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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Lenox Hill
116 East 68th Street
$2,450,000
2 |
2.5
Lenox Hill
166 East 63rd Street
$2,100,000
2 |
2
Lenox Hill
169 East 78th Street
$1,750,000
2 |
1
Lenox Hill
20 East 68th Street
$1,200,000
1 |
1
Yorkville
300 East 85th Street
$1,485,000
2 |
2
Upper Carnegie Hill
1280 Fifth Avenue
$2,075,000
3 |
3
Upper East Side
175 East 79th Street
$1,035,000
1 |
1
Lenox Hill
785 Fifth Avenue
$2,359,000
1 |
2
Lenox Hill
157 East 72nd Street
$725,000
1 |
1
Lenox Hill
301 East 69th Street
$699,000
1 |
1
Yorkville
431 East 82nd Street
$599,000
1 |
1
Lenox Hill
11 East 68th Street
$695,000
Studio |
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
235 West 102nd Street
$470,000
Studio |
1
Lincoln Square
100 Riverside Boulevard
$995,000
1 |
1
Lincoln Square
80 Riverside Boulevard
$2,295,000
2 |
2.5
Upper West Side
269 West 87th Street
$1,550,000
3 |
3.5
Upper West Side
269 West 87th Street
$1,995,000
4 |
3.5
Upper West Side
325 West 86th Street
$975,000
2 |
2
Lincoln Square
1991 Broadway
$595,000
Studio |
1
Upper West Side
588 West End Avenue
$550,000
1 |
1
Lincoln Square
345 West 58th Street
$775,000
1 |
1
Lincoln Square
150 Columbus Avenue
$1,595,000
1 |
1.5
Lincoln Square
155 West 68th Street
$980,000
1 |
1
Upper West Side
250 West 89th Street
$500,000
Studio |
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.
