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Where homes are selling fast, and where they’re lingering on the market, in NYC
Last month, we found out that NYC apartment prices hit a four-year low in the third quarter of the year, and that sales also took a dip. The slump in sales has caused an increase in home inventory, all while more than 25 percent of condos built in the past six years remain unsold. Now, a new StreetEasy study found that NYC homes have lingered on the market for a median 83 days in the third quarter of 2019—the longest average since 2012. But where, exactly, is this happening?
The StreetEasy report highlights neighborhoods—typically more affordable ones—where homes are selling fastest. During the third quarter of the year, homes in southern Queens, including neighborhoods like Jamaica, Ozone Park, and Richmond Hill, spent the least time on the market: a median of 60 days. This is one of the most affordable areas in the city, with a median recorded sales price of $545,000 in the third quarter, according to StreetEasy.
Other areas where homes are selling fast include northwest Brooklyn (Dumbo, Brooklyn Heights, Cobble Hill, Fort Greene) and northwest Queens (Astoria, Long Island City, Sunnyside, Ditmars-Steinway).
Meanwhile, homes stay the longest on the market in Midtown, Manhattan, where they stay for a median 103 days. Unsurprisingly, all other areas where homes stayed on the market longest are in Manhattan, including the Upper East Side, Upper Manhattan, Downtown, and the Upper West Side.
And in other news...
- Superstorm Sandy, which hit NYC on this day seven years ago, damaged 200 buildings in 35 NYCHA developments—but work to rebuild them has been completed in just two complexes, a new report found.
- A replica of Christopher Columbus’s Santa Maria got stuck on a sandbar in New York Harbor yesterday.
- The family of a construction worker who died when a wall collapsed at a fire-gutted Lower East Side synagogue, may allege negligence in an upcoming lawsuit.
- The MTA may repair an East River tunnel, which was flooded during Hurricane Sandy (where the F train travels between Brooklyn and Manhattan) using the same method they are currently employing to fix the L train's Canarsie Tunnel.
- JPMorgan is thinking about selling their 383 Madison Avenue HQ tower.
- As part of a package of animal rights bills, the City Council is expected to pass restrictions on how horse carriages operate.
- And, finally, One World Trade Center is celebrating Halloween with spooky animations: