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

377 Rector Place

$885,000

1 |

1

Battery Park City

210 Warren Street

$1,589,500

2 |

2

Battery Park City

30 Little West Street

$999,000

1 |

1.5

Battery Park City

210 Warren Street

$833,000

1 |

1

Battery Park City

350 Albany Street

$648,000

1 |

1

Battery Park City

200 Rector Place

$1,650,000

3 |

2

Battery Park City

20 River Terrace

$1,280,000

1 |

1

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

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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Lenox Hill

425 East 63rd Street

$1,395,000

2 |

2

Carnegie Hill

56 East 87th Street

$1,220,000

2 |

2

Upper Carnegie Hill

1280 Fifth Avenue

$2,300,000

3 |

3

Yorkville

400 East 85th Street

$699,000

1 |

1

Upper East Side

150 East 83rd Street

$425,000

1 |

1

Lenox Hill

1420 York Avenue

$445,000

Studio |

1

Carnegie Hill

1060 Park Avenue

$1,600,000

2 |

2

Carnegie Hill

1060 Park Avenue

$2,295,000

2 |

2

Lenox Hill

166 East 61st Street

$690,000

1 |

1

Lenox Hill

200 East 65th Street

$1,300,000

1 |

1.5

Yorkville

237 East 88th Street

$585,000

1 |

1

Yorkville

345 East 80th Street

$950,000

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

300 West 109th Street

$1,725,000

3 |

2

Upper West Side

269 West 72nd Street

$430,000

Studio |

1

Lincoln Square

212 West 72nd Street

$2,450,000

2 |

2

Upper West Side

215 West 92nd Street

$1,650,000

2 |

1.5

Lincoln Square

135 West 70th Street

$1,300,000

1 |

1.5

Lincoln Square

120 Riverside Boulevard

$2,200,000

2 |

2

Lincoln Square

80 Riverside Boulevard

$1,990,000

2 |

2

Lincoln Square

1965 Broadway

$1,750,000

1 |

1

Upper West Side

235 West 102nd Street

$385,000

Studio |

1

Lincoln Square

155 West 68th Street

$1,735,000

2 |

2.5

Lincoln Square

155 West 68th Street

$1,495,000

2 |

1.5

Lincoln Square

155 West 68th Street

$2,035,000

2 |

2.5

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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West Chelsea

428 West 19th Street

$1,425,000

Studio |

1

Chelsea

124 West 24th Street

$1,450,000

1 |

2

Chelsea

161 West 16th Street

$595,000

Studio |

1

Chelsea

252 West 30th Street

$1,785,000

3 |

3

Chelsea

225 West 25th Street

$895,000

1 |

1

West Chelsea

428 West 19th Street

$1,875,000

1 |

1.5

West Chelsea

405 West 23rd Street

$599,000

Studio |

1

Chelsea

130 West 16th Street

$1,395,000

2 |

1

Chelsea

201 West 16th Street

$1,395,000

1 |

1

Chelsea

224 West 18th Street

$1,550,000

1 |

2

West Chelsea

540 West 28th Street

$1,350,000

1 |

1

Chelsea

253 West 16th Street

$495,000

Studio |

1

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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