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For the first time since Q1 2017, the average price for an apartment in the Financial District dropped significantly by 27.76%. The only apartments not included in this trend were one bedrooms which increased in average price by 6.09% QoQ and 15.57% YoY. Volume of units sold also decreased both QoQ and YoY.  The average price of apartments YoY has increased 44.6% and the median price has increased by an impressive 82.41% YoY.

– One bedrooms showed the only QoQ price increase to $1,171,182

-The median price discount decreased from the previous quarter from 1.91% down to -3.45%.

– The largest drop in ppsf to $1,609 was among three bedrooms where there were more resales and fewer new development sales than in previous quarters.


The rental market in the third quarter showed a sharp drop in total inventory. This, along with almost static pricing QoQ, suggests that the rental market may be stabilizing, at least temporarily, after months of price drops and added concessions. Year over year, there was a moderate average price increase of 5.63%. Three bedroom apartments, which represent 3.5% of FiDi apartments rented in Q4, went against the overall trend with 180% increase in units rented from 5 to 14, and 40.77% average price increase from $11,968 to $16,847.

-Only 635 units saw price drops in Q4 2017 compared to 698 in Q3 and a whopping 1,193 in Q4 of 2016.

-Studios and One bedroom rentals accounted for 82% of all apartments rented in Q4 2017.

-Median rent actually increased both QoQ and YoY to $4,269, slightly lower than the average rent of $4,305. This does not factor in landlord concessions which currently affect roughly 30% of the market.