Why did apartment sales volume drop 22% in November?

November apartment sales volume fell due to a significant decrease in individual asset trades, despite a rise in portfolio activity.

What is the current state of apartment values according to MSCI?

Apartment values have declined by 1.4% year-over-year, with the rate of price decreases accelerating since the summer.

What are industry insiders predicting for the apartment sales market in 2026?

Insiders anticipate a continued tight sellers' market into 2026, though some see it as an attractive time for buyers.

Home / Business and Economy / Apartment Sales Plummet 22% Amid Market Uncertainty

Apartment Sales Plummet 22% Amid Market Uncertainty

24 Dec, 2025

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Summary

Apartment sales volume decreased by 22% year over year in November.
Individual asset trades fell 37%, but portfolio activity increased.
Apartment values declined 1.4% year over year, with price drops accelerating.

Apartment Sales Plummet 22% Amid Market Uncertainty

Apartment sales volume experienced a substantial 22% year-over-year decline in November, totaling $11.3 billion. This downturn was primarily driven by a 37% drop in individual asset trades. However, portfolio transactions saw a significant increase of 56% year-over-year, contributing $3.7 billion to the total volume. Mid- and high-rise property trades grew by 22%, while garden property transactions decreased by 43%.

Further impacting the market, apartment values fell by 1.4% year-over-year, according to MSCI. The rate of price declines has notably increased following a period of cooling over the summer months. As of November, overall transaction volume trails behind the full-year total of 2024 by 10%, with a substantial increase needed in December to match last year's figures.

Industry experts perceive 2025 as a slower-than-anticipated year for apartment sales, with many expecting a persistent sellers' market into 2026. Despite the challenging sales environment, some view this as a favorable buy-side opportunity. Excitement is building for potential market upticks in specific areas like San Francisco in 2026, fueled by sectors such as artificial intelligence.