Search homes for sale in Chelsea, NYC, known as Manhattan's Art District.
Last month, the median sale price of a home in Chelsea reached $2.3 million, reflecting an 18.2% increase compared to the previous year. The median sale price per square foot in the area is now $2,180, marking a 3.1% rise year-over-year.
Median Sale Price
Median Sale Price per Sq. Ft.
Total Homes Sold
Median Days on Market
In November 2024, home prices in Chelsea saw a significant increase, rising 18.2% from the previous year, with a median sale price of $2.3 million. This growth highlights the area's strong demand and enduring appeal in the luxury real estate market. Notably, the average time homes spent on the market dropped dramatically to 73 days, compared to 164 days in November 2023, reflecting a quicker pace of transactions and heightened buyer interest. However, the number of homes sold declined to 127 from 143 last year, suggesting a tighter inventory or more selective buyer activity. These trends indicate a competitive market where well-priced properties in prime locations are moving quickly, despite slightly fewer sales overall.
In November 2024, homes in Chelsea sold for an average of 5.06% below their asking price, indicating a degree of negotiation in the market despite its overall strength. On average, properties spent 72 days on the market, a timeframe that reflects a steady demand for Chelsea real estate. However, the trend for median days on market has increased slightly compared to both the previous month and the same time last year. This shift suggests a more measured pace of sales, potentially influenced by seasonal factors or evolving buyer dynamics in the high-end market. For sellers, pricing competitively remains key, while buyers may find opportunities to negotiate favorable terms.
In November 2024, Chelsea transitioned into a buyer's market, where the supply of homes exceeded the demand. This market dynamic gives buyers more leverage during negotiations, as they have a wider selection of properties to choose from and less competition. For sellers, this means pricing strategies and home presentation become even more critical to attract potential buyers in a competitive environment. Buyers looking for luxury properties in Chelsea may find this an opportune time to secure a home at a more favorable price or with advantageous terms.
Chelsea offers an unparalleled mix of vibrant culture, luxury living, and stunning real estate opportunities. From trendy lofts to elegant townhomes, there’s a perfect property waiting for you. With Carol’s in-depth knowledge of the Chelsea market and dedication to client success, you can feel confident in making the right choice. Don’t wait—reach out to Carol now to schedule a showing or to get answers to your real estate questions!
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Discover everything Chelsea, NYC, has to offer! Explore our comprehensive neighborhood guide to learn about the area's vibrant lifestyle, iconic attractions, and stunning properties.
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