Upper West Side Home Prices Track 2021 Boom Cycle With Sharper Inventory Squeeze

Upper West Side condo and co-op prices have climbed back to 2021 boom levels, with the median sale price hitting $1.68 million last month according to closed transactions tracked by local brokers.

The rebound matters now because mortgage rates have held near 6.25 percent since March, yet buyer demand has not cooled the way it did after the 2021 surge when rates jumped. Local agents report multiple offers returning on units priced under $2 million, echoing the rapid bidding that defined the earlier cycle.

Properties along Central Park West near the American Museum of Natural History moved fastest, with two three-bedroom units selling above ask in the first week of July. On West 72nd Street between Columbus and Amsterdam Avenues, a pair of prewar co-ops closed within 12 days of listing, both fetching at least 8 percent more than comparable sales from early 2021.

Inventory levels mirror 2021 shortages

Active listings stand at 312 units as of July 7, down from 401 in June 2021, according to data compiled by the Real Estate Board of New York for the neighborhood. Average days on market fell to 38, the lowest figure recorded since the third quarter of 2021 when pandemic-era buyers first drove competition.

Practical steps for buyers and sellers

Sellers listing before Labor Day should prepare updated financials for co-op boards on Central Park West buildings, where approval times averaged 45 days in the last cycle. Buyers targeting units near Riverside Park should line up pre-approvals at 6.1 percent or lower to compete, since cash offers now represent 34 percent of contracts in the $1.5 million to $2 million range.

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.