A survey by listings portal StreetEasy has found multiple reasons as to why NYC homes are more challenging to sell than those in other parts of the US.
A new study breaks down the ways in which it's difficult these days to sell a home in New York City.‘Never been a worse time’: It now costs 52% more to buy a home than rent one: reportSales at luxury furniture chains tank as US housing market cools
The StreetEasy analysis highlights the challenges sellers face in the city. Even when a home does find a buyer, it takes significantly longer to sell in New York than in the rest of the country. Days on market: For each additional month a property sits on the market, the likelihood of not selling increases by 3%.
In 2023, the median asking price of a city home reached $1.09 million, nearly triple the national median, according to data from Zillow, which owns StreetEasy.Despite these hurdles, most successful sellers in New York City are still able to negotiate offers close to their initial asking prices.
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