Search homes for sale in SoHo, NYC, known for its commercial complexes and eclectic mix of boutiques for shopping.
Last month, the median sale price of a home in SoHo stood at $2.1 million, reflecting a significant 34.9% decline compared to the previous year. Meanwhile, the median price per square foot dropped to $1,800, marking a 6.7% decrease year over year. This decline suggests a cooling market, potentially influenced by shifting buyer demand, broader economic trends, or increased inventory in the area.
Median Sale Price
Median Sale Price per Sq. Ft.
Total Homes Sold
Median Days on Market
In December 2024, the median home price in SoHo dropped to $2.1 million, representing a steep 34.9% decline year over year. Despite the price dip, market activity appears to be picking up—homes sold more than twice as fast, averaging just 94 days on the market compared to 179 days last year. Additionally, sales volume increased, with 35 homes sold in December 2024, up from 29 in the previous year. This shift suggests that while prices have softened, buyer interest and transaction velocity may be gaining momentum, possibly driven by increased affordability, investor activity, or changing market conditions.
In December 2024, homes in SoHo sold for an average of 4.2% below the asking price, indicating that sellers may be adjusting expectations amid market shifts. On average, homes spent 94 days on the market, reflecting a gradual increase in median days on market both month-over-month and year-over-year. This trend suggests that while demand remains steady, buyers may be taking more time to negotiate, possibly due to broader economic factors or increased inventory in the area.
As of December 2024, SoHo remains a buyer’s market, meaning that the supply of homes exceeds buyer demand. This dynamic often leads to increased negotiating power for buyers, as sellers may be more willing to lower prices or offer concessions to close deals. The recent decline in home prices, combined with longer median days on market and properties selling below the asking price, further reinforces this trend. If inventory levels remain high and demand continues to lag, buyers could have more opportunities to secure favorable deals in the coming months.
Navigating the SoHo real estate market requires expert guidance, and Carol is here to help. Whether you have questions about current market trends, pricing, or available properties, she’s ready to provide the insights you need. If you're considering buying in SoHo, don’t miss out on incredible opportunities—reach out today to start your journey toward finding the perfect home or investment property!
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Neighborhood Guide
SoHo is more than just a neighborhood—it's a lifestyle. From its iconic cast-iron architecture to its world-class dining, shopping, and cultural experiences, this vibrant district offers something for everyone.
Whether you're looking to buy a home or simply explore what makes SoHo unique, our in-depth neighborhood guide has everything you need. Start browsing now and uncover the best of SoHo!
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