While real estate inventory is growing in New York City, some neighborhoods are better than others if you want to negotiate a price as a buyer.
A new report from StreetEasy sought to find out which neighborhoods in New York City were the best based on your budget and where you had a better shot at negotiating the price. The report broke down the neighborhoods into three price points: under $700K, between $700K and $1M, and above $1M, and also took a look at the sales-to-list ratios, which tracks how much negotiating power a buyer has in that market.
According to their findings, in the under $700K bracket Queens’ Rego Park was one of the top buyers market for the price point with a median sales price of $429,999. With a sales-to-list ratio of 95%, this gives buyers more room to negotiate the price. Similarly, Brooklyn’s Brighton Beach and Sheepshead Bay have sales-to-list ratio of 94% and 93%, respectively — however, the median prices are higher with $619,500 in Brighton Beach and $699,000 in Sheepshead Bay.
Under $700K category, Brooklyn’s East Flatbush and Queens’ Jackson Heights both have a 97% sales-to-list ratio. However, Jackson Heights has a lower median price — $459,000 compared to East Flatbush’s $649,000.
In the between $700K and $1M section, Manhattan’s Midtown East neighborhood had the highest median price at $899,000. The neighborhood has a 94% sales-to-list ratio, so prices can be more negotiable. Brooklyn’s Bay Ridge also had a 94% sales-to-list ratio, but a lower median price at $739,000.
Two Queens neighborhoods, Bayside and Flushing, plus Brooklyn’s Gravesend, each have a 93% sales-to-ratio. They each had a median price in the 700K-800K range: Bayside had $717,000, Flushing had $786,668 and Gravesend had $799,000.
One of the top buyers markets in the over $1M price bracket was the Financial District in Manhattan. The neighborhood had a median price of $1,335,000 and a 93% sales-to-list ratio. Two other Manhattan neighborhoods, Tribeca and the Upper East Side, had 93% sales-to-list ratios, but drastically different median prices: Tribeca’s was $3,995,000, which is more than double than the Upper East Side, which was $1,535,000.
Two other Manhattan neighborhoods were among the top buyers market neighborhoods prices at $1M or more — Battery Park City and Midtown, with median sales prices of $1,197,000 and $1,850,000, respectively. Prices in Midtown were more negotiable; the sales-to-list ratio in Midtown measured at 90% compared to Battery Park City’s 92%.
Read the full report at streeteasy.com.
Brownstoner is hosting a panel for prospective buyers called “What First Time Home Buyers Need to Know: Brooklyn” at the Brooklyn Historical Society, located at 128 Pierrepont Street, from 6 to 8 p.m. on March 12. Beer, wine and light bites will be served. Tickets are $10. Click here to RSVP.