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It’s a buyer’s market – or is it? That depends on where in New York City you currently call home. Although higher mortgage rates are causing many would-be NYC buyers to hesitate, competition remains strong in certain areas of the city, with frequent bidding wars defying the buyer slowdown.
Owned by Zillow, New York’s real estate marketplace StreetEasy uncovered the top 10 sellers’ neighborhoods in NYC by the percentage of listings that sold above their initial asking price in Q4 2022. About one in three (34%) listings sold in these markets met this criteria – double the rest of the city, where about one in six (17%) sold above asking.
Compared to the rest of the city, listings in the top 10 neighborhoods for sellers also received 43% more inquiries on average on StreetEasy, and took 24 fewer days to sell.
Here are key takeaways from StreetEasy’s report, plus information on powerful tools like StreetEasy’s Concierge for Sellers to help sell your home.
Brooklyn Is for Sellers
Competition among buyers remains fierce in Brooklyn, with low inventory and strong demand from home shoppers with larger budgets. The borough dominated the list with eight neighborhoods scoring a spot. The remaining two were in Queens. Notably absent: Manhattan.
Carroll Gardens, the #1 neighborhood on the citywide list, was also the priciest: its median asking price of $2.35M was 140% more than the Brooklyn median of $980,000. Still, 50% of Carroll Gardens listings sold at above asking, and a typical listing sold in 48 days, 22 days quicker than the borough median.
Buyers Paid Up for Affordability
Amid elevated mortgage rates, affordability is that much more elusive – and appealing – for current buyers. As such, four of the 10 top sellers’ markets had a median asking price below $1M: Canarsie, East Flatbush, Sunnyside, and Elmhurst (the latter three also made StreetEasy’s 10 NYC Neighborhoods to Watch in 2023.) As buyers competed for these affordable listings, many were willing to pay above asking to beat out the competition.
The most affordable Brooklyn neighborhood on the list was number four, East Flatbush. Its median asking price was $699,000, 29% lower than the borough median, and 32% of homes sold for above asking.
The same held true for Queens. In Sunnyside, the most affordable neighborhood on the citywide list, 31% of homes sold above asking, suggesting tough competition and buyers willing to bid high.
How NYC Sellers Can Gain an Edge
No matter where you live in NYC, limited for-sale inventory and competition for affordable homes means many sellers can still expect competitive offers – as long as you price and position your home wisely.
The StreetEasy Concierge for Sellers is a free service to help sellers tap into tools and data to give their listing a competitive edge. To help them sell successfully, StreetEasy matches sellers with qualified agents known as Experts, who offer hyper-local expertise and have closed deals on similar homes. Homeowners considering selling can also access a personalized Owner Dashboard, including their home valuation estimate, generated by StreetEasy’s expansive dataset.
New Yorkers can get a sense of current market dynamics in their neighborhood through the StreetEasy Data Dashboard, accessing the latest data like the sale price to list price ratio, median days on market, and percentage of homes sold with price cuts in their neighborhood.
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