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.
Article continues below
Battery Park City
350 Albany Street
$950,000
1 |
1.5
Battery Park City
350 Albany Street
$760,000
1 |
1
Battery Park City
20 River Terrace
$1,666,000
2 |
2
Battery Park City
200 Rector Place
$719,000
1 |
1
Battery Park City
99 Battery Place
$1,450,000
2 |
2
Battery Park City
2 South End Avenue
$552,000
Studio |
1
Battery Park City
2 South End Avenue
$895,000
2 |
2
Battery Park City
20 River Terrace
$995,000
1 |
1
Battery Park City
210 Warren Street
$1,095,000
1 |
1
Battery Park City
333 Rector Place
$1,040,000
1 |
1
Battery Park City
333 Rector Place
$1,660,000
2 |
2
Battery Park City
300 Albany Street
$999,999
3 |
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.
Article continues below
Carnegie Hill
19 East 88th Street
$650,000
Studio |
1
Lenox Hill
300 East 64th Street
$1,600,000
2 |
2
Lenox Hill
350 East 62nd Street
$795,000
2 |
1
Lenox Hill
300 East 64th Street
$699,000
Studio |
1
Lenox Hill
350 East 72nd Street
$1,790,000
3 |
2.5
Lenox Hill
422 East 72nd Street
$1,695,000
2 |
2
Lenox Hill
460 East 79th Street
$2,200,000
2 |
2
Upper East Side
3 East 85th Street
$559,000
1 |
1
Lenox Hill
301 East 61st Street
$1,150,000
1 |
2
Carnegie Hill
140 East 95th Street
$399,999
Studio |
1
Upper East Side
163 East 81st Street
$1,850,000
3 |
3
Yorkville
530 East 90th Street
$799,000
2 |
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.
Article continues below
Lincoln Square
165 West End Avenue
$549,000
Studio |
1
Upper West Side
310 West 85th Street
$1,900,000
3 |
3
Upper West Side
400 Central Park West
$2,200,000
2 |
2
Lincoln Square
2025 Broadway
$715,000
1 |
1
Upper West Side
320 Central Park West
$1,975,000
2 |
2
Lincoln Square
155 West 68th Street
$2,495,000
3 |
2
Lincoln Square
155 West 68th Street
$1,995,000
2 |
2.5
Lincoln Square
155 West 68th Street
$2,015,000
2 |
2.5
Lincoln Square
155 West 68th Street
$1,415,000
1 |
1.5
Lincoln Square
155 West 68th Street
$995,000
1 |
1
Lincoln Square
155 West 68th Street
$995,000
1 |
1
Lincoln Square
155 West 68th Street
$725,000
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.
