Sellers are slashing prices on a record number of NYC homes

The market hasn’t seen price cuts like this since at least 2006

TRD New York /
Sep.September 21, 2018 10:15 AM

(Credit: iStock)

Home sellers in New York City cut prices on almost 800 listings in one week in September, which is the highest amount of price cuts in at least 12 years.

There were 774 homes in Manhattan, Brooklyn and Queens that saw price cuts in the week ending Sept. 9, Bloomberg News reported, citing data from StreetEasy. This was the highest number for any weeklong period dating back to 2006 and shatters the prior record from March 2009, when 713 homes saw price chops.

Manhattan also saw 662 additional listings that week, the third-highest number for any week in data that StreetEasy has collected. That said, sellers with older listings will typically make adjustments when new properties hit the market post-Labor Day.

StreetEasy senior economist Grant Long told Bloomberg that the week was “a big gut-check for sellers” who are “having to come down and bring prices to where demand actually exists.” [Bloomberg] – Eddie Small

Related Article

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Aggressive iBuyer Opendoor acquires title and escrow company

Here are 5 takeaways from TRD’s deep dive into Eklund-Gomes’ national expansion

Nashville broker posts oral sex selfie alongside kitchen and pool listing pics

From left: Rory Golod, Robert Reffkin and 1328 Fulton Street (Credit: Google Maps)

Compass is growing rapidly in UWS and Brooklyn

Elevated risk: Malfunction at NYCHA is putting public housing residents at greater risk of being injured in its elevators

How do brokers get listings from the Department of Justice?

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas