The pandemic, shelter in place, working from home, soaring unemployment, migrations, rent plunges, increased restrictions on evictions, record-low mortgage rates seemingly every week, and a multitude of other factors made for an exceptionally tumultuous year for the multifamily market. Though activity did pick up in Q4.
The number of 2-4 unit buildings that traded hands was down 28.2 percent from 2019 for a total of 321 across the city. The median sale price ticked down a little over a percent though the price per square foot and price per unit increased about 2 percent each.
The number of buildings sold in the 5+ unit sector decreased by 36.7 percent compared to 2019 for a total 93. Buildings on average sold 3.6 percent under list price with the median cap rate ticking down 13 basis points.