New Yorkers hoping for good real estate news are in luck, that is if you’re a buyer.
Data out from the popular real estate listing site StreetEasy is highlighting a healthy list of neighborhoods favorable to home buyers right now.
What makes a good neighborhood? StreetEasy said their top neighborhoods have the most frequent price cuts for buyers, largest gaps between asking price and sale price, and greatest increase in days on market compared to a year ago.
“StreetEasy data shows there are neighborhoods across the city and at every price point where buyers are likely to have the upper hand right now,” the real estate company said last week.
Big Apple buyers, StreetEasy says, can expect more wiggle room to negotiate. They also said buyers should feel less pressure to fork over more money than they are comfortable paying.
Top 5 Buyer Neighborhoods With Median Asking Price > $1 Million
- Greenwich Village
- East Village
- Upper East Side
- DUMBO
- Bushwick
As of January, three neighborhoods (Upper East Side, East Village, and Greenwich Village) have median asking prices from $1.4 to $2 million. The current citywide average is just under $1.1 million.
Greenwich Village homes may generally come with higher prices tags — the average asking price is just shy of $2 million — the neighborhood boasts a surprising statistic. The Manhattan hotspot sees more than 12% of listings drops their price in an effort to entice buyers.
Meanwhile, in a village not so far away, average prices may look more appealing to certain buys. With an average asking price around $1.4 million, the East Village has home generally lingering on the market a little while longer — reflecting a 1-in-10 chance buyers may find a reduced price.
Top 5 Buyer Neighborhoods With Median Asking Price < $1 Million
- Brighton Beach
- Bay Ridge
- Sheepshead Bay
- Midtown East
- Flushing
Neighborhoods like Sheepshead Bay, StreetEasy points out, have a lower average asking price than others. The medium for the southern Brooklyn neighborhood sits around $565,000 and a “typical home” sells for under the initial asking price.
In Flushing, the only Queens neighborhood to make the list, the real market is slightly more competitive. StreetEasy says an influx of new homes has helped tick the average price up. Still, the borough generally has more affordable options than Manhattan and Brooklyn.
One takeaway for buyers the site wants to point out — mortgage rates should stay below last year’s record highs.
