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:
- 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.
- 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.
- 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.
- 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.