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

70 Little West Street

$1,850,000

2 |

2

Battery Park City

377 Rector Place

$769,000

1 |

1

Battery Park City

30 West Street

$2,165,000

2 |

2.5

Battery Park City

200 Rector Place

$1,200,000

2 |

2

Battery Park City

210 Warren Street

$1,795,000

2 |

2

Battery Park City

300 Rector Place

$640,000

1 |

1

Battery Park City

300 Rector Place

$625,000

1 |

1

Battery Park City

225 Rector Place

$735,000

Studio |

1

Battery Park City

380 Rector Place

$792,000

1 |

1

Battery Park City

200 Rector Place

$2,275,000

2 |

2.5

Battery Park City

2 South End Avenue

$599,000

1 |

1

Battery Park City

2 South End Avenue

$699,000

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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Upper Carnegie Hill

1270 Fifth Avenue

$795,000

2 |

1

Yorkville

444 East 84th Street

$1,150,000

2 |

2

Lenox Hill

233 East 69th Street

$725,000

1 |

1

Yorkville

407 East 91st Street

$1,750,000

2 |

2

Lenox Hill

230 East 79th Street

$1,850,000

3 |

3

Yorkville

331 East 92nd Street

$365,000

Studio |

1

Lenox Hill

30 East 62nd Street

$1,500,000

1 |

1

Lenox Hill

157 East 72nd Street

$980,000

1 |

1

Lenox Hill

650 Park Avenue

$2,100,000

2 |

2.5

Lenox Hill

200 East 74th Street

$585,000

1 |

1

Lenox Hill

200 East 66th Street

$2,500,000

2 |

2

Lenox Hill

201 East 66th Street

$925,000

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 Riverside Drive

$2,500,000

4 |

3

Upper West Side

11 West 81st Street

$2,350,000

2 |

2

Lincoln Square

155 West 68th Street

$745,000

Studio |

1

Lincoln Square

155 West 68th Street

$725,000

Studio |

1

Lincoln Square

155 West 68th Street

$995,000

1 |

1

Lincoln Square

155 West 68th Street

$860,000

Studio |

1

Lincoln Square

155 West 68th Street

$1,290,000

1 |

1

Lincoln Square

155 West 68th Street

$945,000

1 |

1

Lincoln Square

155 West 68th Street

$860,000

1 |

1

Lincoln Square

155 West 68th Street

$1,190,000

1 |

1

Upper West Side

137 Riverside Drive

$1,725,000

2 |

2

Upper West Side

250 West 94th Street

$869,000

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

140 Seventh Avenue

$1,895,000

2 |

2

West Chelsea

420 West 23rd Street

$1,100,000

1 |

1

Chelsea

125 West 22nd Street

$1,250,000

1 |

1

West Chelsea

517 West 29th Street

$1,995,000

2 |

1.5

Chelsea

337 West 20th Street

$950,000

1 |

1.5

Chelsea

300 West 23rd Street

$495,000

Studio |

1

Chelsea

365 West 20th Street

$1,275,000

2 |

1

Chelsea

181 Seventh Avenue

$825,000

Studio |

1

Chelsea

255 West 23rd Street

$1,100,000

1 |

1

Chelsea

244 West 23rd Street

$1,250,000

1 |

1.5

Chelsea

125 West 21st Street

$1,030,000

Studio |

1

West Chelsea

555 West 23rd Street

$1,085,000

1 |

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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