The last year in NYC real estate has been a nightmare, with everything from rent-stabilized apartments to high-end condos seeing skyrocketing prices. But with rising interest rates upending the housing market, things are finally starting to cool off, especially in a few neighborhoods.
A new StreetEasy report analyzes NYC neighborhoods by price cuts and total days on the market to find the 10 areas that best represent the slowly emerging buyer's market. Topping the list is Manhattan's Morningside Heights, which has seen a 15% increase in the share of listings offering price cuts compared to last year and a 64-day increase in average time spent on the market. It's one of five Manhattan neighborhoods on the list, which also includes TriBeCa, the Lower East Side, Central Harlem, and Gramercy Park.
Brooklyn boasts three spots on the list, including No. 3 East New York, as well as Bensonhurst, Greenpoint, and Crown Heights. Queens has just one neighborhood featured. Rego Park lands at No. 5, with the lowest average sale price of any of the Top 10 neighborhoods at $399,000. Both outer boroughs saw more significant opportunities for buyers in neighborhoods with many single-family homes as opposed to those with more condos and co-ops.
Check out the complete list below courtesy of StreetEasy: