Those looking to buy homes in New York City last year, mostly did so in Manhattan, while those looking to sell homes largely had success in the outer boroughs, results from a recently published study by StreetEasy reveal.
The top NYC markets for buyers were almost entirely in Manhattan—eight neighborhoods featured in the top 10—and there was one neighborhood each in Brooklyn and Queens. Midtown emerged on top, and StreetEasy found that buyers had more leverage in these pricey markets due to the large number of luxury listings, and that buyers benefited from subsequent price cuts.
The market was a lot more competitive for homes priced $500,000 or less (9,000 homes priced for that amount or less appeared on StreetEasy last year), and such homes generally spent 25 fewer days on the market compared to homes priced above $1 million. Among the top buying market, the least expensive neighborhood was Long Island City with the median asking price sitting at $1.1 million.
For sellers, the best markets in the city were in Queens and Brooklyn—three Queens neighborhoods claimed the top three spots on StreetEasy’s list. For sellers, homes tend to spend a median of 65 days on the market compared to 84 days for a buyer’s market.
In creating their study, StreetEasy looked at statistics like sales price to list price ratio, the number of days a property spends on the market, and the percentage of homes that experienced a price cut.