The Market Is Moving — Just More Deliberately
Luxury homes are spending more time on the market than they did a year ago. According to Realtor.com:
“Homes are also taking longer to sell. The typical home spent 60 days on the market in August, seven days longer than last year and now above pre-pandemic norms for the second consecutive month.”
While this reflects national data, the pattern holds in Manhattan and prime Brooklyn.
With more high-end inventory available, buyers are more selective and less inclined to rush into competitive bidding. What used to sell in a matter of days can now take weeks or months—especially if it’s priced beyond current market expectations.
Pricing Has Become the Defining Variable
A key shift is that average list prices have stabilized after years of steep appreciation.
During the 2021–2022 surge, sellers could command aggressive numbers and still generate multiple offers. That market has corrected. Today’s buyers are more analytical, value-driven, and price-sensitive.
If a property is even slightly above its perceived market value, it will be bypassed in favor of comparable listings that are priced with precision. In New York City’s sophisticated marketplace, pricing sets the tone for how your property is perceived.
But now? That trend has leveled off – and sellers who want to stay competitive need to take note (see graph below):
Days on Market: Understanding Market Velocity
Days on Market (DOM) provides valuable insight into how quickly properties move from listing to contract. In September 2025, the median DOM for Manhattan across all price points and bedroom configurations rose 8.8% compared to last month but is still down 3.9% year-over-year. Currently, the median stands at 74 days, which is 9.8% lower year-to-date.
This data reflects a nuanced market rhythm. An uptick month-over-month may indicate more measured decision-making among buyers or a seasonal slowdown. At the same time, the year-over-year decline suggests that properties are still moving faster than they did last fall.
Another critical data point is Days on Market (DOM), which is the rolling median number of days a listing remains active before going into contract. DOM tracks market velocity and can shape both buyer psychology and seller outcomes.
Here’s what current Manhattan data shows across all bedroom counts and price points:
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Median DOM: 74 days
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Up 8.8% from the past month
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Down 3.9% from this time last year
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Down 9.8% year-to-date
What this means:
Listings are taking longer to sell month-over-month, yet moving slightly faster than a year ago. This reflects a measured but steady luxury market, where qualified buyers are active but highly discerning.
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For sellers, if your property has been listed for longer than 74 days, it may be perceived as mispriced or stagnant, even if it is well-presented.
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For buyers, DOM helps gauge leverage and negotiability — properties listed beyond the median often attract more aggressive offers.
Use the DOM to set realistic expectations for marketing time and to understand how quickly properties are being transacted.
(Remember: DOM measures time on market; Discount-to-DOM measures how much sellers reduce prices over time.)
Why It Matters
For sellers, understanding DOM helps set realistic expectations about how long it may take to secure a buyer. Pricing a property accurately and preparing it well for the market are critical steps in aligning with or outperforming current market timelines.
For buyers, DOM trends offer a perspective on market velocity. A lower DOM often indicates increased competition and limited negotiation room, while a higher DOM suggests opportunities for more favorable terms.
Using DOM Strategically
While DOM is a valuable benchmark, it works best when considered alongside complementary metrics such as listing discounts, absorption rates, and contract activity.
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Sellers can use DOM to fine-tune pricing strategies and anticipate how long their property might remain active before receiving an acceptable offer.
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Buyers can use DOM to gauge urgency, determining when swift action is warranted and when patience may yield a better value.
4 Indicators Your Asking Price May Be Too High
If your residence is not generating meaningful interest, consider these warning signs (via Bankrate):
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Minimal or no private showing requests despite online visibility
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No offers, or only deeply discounted offers from opportunistic buyers
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Showing feedback that centers on pricing concerns
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Days on market significantly exceeding neighborhood averages
Extended market time can erode perceived value in NYC’s luxury sector. Buyers often assume something is fundamentally wrong with the property when it lingers unsold.
The Solution: Align With the Current Market
Holding out for yesterday’s prices often delays or derails a sale. The more effective approach is to reassess pricing based on current market data.
Even a modest 2–3% price adjustment can reposition your property and reignite interest from qualified buyers.
And while it may feel like conceding value, remember that long-term equity gains in NYC real estate are significant. Most sellers are still well ahead of their original investment—even if they don’t achieve record-breaking numbers.
Work with an advisor experienced in Manhattan’s luxury market who can benchmark your home against recent closed sales. A precise, data-supported pricing strategy is often the difference between lingering and selling.
Final Perspective
If your property is not moving, it is rarely due to a lack of qualified buyers. It is more often a signal that the market perceives a misalignment between price, value, and positioning. Adjusting strategically—based on real-time market data—can shift that perception and bring serious buyers back to the table.
