city

statue of liberty

New York City is the U.S. epicenter of the coronavirus pandemic, and the local economy has been harshly impacted by the health crisis. But the city’s residential real estate market was facing problems before the pandemic hit town.  

According to the Real Estate Board of New York, the city’s total sales volume during the first quarter of this year fell 16% year-over-year from $10.5 billion to $8.7 billion. Total residential transactions also took a 16% year-over-year hit, down from 10,382 sales in the first quarter of 2019 to 8,702 sales during the first three months of this year.

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