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
300 Albany Street
$645,000
1 |
1
Battery Park City
20 River Terrace
$1,450,000
1 |
1
Battery Park City
210 Warren Street
$2,350,000
2 |
2
Battery Park City
225 Rector Place
$825,000
1 |
1
Battery Park City
225 Rector Place
$790,000
Studio |
1
Battery Park City
380 Rector Place
$2,000,000
2 |
2
Battery Park City
200 Rector Place
$985,000
2 |
1.5
Battery Park City
225 Rector Place
$975,000
1 |
1
Battery Park City
30 Little West Street
$2,450,000
2 |
2.5
Battery Park City
380 Rector Place
$1,665,000
2 |
2
Battery Park City
212 Warren Street
$2,380,000
2 |
2
Battery Park City
30 West Street
$1,150,000
1 |
1.5
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
525 Park Avenue
$1,850,000
2 |
2
Lenox Hill
330 East 70th Street
$599,000
1 |
1
Carnegie Hill
170 East 87th Street
$1,750,000
1 |
2
Lenox Hill
880 Fifth Avenue
$2,475,000
2 |
2
Lenox Hill
165 East 72nd Street
$1,795,000
1 |
1
Lenox Hill
315 East 68th Street
$850,000
1 |
1
Yorkville
400 East 90th Street
$560,000
Studio |
1
Yorkville
208 East 90th Street
$650,000
2 |
1
Lenox Hill
515 East 72nd Street
$995,000
1 |
1
Yorkville
1760 Second Avenue
$850,000
1 |
1
Lenox Hill
222 East 71st Street
$1,500,000
2 |
2
Lenox Hill
1175 York Avenue
$1,495,000
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
1 West 67th Street
$1,750,000
2 |
1.5
Lincoln Square
1 West 67th Street
$1,100,000
1 |
1
Lincoln Square
1 West 67th Street
$1,100,000
1 |
1
Lincoln Square
1 West 67th Street
$2,175,000
3 |
1.5
Lincoln Square
140 West 69th Street
$399,000
Studio |
1
Upper West Side
2166 Broadway
$550,000
1 |
1
Upper West Side
301 West 108th Street
$550,000
1 |
1
Upper West Side
128 West 78th Street
$515,000
Studio |
1
Lincoln Square
200 Riverside Boulevard
$1,995,000
2 |
2.5
Upper West Side
241 West 97th Street
$1,795,000
3 |
2
Manhattan Valley
510 West 110th Street
$750,000
1 |
1
Upper West Side
2109 Broadway
$1,550,000
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.
