If New York home sellers had big dreams when they listed their properties, now they’re adjusting to reality.
In most Manhattan neighborhoods, at least 25 percent of homes on the market in the second quarter had their prices cut. The share was smaller only at the borough’s northernmost tip, in Inwood and Marble Hill. In prime areas such as the West Village and Chelsea, about half of listings had their prices trimmed.
Even in high-demand Brooklyn, owners realized they’d gotten too ambitious. Forty-one percent of Williamsburg listings saw a reduction in asking price, while in Bushwick, the share was 48 percent. The waterfront area that includes Red Hook had the biggest share of cuts, at 59 percent.
The whittling shows “that even in these areas that are really hot, it’s possible for sellers to be out of sync with the market, and that there is a limit to how high prices can go,” said Grant Long, senior economist with StreetEasy, which provided the data.