These 10 NYC neighborhoods offer the best deals for homebuyers

Record-high home prices, fierce competition, and low inventory are just a few challenges that home shoppers in New York City had to face in 2021 and the first half of 2022. Now, as the housing market continues to slow down due to the rising mortgage rates, some buyers could get an upper hand and negotiate a better deal.  

Earlier this month, StreetEasy released a new report, where the real estate marketplace identified the top 10 best NYC neighborhoods for apartment hunters. These neighborhoods have the highest share of listings that went through a price reduction. In addition, homes listed for sale in these neighborhoods spent more days on the market. 

Manhattan took five spots on SteetEasy’s list. Homebuyers have a chance to find great deals in Morningside Heights, Tribeca, the Lower East Side, Central Harlem, and Gramercy Park. Morningside Heights ranked no.1 on that list, with 15 percent of listings offering price reductions. On average, homes listed for sale in this neighborhood spend 123 days on the market, up by 64 days from last year. 

“The balance of power is tilting more clearly in favor of buyers in these neighborhoods, suggesting buyers can expect increased willingness to negotiate from sellers,” StreetEasy’s economist, Kenny Lee, said in the report. “Sellers who were used to bidding wars with multiple above-ask offers in the spring can no longer expect the same power dynamic during negotiation.” 

Four Brooklyn neighborhoods, including East New York, have also made the top 10 list. This neighborhood has one of the highest shares of listings that reduced their asking prices. An average Brooklyn listing spends 65 days on the market, 20 days more than a year ago. Homebuyers looking for great deals in Brooklyn must also check out Bensonhurst, Greenpoint, and Crown Heights.

Rego Park is the only neighborhood in Queens that appeared on StreetEasy’s ranking. It climbed to fifth place, with 31 percent of listings offering price cuts. A typical home listed for sale in this neighborhood spent 77 days on the market. In Queens, the competition among buyers remains strong. This borough is known for its affordability. As the borrowing costs continue to increase, more homebuyers decide to look for more cost-effective options in Queens. 

Resources:

“10 NYC Neighborhoods Where Buyers Have the Upper Hand,” by Kenny Lee (StreetEasy, 2022)

“These 10 NYC Neighborhoods Are the Best for Apartment Hunters Right Now,” by Chris Mench (thrillist, 2022)

“These are the 10 best NYC neighborhoods to find an apartment right now,” by Anna Rahmanan (Time Out, 2022)