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 Articles

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

NYC startup is under contract to buy its first Miami condo as crowdfunding investment

NYC startup is under contract to buy its first Miami condo as crowdfunding investment