Study Reveals One in Three NYC Homes Did Not Sell Last Year

Study Reveals One in Three NYC Homes Did Not Sell Last Year

Selling a home in a city where the average asking price surpasses the million-dollar mark has never been a walk in the park. 

New York City, known for its real estate challenges, saw the task become even more daunting last year, as revealed by a recent study.

According to data from StreetEasy, an eye-popping 35.7 percent of homes—more than one in three—were yanked off the market in 2022 without finding a buyer. 

This stark statistic marked the end of a relatively smoother selling period that had emerged during the COVID-19 pandemic.

But for anyone who’s ever attempted to sell a home in the Big Apple, this news probably doesn’t come as a shock. 

The city’s real estate market has always been a tough nut to crack, and the study shed light on several key factors contributing to the challenge:

  1. Sky-high prices – In September, the median asking price for homes in New York City clocked in at a staggering $1.095 million—nearly triple the national average.
  1. Extended time on market – Properties in the city lingered on the market six times longer than the national average, with an average of 89 days compared to the national figure of 15.
  1. Diverse property types – The city boasts three types of homes—co-ops, condos, and townhouses—each catering to various price points. Notably, condos and townhouses found it harder to secure buyers in 2022.
  1. Mortgage rate jitters – The first half of 2022 saw rising mortgage rates, which spooked many potential buyers and made them think twice about diving into the market.

There is, however, a silver lining for those sellers who persevere and succeed in finding a buyer. The study revealed that most sellers were able to secure offers very close to their initial asking prices, with a typical home sold in September fetching an impressive 96.4% of its initial asking price.

In this competitive real estate landscape, those who can navigate the complexities of the New York City market may find a rewarding payoff.



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