Properties on the Upper East Side are lingering on the market compared to last year.

In New York City, price and time on market are usually correlated, with properties in expensive neighborhoods staying on the market longer, and those lower-priced areas moving more quickly. This fall, though, as NYC becomes a buyer’s market, homes across all price points in Manhattan are lingering on the market. According to the latest StreetEasy Market Reports, the median number of days on market for properties in Manhattan is up to 96, a full week longer than last year. This suggests buyers may have more flexibility in highly sought-after areas. Here’s a look at Manhattan neighborhoods where time on market has risen the most — and where hard-driving buyers may be especially likely to find a good deal.

Time on Market in Battery Park City Increases By 4 Weeks

• Median Days on Market: 99
• Annual Increase: 28 days
• Median Sale Price: $902,500

Although prices in Battery Park City offer a discount compared to the rest of Downtown Manhattan and Manhattan at large (where median prices were last recorded at $1.075 million and $1.5 million, respectively), they may still be still too high, given buyers’ current advantages. Sellers have been slow to recognize the changing conditions, with the share of price cuts falling 15 percent since last year. Sellers’ resistance to price reductions even as time on market skyrockets suggests unrealistic expectations that may soon be changing.

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Battery Park City

20 River Terrace

$1,280,000

1 |

1

Battery Park City

380 Rector Place

$1,795,000

2 |

2

Battery Park City

200 Rector Place

$599,000

1 |

1

Battery Park City

70 Little West Street

$2,495,000

2 |

2

Battery Park City

350 Albany Street

$629,000

1 |

1

Battery Park City

2 River Terrace

$2,450,000

3 |

3

Battery Park City

200 Rector Place

$910,000

1 |

1

Battery Park City

200 Rector Place

$799,000

1 |

1

Battery Park City

280 Rector Place

$595,000

1 |

1

Battery Park City

21 South End Avenue

$1,925,000

2 |

2.5

Battery Park City

210 Warren Street

$1,678,750

2 |

2

Battery Park City

210 Warren Street

$1,474,750

2 |

2

Upper East Side Feels the New Buyer’s Market

• Median Days on Market: 109
• Annual Increase: 25 days
• Median Sale Price: $1.4 million

A classic upper-crust Manhattan neighborhood, the Upper East Side has seen a tidal shift in its market conditions. Time on market has soared as co-ops and condos have lingered for more than three weeks longer on the market than last year. The neighborhood is now among the city’s slowest-selling markets, second only to Central Park South, the ultraluxury enclave where median days on market was last recorded at 114.

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Carnegie Hill

49 East 96th Street

$1,695,000

2 |

5.5

Lenox Hill

301 East 69th Street

$925,000

1 |

1

Yorkville

535 East 86th Street

$1,945,000

2 |

2.5

Lenox Hill

205 East 59th Street

$2,150,000

2 |

2

Yorkville

333 East 91st Street

$1,200,000

2 |

2

Lenox Hill

205 East 63rd Street

$650,000

3 |

2

Yorkville

1725 York Avenue

$585,000

1 |

1

Lenox Hill

250 East 65th Street

$1,385,000

1 |

1

Yorkville

400 East 85th Street

$965,000

2 |

1

Yorkville

400 East 85th Street

$550,000

Studio |

1

Carnegie Hill

12 East 87th Street

$1,425,000

1 |

1

Yorkville

309 East 87th Street

$625,000

1 |

1

Sales on the Upper West Side Stagnate

• Median Days on Market: 98
• Annual Increase: 20 days
• Median Sale Price: $1.21 million

Given its size and density, the Upper West Side, like the Upper East Side, usually has some of the highest inventory levels in the city. Now, with sales stagnating, buyers are likely to have even more homes to choose from, and will have greater ability to negotiate. Sellers are responding to the shifting market conditions, but slowly. Our latest reports show price cuts up by nearly 25 percent over last year.

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Upper West Side

630 West End Avenue

$1,195,000

2 |

1

Upper West Side

255 West 98th Street

$1,650,000

2 |

3

Upper West Side

2109 Broadway

$1,250,000

2 |

2

Upper West Side

107 West 86th Street

$1,295,000

2 |

1.5

Upper West Side

233 West 99th Street

$675,000

1 |

1

Upper West Side

250 West 90th Street

$799,000

1 |

1

Lincoln Square

120 Riverside Boulevard

$2,495,000

2 |

2

Upper West Side

15 West 72nd Street

$795,000

1 |

1

Lincoln Square

315 West 70th Street

$700,000

1 |

1

Upper West Side

280 West End Avenue

$839,000

1 |

1

Upper West Side

670 West End Avenue

$1,575,000

2 |

2

Lincoln Square

25 Central Park West

$1,550,000

1 |

1

Chelsea Sellers Remain Confident Despite Slowing Market

• Median Days on Market: 101
• Annual Increase: 17 days
• Median Sale Price: $1.6 million

For decades, Chelsea’s unique housing stock and historic appeal have fueled competitive prices and drawn heavy interest from buyers. Until now, sellers in the area have had little reason to reconsider their expectations — but with time on market steadily creeping up, they may need to recalibrate. So far they have not. In fact, price cuts are down by 1.7 percent across Chelsea since last year.

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Chelsea

200 West 20th Street

$565,000

Studio |

1

Chelsea

315 Seventh Avenue

$1,175,000

1 |

1

Chelsea

85 Eighth Avenue

$685,000

Studio |

1

West Chelsea

435 West 19th Street

$1,995,000

2 |

2

Chelsea

250 West 16th Street

$1,395,000

2 |

1

Chelsea

85 Eighth Avenue

$650,000

1 |

1

Chelsea

335 West 21st Street

$695,000

1 |

1

Chelsea

365 West 20th Street

$799,000

1 |

1

Chelsea

161 West 16th Street

$650,000

Studio |

1

Chelsea

305 West 18th Street

$799,000

2 |

1

Chelsea

305 West 18th Street

$619,000

1 |

1

Chelsea

335 West 21st Street

$895,000

1 |

1.5

Sellers across Manhattan are facing unfamiliar and unfavorable conditions: New markets in Queens are taking off; more New Yorkers are finding greater value in the flexibility of renting over buying; and the luxury market is stagnating.  Only time will tell whether sellers check their confidence and reduce prices to encourage faster sales, or dig in and attempt to wait out the slowdown.
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