Selling a home in New York City is tougher than ever, as data from StreetEasy indicates.
In 2022, over 35.7% of homes were withdrawn from the market without finding buyers, marking the end of an easier sales period during the COVID-19 pandemic.
Key challenges include:
• High Asking Prices The median asking price in NYC is $1.095 million, nearly triple the national average.
• Extended Time on Market: Homes take six times longer to sell in the city, averaging 89 days compared to the national figure of 15 days.
• Diverse Property Types: NYC offers co-ops, condos, and townhouses, each with distinct price points. Condos and townhouses faced more challenges in 2022.
• Impact of Rising Mortgage Rates: Rising rates in the first half of 2022 deterred potential buyers.
Despite these challenges, there’s hope for sellers who navigate the market well. The study shows that most sellers receive offers close to their asking prices, with homes typically selling for 96.4% of their initial asking price in September. This underscores the resilience and attractiveness of the NYC real estate market despite significant challenges.
