1 In 3 NYC Homes Didn't Sell Last Year, Study Finds

NEW YORK CITY — New York City is a tough place to sell a home — and it got even more difficult last year, according to a new study.

More than one in three homes — or 35.7 percent, to be precise — went taken off the market last year without finding a buyer, a StreetEasy study released this week found.

The bad luck for sellers in 2022 ended a period of relatively easier sales that began in the coronavirus pandemic, StreetEasy data shows.

But it probably isn't necessarily a surprise to anyone trying to sell a home in the city.

"Selling a home in the city has never been easy," the study states.

The study offered a few reasons why:

• New York City's median asking price for homes in September stood at $1.095, nearly triple the national market.
• Homes in the city take six times longer to sell than average nationally, or 89 days on market compared to 15.
• The city has three types of homes — co-op, condo or townhouse — with different price points. In addition, condos and townhouses were less likely to sell in 2022.
• And rising mortgage rates seemed to scare many buyers off during the first half of 2022.

There is a silver lining, however, for sellers who manage to find buyers.

Most sellers receive offers close to their asking prices, the study found.

"A typical home sold in September received 96.4% of its initial asking price," the study states.

Read the full study here.