property
Greenwich Village Sellers Cut Prices as Listings Linger Longer This Summer
Listings in Greenwich Village are lingering longer while sellers trim asking prices to attract buyers amid slower summer sales.
How we reported this
Average days on market for Greenwich Village apartments climbed to 47 days in June, up from 31 days in the same month last year, while the typical vendor discount reached 7.4 percent.
The shift matters because mortgage rates have held above 6.5 percent since March and new inventory from estate sales has added 18 active listings in the neighborhood. Buyers now have more choices and time to negotiate, which has slowed closings compared with the first quarter when properties moved in under three weeks.
Properties along Bleecker Street between Sixth and Seventh avenues show the clearest pattern. A two-bedroom co-op at 45 Bleecker Street entered the market May 12 at $1.85 million and received a 6 percent price cut after 41 days. Two blocks north on MacDougal Street, a one-bedroom walk-up at 128 MacDougal Street listed by the Greenwich Village Society for Historic Preservation referral network took 58 days before the seller dropped the price to $925,000.
Discount Patterns by Building Type
Condo resales have seen the largest cuts. Data from the Manhattan Multiple Listing Service shows Village condos averaged an 8.9 percent reduction from original ask in the second quarter, versus 5.2 percent for co-ops. Townhouses west of Seventh Avenue recorded a median 67 days on market, with three of the five sales closing at least 9 percent below the initial price.
These figures come from 62 closed transactions between April 1 and June 30 tracked by local brokerage reports. The longest hold was a 1,200-square-foot loft at 55 West 11th Street that sold June 28 after 74 days and a $210,000 reduction.
Next Steps for Buyers and Sellers
Sellers planning to list before Labor Day should review recent comps on their block and prepare for at least six weeks of showings. Buyers who move quickly on correctly priced units can still secure properties under asking, especially those facing Washington Square Park that have been on the market past the 40-day mark. Agents at local firms recommend pre-inspection offers to shorten the timeline once a price agreement is reached.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.