Despite volatile mortgage rates and elevated asking prices, buyers can still find opportunities at appealing prices in neighborhoods across New York City.

Using StreetEasy® data from January and February 2025, we identified the 10 NYC neighborhoods that saw the most significant increases in inventory and declines in median asking prices compared to a year ago. Buyers can expect a broader range of options at relatively lower prices in these neighborhoods. 

Additionally, in some of these neighborhoods, price cuts were more prevalent than in the rest of the city, suggesting opportunities for buyers to take advantage of discounts. In January and February, 14% of homes on the market in NYC strategically lowered asking prices to capitalize on the strong start to the home-buying season this year.

Here are the top 10 NYC neighborhoods for buyers in 2025.

1. Boerum Hill, Brooklyn

Brooklyn has remained the most competitive sales market in NYC with competition heating up between buyers. As sellers respond to strong buyer demand, inventory is rising in Boerum Hill, making it the top neighborhood for buyers in NYC. While Boerum Hill is known for historic brownstones and townhouses, brand new condos along 3rd and 4th Avenues offer turnkey options for buyers. Inventory in the neighborhood has soared 75% year-over-year while the median asking price has declined 26% to $1.9M, suggesting now is a great time to explore homes in the neighborhood. That said, Boerum Hill remains a competitive market, with just 9% of homes cutting asking prices.

2. Long Island City, Queens

Second on our list, Long Island City has seen a surge of new developments over recent years. The neighborhood now boasts not only hundreds of new rent-stabilized apartments, but also luxury condos with prime amenities and stunning views of Manhattan. New Yorkers are catching on, as Long Island City ranked third on our list of NYC Neighborhoods to Watch in 2025 following a strong jump in searches on StreetEasy last year. With more affordable homes entering the market, the neighborhood’s median asking price has fallen 22% year-over-year to $985K. Buyers can also find more options, with inventory rising 18% from last year. That said, price reductions aren’t very common: due to solid demand, just 7% of listings in Long Island City had price cuts in January and February, compared to 14% across NYC. 

3. Brooklyn Heights, Brooklyn

Charming brownstones, proximity to Brooklyn Bridge Park, and a quick commute to Manhattan are just a few factors behind the enduring demand for homes in Brooklyn Heights. In addition to townhouses, gleaming waterfront condo buildings offer turnkey homes in the neighborhood. But despite the high price point, buyers can find homes at lower prices compared to last year. With a median asking price of $1.895M, Brooklyn Heights is the third most expensive neighborhood on our list, but the current median is 23% less than it was a year ago. Moreover, 11% of homes have cut asking prices, and inventory has risen slightly by 4% from the previous year.  

4. Gramercy Park, Manhattan

Known for upscale apartments and its eponymous private park, Gramercy is a peaceful residential neighborhood despite its proximity to bustling Madison Square Park and Union Square. Thanks to rising inventory, buyers can find plenty of options at lower prices than a year ago in this esteemed neighborhood, with the median asking price falling 21% year-over-year to $1.185M. There are also 8% more homes on the market in Gramercy Park compared to last year, with 23% of them lowering asking prices — much higher than 14% citywide. The prevalence of price cuts likely reflects strategic adjustments by highly priced listings to take advantage of the luxury market resurgence underway in Manhattan: one of our NYC housing market predictions for 2025. 

5. Chelsea, Manhattan

Steeped in the city’s thriving art scene, Chelsea has seen rising popularity for some time, with new condos continuing to pop up along the High Line. Amid rising inventory and declining asking prices, Chelsea is ripe with opportunities for buyers, with the number of homes on the market increasing 6% from last year. With a median asking price of $1.95M, Chelsea is the most expensive neighborhood on our list, but the current median is 22% lower than a year ago. Furthermore, 15% of homes offered price cuts in January and February, another reason for buyers to consider Chelsea this year.

6. Bensonhurst, Brooklyn

Just east of Dyker Heights, Bensonhurst is a vibrant, diverse, and storied neighborhood. Historically known as the Little Italy of Brooklyn, many family-owned Italian restaurants and bakeries still dot 18th Avenue. Buyers can find a wide range of homes including condos and multifamily houses. The neighborhood’s median asking price came in at $1.29M, declining 7% from last year as more affordable homes joined the market. With inventory rising 13% year-over-year and 9% of homes cutting asking prices, buyers can browse more options at a discount this year.

7. Brighton Beach, Brooklyn

Every summer, the boardwalk along Brighton Beach attracts locals and visitors looking to escape large crowds in neighboring Coney Island and explore the neighborhood’s vibrant Eastern European shops and restaurants. Buyers looking in Brighton Beach can find condos with ocean views and charming houses with front and back yards. The median asking price has declined 6% year-over-year to $675K, while inventory has jumped 20%. Signaling rising opportunities for buyers, 19% of the neighborhood’s homes for sale have reduced asking prices.  

8. Woodside, Queens

Anchored by Little Manila, Woodside boasts diverse communities from many corners of the world. The neighborhood offers buyers a wide range of options, from multifamily houses to co-ops and modern condos. It’s also the most affordable option on our list with a median asking price of $620K, 6% below a year ago. The increase in new developments along Queens Boulevard contributed to a 20% increase in inventory since last year, providing move-in ready options for buyers. At 12%, the share of homes in Woodside with price cuts was just slightly below the citywide share of 14%.

9. Dyker Heights, Brooklyn

Famous for its annual Christmas light extravaganza, Dyker Heights becomes the brightest neighborhood in Brooklyn every holiday season. In addition to snowmen and reindeer, the neighborhood offers grand Queen Anne-style houses, as well as single and multifamily houses with smaller footprints. The neighborhood’s inventory has jumped an enormous 51% from a year ago, greatly expanding buyers’ options. The median asking price decreased slightly by 0.1% year-over-year to $1,448,500, and one in 10 homes lowered prices in January and February. 

10. Park Slope, Brooklyn

Last on our list of best NYC neighborhoods for buyers this year, Park Slope is perhaps the most surprising inclusion. Last fall, it was the second most competitive neighborhood for buyers due to strong demand but low inventory. Historic brownstones, not to mention proximity to Prospect Park, have long drawn buyer demand to the neighborhood. That said, Park Slope’s recent 5% year-over-year rise in inventory has brought some relief and contributed to lower asking prices. At $1,742,500, the median asking price is 21% lower than a year ago, while 12% of homes have lowered asking prices. 

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