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
21 South End Avenue
$799,000
1 |
1.5
Battery Park City
225 Rector Place
$665,000
Studio |
1
Battery Park City
2 South End Avenue
$525,000
1 |
1
Battery Park City
20 River Terrace
$947,750
1 |
1
Battery Park City
20 River Terrace
$841,500
1 |
1
Battery Park City
70 Little West Street
$2,300,000
2 |
2
Battery Park City
99 Battery Place
$650,000
1 |
1
Battery Park City
2 River Terrace
$1,290,000
1 |
1.5
Battery Park City
225 Rector Place
$799,000
Studio |
1
Battery Park City
200 Rector Place
$1,400,000
2 |
2
Battery Park City
99 Battery Place
$635,000
1 |
1
Battery Park City
300 Rector Place
$650,000
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
305 East 72nd Street
$469,000
Studio |
1
Lenox Hill
333 East 66th Street
$1,770,000
3 |
3
Carnegie Hill
130 East 94th Street
$2,315,000
4 |
2
Lenox Hill
425 East 63rd Street
$567,000
1 |
1
Yorkville
446 East 86th Street
$1,250,000
3 |
2
Yorkville
1 Gracie Terrace
$1,750,000
3 |
3
Lenox Hill
333 East 66th Street
$798,000
1 |
1
Lenox Hill
215 East 73rd Street
$1,500,000
3 |
3
Yorkville
400 East 90th Street
$780,000
1 |
1
Upper East Side
150 East 85th Street
$799,000
1 |
1
Lenox Hill
520 East 72nd Street
$659,000
1 |
1
Carnegie Hill
1235 Park Avenue
$1,600,000
2 |
2
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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Lincoln Square
10 West End Avenue
$2,495,000
2 |
2
Lincoln Square
1 West End Avenue
$1,700,000
1 |
1
Lincoln Square
165 West End Avenue
$725,000
1 |
1
Upper West Side
244 Riverside Drive
$569,000
1 |
1
Upper West Side
2373 Broadway
$915,000
1 |
1
Upper West Side
250 West 89th Street
$470,000
Studio |
1
Upper West Side
334 West 87th Street
$850,000
2 |
1.5
Upper West Side
255 West 84th Street
$1,695,000
3 |
1.5
Lincoln Square
205 West End Avenue
$649,000
1 |
1
Upper West Side
290 Wea
$2,095,000
3 |
2.5
Upper West Side
2373 Broadway
$2,100,000
3 |
2.5
Upper West Side
316 West 84th Street
$569,000
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.
