It’s a tough time to be a seller in Manhattan’s most-expensive neighborhoods, where price declines for previously owned apartments are accelerating.
In Tribeca, resale prices fell 28% year-over-year, the most for any neighborhood, to a median of $2.25 million in the third quarter, according to property listings website StreetEasy. Values in both Greenwich Village and Chelsea dropped 15%. The Upper West Side and the area that includes Soho were each down 14%.
As listings pile up across the borough, owners are starting to sense that the surest way to a deal is to lower their expectations of a hefty profit.
“Things that are selling are selling for lower prices, and expensive things, overall, are not selling,” said Grant Long, senior economist at StreetEasy.
Owners across the East River, many of whom bought in emerging neighborhoods when they were less in-demand, had better luck. In Queens, the median price of resales jumped 30% in Astoria and 21% in Long Island City. Next door in Greenpoint, Brooklyn, the median climbed 12%.
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Highest priced sale
Median home price
Change in price from last year
Definition of Terms and Methodology
The sales data are based on condo, co-op, townhouse and single-family home transactions during the quarter, according to StreetEasy’s analysis of records from the New York City Department of Finance. Due to a delay between the closing date and when a sale is recorded by the Department of Finance, the data may not include all closings during the quarter.
Highest sale price
The highest sale price for all closed transactions in the quarter.
Median resale price
The middle price for homes with sales that closed in the quarter and had a prior recorded sale since 1995.
Median sale price, all homes
The middle price for all sales that closed in the quarter, including deals in new developments.
Price change
The percentage change in median price from the identical period in the previous year.
Median days on market
The middle value for the number of days from when a home was originally listed on StreetEasy to when it went under contract.
Sales count, all homes
The number of home sales that closed during the quarter.
Sales count, resales
The number of homes that sold in the quarter with a prior recorded sale since 1995.
Median asking rent
The middle advertised monthly price for rental homes listed on StreetEasy during the quarter.
Rental count
The number of properties listed for rent on StreetEasy during the quarter.
Tipping point
The time it would take for the accumulated costs of renting a home to equal or exceed the cost of buying and owning a comparable-size home in the same area. The calculation takes into account such homeownership costs as principal and interest payments on a 30-year fixed-rate mortgage, New York City taxes and the tax implications of selling a home, and such rental costs as renter’s insurance and the broker’s fee.
Listing discount
The median percentage change between the initial asking price listed on StreetEasy and the recorded sale price.
Share of sales listings with price cuts
The percentage of homes for which the list price on StreetEasy was reduced during the quarter.
Share of rentals discounted
The share of all active rental listings on StreetEasy that had a reduction in asking rent during the quarter.
NAs
Metrics with fewer than 10 examples in a neighborhood aren’t reported because more data are needed for an accurate representation. These are indicated as “NA”.