Real Estate Roundup: StreetEasy Ranks The Best Neighborhoods For Sellers Right Now
Brooklyn Leads List Of Properties That Sell Above Asking Price
EDITORS’ NOTE: As StreetEasy economist Kenny Lee points out in the following article, in the top neighborhoods for sellers, approximately one-third of all the listings sold above asking. Brooklyn dominates that list, comprising eight out of the top ten spots. In Carroll Gardens, the number one neighborhood for sellers, a whopping 50% sold above asking (citywide, the average sits at around 17%).
With many buyers balking at higher mortgage rates, listings are sitting on the market for longer in NYC and sellers are increasingly responding by cutting asking prices. However, competition among buyers is still strong in some parts of the city, notably Brooklyn, with frequent bidding wars defying the citywide slowdown in buyer demand.
We ranked the best NYC neighborhoods for sellers by the share of listings sold above their initial asking price in Q4 2022, using StreetEasy listing data and ACRIS sales records. Of all listings sold in these top 10 sellers’ markets, 34% – about one in three – were sold above asking in Q4 2022. That’s double the rest of the city, where 17% sold above asking. With this data taken into account, buyers and sellers can expect bidding wars for some homes in these neighborhoods.