Inventory remains tight in New York City, while rent and sales prices continue to rise – all conditions that point to a seller’s advantage. To identify neighborhoods where buyers may have more negotiating power or where buyers might face the most headwinds, StreetEasy created the Buyer/Seller Index.
The Buyer/Seller Index is StreetEasy’s analysis of buyers’ and sellers’ markets across New York City. It looks at key indicators of competition such as:
Taking each of these factors into account, we looked at how these statistics compare across New York City neighborhoods and determined where sellers have the upper hand and neighborhoods where buyers could benefit from negotiating.
We found that Brooklyn neighborhoods dominated the sellers’ market list, indicating Brooklyn sellers have more of an advantage compared to other parts of the city.
Top Sellers Markets:
On the other end of the spectrum, neighborhoods that favor buyers were more spread out across New York City. Neighborhoods that topped this list were areas where homes/apartments took longer to sell and had more price cuts relative to other neighborhoods.
Top 5 Buyers Markets:
Keep in mind that even if you’re looking to buy in a seller’s market, this information should be empowering rather than discouraging. While the market may not be working in your favor, if you have your heart set on a neighborhood that’s highly competitive, preparation is key. Understand what you can afford, get preapproved and work with a buyer’s agent who can help you navigate the market. Then, put your most competitive foot forward once you get to the negotiation table.