With today’s high mortgage rates and asking prices, buying a home in New York City may seem more challenging than usual. However, with a large number of would-be buyers still on the sidelines, those who can afford to enter the market can expect more modest competition this year — making it a good time to act. 

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. We define our top NYC neighborhoods for buyers as those that saw: 1) the greatest increases in days on market compared to a year ago, 2) the most frequent price cuts, and 3) the largest gaps between sale prices and initial asking prices. We used StreetEasy data covering November 2023 through January 2024. In these neighborhoods, buyers can expect more room to negotiate and feel less pressure to pay more than they’re comfortable with. 

Top Buyer Neighborhoods With Median Asking Prices Over $1M

The upper hand is shifting more clearly from sellers to buyers at the highest end of the market, as wealthy New Yorkers increasingly consider renting over buying. Of the top five buyer neighborhoods with median asking prices of $1M or more, three are in Manhattan. As of January, these neighborhoods have median asking prices ranging from $1.4M to nearly $2M — well above the current citywide median of $1.095M.

Topping the list for this sector is Greenwich Village. While it was the third most-searched neighborhood on StreetEasy in 2023, its lofty median asking price of $1.985M — the second highest on our list — may be a tough sell for buyers whose budgets are constrained by high mortgage rates. For-sale listings in this neighborhood spent a median of 125 days on the market before entering contract, an increase of 40 days year-over-year. A typical home received 95% of its initial asking price, less than the citywide median sale-to-list price ratio of 96.3%. Despite the neighborhood’s high prices, 12.3% of listings in Greenwich Village lowered asking prices as a way to attract home shoppers.

Second on our list is the East Village, a neighborhood known for its vibrant nightlife, with a median asking price of $1.4M. A typical East Village home entered contract after spending 122 days on the market — an increase of 31 days from a year ago, and 13 days longer than a typical home in the borough. With homes lingering on the market, a typical East Village home sold for 94.7% of its initial asking price, and one in ten (10.7%) of the neighborhood’s listings reduced asking prices to entice buyers. 

At number three on our list, the Upper East Side is known for its elegant co-ops and gleaming new condos with proximity to Central Park. However, classic New York charm comes at a high cost, and the neighborhood boasts a median asking price of $1.897M: 13% higher than the borough-wide median of $1.68M. Despite the high prices, buyers now have the upper hand in this neighborhood, with a typical home selling for 95% of its asking price. With homes in this area staying on the market for 118 days, 13 days longer than a year ago, Upper East Side sellers may be more inclined to negotiate with buyers.

DUMBO, fourth on our list, has seen a large number of new developments in recent years. With new luxury condos entering the market, its median asking price jumped 14% year-over-year to $2.285M, more than double the borough median of $1.05M. As wealthy New Yorkers increasingly consider renting, the upper hand is shifting to buyers in DUMBO, with a median sale-to-list ratio of 95%. A typical listing in the neighborhood spent 130 days before entering contract, 22 days longer than a year ago.

Last up is Bushwick, the most affordable option on the list with a median asking price of $1.095M. Buyers can expect sleek new condos and multifamily houses with potential rental income. Homes in Bushwick spent a median of 77 days on the market, a week longer than a year ago — but still significantly faster than the other neighborhoods on our list. A relatively quick selling period may be attributable to Bushwick’s lower price point.

Top Buyer Neighborhoods With Median Asking Prices Under $1M

While Manhattan reigns supreme for buyer markets over $1M, Brooklyn dominates our list of the top buyer neighborhoods with median asking prices below $1M. The Brooklyn market has grown more and more competitive due to low inventory and strong demand from buyers, which has driven up the borough’s median asking price to its highest level in history. A typical Brooklyn home received 97.4% of its initial asking price — more than Manhattan or Queens. However, as buyers prioritize commute times to Manhattan, competition is slowing in neighborhoods farther out in Brooklyn.

The top neighborhood on this list is Brighton Beach, near Coney Island, where buyers can find condos, multifamily houses, and historic bungalows. A typical home in Brighton Beach had an asking price of $739,000, 30% below the median for Brooklyn. The median sale-to-list ratio was 94.7%, nearly three percentage points below the borough median of 97.4%, suggesting increasing room for buyers to negotiate on price. 

Bay Ridge, another waterfront neighborhood in Brooklyn, comes in at second. The median asking price was $595,000 and homes spent a median of 87 days on the market, an increase of 15 days from a year ago. As sellers made adjustments to draw in buyers, 12.6% of Bay Ridge homes on the market lowered asking prices.

Third on our list, Sheepshead Bay is known for its waterfront properties along Emmons Avenue, as well as brick rowhouses and brand new condos throughout the neighborhood. The median asking price was $565,000, 46% below the borough median. Despite such a low median asking price relative to the larger borough, a typical home in Sheepshead Bay sold for only 93.6% of its initial asking price, lower than other Brooklyn neighborhoods on our list. A typical listing in the neighborhood entered contract after spending 101 days on the market, a year-over-year increase of 9 days.

Midtown East, ranked fourth, is the only Manhattan neighborhood on our list for median asking prices below $1M. A typical home here had an asking price of $999,000 — a more affordable price point than the borough-wide median of $1.68M. Midtown East has maintained its popularity for some time, and was StreetEasy users’ most-searched neighborhood in both 2023 and 2022. While listings spent about the same number of days on the market compared to last year, the median sale-to-list price ratio of 93.9% suggests buyers have still been able to negotiate prices down.  

Number five is Flushing, the only Queens neighborhood on our list. Price cuts were less frequent in Flushing, with just 5% of listings reducing asking prices. At 94.1%, the median sale-to-list price ratio was higher than in Sheepshead Bay and Midtown East, indicating a slightly more competitive market. A surge of new developments has contributed to a median asking price of $731,000 in Flushing, up 4.5% from a year ago. In general, demand for homes is strong in Queens, which offers more affordable options than Manhattan and Brooklyn. Half of StreetEasy’s Neighborhoods to Watch in 2024 are in Queens, driven by strong increases in searches among buyers and renters from 2022 to 2023.

Takeaways for Buyers 

Hopeful buyers still have opportunities throughout NYC at every price point, as sellers across the city are increasingly offering concessions outside of discounts on asking price. Affordability should continue to improve as mortgage rates stay below last year’s record highs. Working with an agent in StreetEasy’s Experts Network, who can provide local market expertise, can be crucial when navigating a shifting market. Start by contacting the StreetEasy Concierge for buyers, who can connect you with an Expert to suit your needs.

For many New Yorkers, saving for a large down payment — often at least 20% — can be daunting. Fortunately, there are numerous mortgage assistance programs that allow buyers to put down less than 20%, and even help pay for closing costs. The State of New York Mortgage Agency (SONYMA) offers a Low Interest Rate Program for low- and moderate-income first-time home buyers, with a lower down payment requirement of 3%. SONYMA’s Conventional Plus Program offers 30-year fixed-rate mortgages with down payment assistance, available for both first-time buyers and previous homeowners with incomes below 80% of the area median. For veterans, SONYMA’s Homes for Veterans Program offers discounted rates and waives the first-time home buyer requirement.

How We Ranked the Neighborhoods

We identified our top NYC neighborhoods for buyers by ranking the areas based on median sale-to-list ratio, share of for-sale listings reducing asking prices, and changes in the median days listings spent on the market before entering contract compared to one year ago. All metrics were calculated using StreetEasy data from November 2023 through January 2024. We only considered neighborhoods that saw at least 50 for-sale listings per month on average during this period, and where median sale-to-list ratios were less than or equal to 95%, which means a typical home sold with a 5% discount compared to its initial asking price.

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