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Searching for an apartment in NYC? Yes, prices are still high, but StreetEasy’s October Market Report brings a bit of good news. Despite a competitive landscape, there are neighborhoods where buyers have been able to negotiate significant discounts.
The sales market gained traction this fall, with a total of 2,191 homes entering contract in October—up 10.4% from last year. As mortgage rates dipped, sellers rushed to list and buyers jumped. Newly listed homes are up 8.2% annually, so competition among sellers has grown. This has given buyers more room to negotiate.
Citywide, homes sold for a median of 97.9% of their most recent asking price, a fairly small concession. But in some neighborhoods, sellers have been even more flexible.
According to StreetEasy, these 10 neighborhoods posted the lowest sale-to-list price ratios in October:
- Financial District
- Bedford-Stuyvesant
- Chelsea
- Bay Ridge
- Midtown East
- Midtown West
- Gramercy Park
- Upper West Side
- Riverdale
- Forest Hills
The Financial District has seen the highest sale price discounts. Sellers are serious about losing, looking to take what they can get. The median number of days on the market fell by nearly half, from 168 days to 87, as homes have sold for a median discount of nearly 4%. Still, the median sale price in that neighborhood was $1,150,000.
Bed-Stuy is an interesting situation as it saw a median discount of 3.6% off asking price, the second highest in the city, but over a quarter of homes sold above asking.
Several areas in midtown made the list, too. Though these neighborhoods remain some of the priciest, midtown East, midtown West and even Gramercy Park have shown more wiggle room than they have in the past.
It's unclear how long this buyer-friendly market will last, but sellers have been considering their pricing carefully. Mortgage rates remain high, but the current mix of motivated sellers and high inventory means the opportunity for buyers to get a significant deal on homes is real.