Sales market slowdown? It’s less perceptible in Astoria, one neighborhood where homes are selling fastest in NYC.
The New York City sales market is in the midst of a slowdown. Relatively high prices and small price cuts are warding off potential buyers, causing home inventory to pile up. NYC homes stayed on the market for a median of 83 days in the third quarter of 2019 — five days longer than last year, and the longest average since 2012.
But while homes are staying on the market longer in most parts of the city, that’s not true everywhere. We looked into where homes are selling fastest in NYC, to understand where buyers may still face heightened competition. These areas are defying the broader slowdown in the NYC real estate market — and they’re all in the outer boroughs.
Where NYC Homes Are Selling the Fastest
During the third quarter, homes in South Queens — neighborhoods like Jamaica, Ozone Park and Richmond Hill — spent the shortest median period on the market, at just 60 days. South Queens is one of the most affordable areas in the city, with a median recorded sales price of $545,000 in the third quarter, 5% higher than a year prior. Demand for these neighborhoods still remains high, even though they may be a long subway ride from Midtown.
| Submarket | Neighborhoods Within | Median Days on Market |
|---|---|---|
| South Queens | Jamaica, Ozone Park, Richmond Hill, Woodhaven | 60 |
| Northwest Brooklyn | Dumbo, Brooklyn Heights, Cobble Hill, Fort Greene | 70 |
| Northwest Queens | Astoria, Long Island City, Sunnyside, Ditmars-Steinway | 70 |
| Central Queens | Jackson Heights, Forest Hills, Woodside, Corona, Ridgewood | 71 |
| Northeast Queens | Flushing, Kew Gardens, Whitestone, Oakland Gardens | 71 |
Meanwhile, homes in Northwest Brooklyn (Dumbo, Brooklyn Heights, Cobble Hill) and Northwest Queens (Astoria, Long Island City, Sunnyside) spent a median of 70 days on the market during the third quarter. That’s down one day from last year in Northwest Brooklyn, and down more than two weeks (17 days) in Northwest Queens. While these areas are pricey compared to other parts of their boroughs, value-hungry buyers are still finding them attractive.
Where Homes Stay on the Sales Market Longest
On the opposite end of the spectrum, many NYC sellers find their homes sitting on the market for months at a time. The five submarkets where homes are staying on the market longest are all in Manhattan, the city’s most expensive borough.
| Submarket | Neighborhoods Within | Median Days on Market |
|---|---|---|
| Midtown | Central Park South, Midtown East, Midtown West | 103 |
| Upper East Side | Lenox Hill, Yorkville, Carnegie Hill, Upper East Side | 99 |
| Upper Manhattan | Hamilton Heights, Washington Heights, Inwood, West Harlem, Central Harlem, East Harlem | 97 |
| Downtown | Tribeca, SoHo, Financial District, Chelsea, Flatiron, West Village | 90 |
| Upper West Side | Lincoln Square, Upper West Side, Morningside Heights, Manhattan Valley | 89 |
In Midtown Manhattan, homes stay on the market for the longest average period in the city: 103 days, 9 days longer than last year’s median. Rounding out the slowest-sellers list are all four other Manhattan submarkets, which include popular neighborhoods like SoHo, Chelsea, the Upper West Side, and Lenox Hill.
Buyers considering any of these areas have the ability to be picky and patient in order to find the perfect home. There’s lots of inventory, and it stays on the market for a significant chunk of time, giving buyers plenty of opportunity to negotiate.
Areas Where Days on Market Decreased
While 60% of submarkets in Manhattan, Brooklyn and Queens saw an uptick in their median number of days spent on the market, in some areas, homes actually sold faster than they did last year. Three out of the five submarkets on this list are in the outer boroughs, where, again, many buyers are finding optimal value.
| Submarket | Neighborhoods Within | Difference in Median Days on Market |
|---|---|---|
| Northwest Queens | Astoria, Long Island City, Sunnyside, Ditmars-Steinway | 17 Days Faster |
| East Brooklyn | Bed-Stuy, Bushwick, Crown Heights, East New York | 11 days faster |
| Upper East Side | Lenox Hill, Yorkville, Carnegie Hill, Upper East Side | 10 days faster |
| Upper West Side | Lincoln Square, Upper West Side, Morningside Heights, Manhattan Valley | 9 days faster |
| Northwest Brooklyn | Dumbo, Brooklyn Heights, Cobble Hill, Fort Greene | 1 Day Faster |
In both the Upper East and Upper West sides of Manhattan, the median recorded sales price dropped from a year prior, by 2% and 17%, respectively. Parallel to what we found in our latest Market Reports, these figures, calculated using data on home sales that closed, show that sellers who priced their homes at more realistic levels were most successful at finding buyers.
Want to see how quickly homes are selling in your neighborhood? Explore the median days on market data across the city with the StreetEasy Data Dashboard.
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