Renting housing in New York: in which areas of the city you can bargain profitably

New York is famous for its exorbitant housing prices. Perhaps 2024 will bring some luck to the locals. According to New York Times, there are areas in the city where buyers can bargain for a home and get a great deal.

According to new research StreetEasy compared neighborhoods based on three key characteristics: how long properties have been on the market compared to the previous year, how often sellers are lowering prices, and how much higher the original sale price is than the final sale price.

Top five

Greenwich Village leads the way. The average asking price is $1,98 million, and homes in the area spent an average of 125 days on the market—40 days more than last year. In turn, 12,3% of properties have reduced their prices to attract buyers, making this area the most popular among buyers.

Coming in second is the East Village, known for its vibrant nightlife, with an average asking price of $1,4 million. Yet the area's market is sluggish, with homes spending an average of 122 days on the market. According to StreetEasy, 10,7% of listings in the area have reduced their prices to speed up the sale.

Third on the list is the Upper East Side. The average asking price in this area is $1,89 million. Despite the high bid, buyers have a negotiating advantage: homes here are worth 95% of the original asking price. Properties spend an average of 118 days on the market, and 10% of listings received discounts. Such a long period may encourage sellers to negotiate better deals with potential buyers.

Rounding out the top five are Dumbo and Bushwick on the banks of the East River in Brooklyn. In Dumbo, in particular, the average price is $2,28 million, but only 8,1% of homes there received a discount after 130 days on the market.

Properties below $1 million

The study also analyzed the leading boroughs in terms of the number of buyers with an average price below a million dollars, among which Brooklyn especially stands out. On average, Brooklyn homes sell for 97,4% of their original price, ahead of Manhattan and Queens.

On the subject: Renting an apartment in New York: what to look for in order not to rent a noisy bed bug with aggressive neighbors

With a mix of condominiums, apartment buildings and charming cottage bungalows, Brighton Beach tops the list. The average asking price is $739, 000% below the Brooklyn average. The study found that 30% of properties received discounts, indicating potential negotiation opportunities with buyers.

Bay Ridge is next, another coastal area with a median listing price of $595. However, homes here are taking 000 days to sell, up 87 days from last year. Sellers lowered their asking price in 15% of listings.

Midtown East, a neighborhood in Manhattan, is the only real estate market priced below $1 million in the area. Offering homes with a median price of $999, it continues to be popular. Despite properties spending the same amount of time on the market compared to last year, 000% of homes received discounts, indicating room for negotiation.

Finally, Flushing is the only Queens neighborhood included in the study. Known for its vibrant Chinatown, the area has a median asking price of $731 and 071 days on sale, but only 85% of homes have seen price reductions.