Manhattan Homes Are Taking the Longest to Sell in Seven Years
- Deeper discounts are needed to lure buyers, StreetEasy says
- Listings in the borough set to jump to a record this spring
Manhattan homes that sold in February sat on the market for the longest stretch since 2012, a sign that sellers aren’t dropping prices enough to reach buyers, an analysis by StreetEasy shows.
Properties were listed for a median of 117 days before going under contract, up from 90 days a year earlier, according to the study. Sellers of homes that were still available shaved a median of 4.6 percent off their asking prices. Discounts will have to get deeper if those owners want to seal a deal in a market that’s crowded with choices, said Grant Long, senior economist at StreetEasy.