Brooklyn is for the buyers.
Six neighborhoods there ranked among StreetEasy’s new top 10 list of New York City nabes with the best conditions to buy, despite intense competition. From suburban Dyker Heights to pricey Park Slope, all of these neighborhoods shared increases in inventory and declines in median asking prices.
That translates to more options at lower costs for buyers, offering much-needed relief amid volatile mortgage rates and eye-popping asking prices.
“We were surprised by seeing Brooklyn Heights and Park Slope on our list,” Kenny Lee, an economist at StreetEasy, told The Post. “We are aware that the market has been competitive in these neighborhoods, but the data suggests that there is some relief on the way for buyers as more sellers join the market.”
Boerum Hill topped StreetEasy’s list, which analyzed data from January and February. Boerum Hill clocked in a 26% decrease in year-over-year asking prices and a whopping 75% increase in inventory during the same span.
Buyers beware, however, as the tiny brownstone-lined neighborhood’s inventory only increased by 77 units. The competitive neighborhood saw price cuts in just 9% of listings, which ask in the range of $1.9million.
The inventory uptick is almost entirely thanks to new developments in the area, Deborah Rieders, a Brooklyn-based broker at Corcoran, told The Post.
“I think it is a great time to buy in Boerum Hill,” Rieders said. “Because once this new development inventory gets absorbed, negotiability is going to disappear again.”
Long Island City, in Queens, and Brooklyn Heights came in next on the list, both boasting reductions in year-over-year asking prices. Brand new developments in LIC, ranging from rent-stabilized apartments to high-end condos, contributed to an 18% uptick in the neighborhood’s inventory.
Brooklyn Heights had far more modest inventory gains, but sky-high listing prices in thehistoric waterfront community dropped 23% compared to last year.
Ultra-exclusive Gramercy Park in Manhattan claimed the largest pool of recent price cuts, at 23% of listings. Coastal Brighton Beach, in Brooklyn, ranked second with cuts to almost 20% of listings.
Typical price cuts, Lee said, tend to average between 3% to 5% in the city.
“By slightly lowering prices, sellers are really trying to meet halfway,” Lee said. “They are aware that the financing situation is very tricky with mortgage rates still well above 6%.”
This early-year data should be taken on balance — Brooklyn is still considered the most competitive market in the city. The same StreetEasy data also revealed that a record-setting 34 neighborhoods in Brooklyn had median asking prices topping $1 million this year.
Inventory jumps of 51% in Dyker Heights helped put that neighborhood on the list as well, despite no changes to the area’s median asking price of $1.44million since early last year. Bensonhurst landed No. 6 on the list.
Perhaps the most surprising inclusion on StreetEasy’s list was Park Slope, coming it at No.10 on roundup. A slight year-over-year rise in inventory and 21%decrease in asking prices in the affluent neighborhood, known for its opulent brownstones and proximity to Prospect Park, appeared to cool things down early in the year.
Sales activity softened towards the end of February amid stock market turbulence, Rieders said, but she expects things to heat up again once spring is in full swing.
“If the prices have softened a little bit because of the larger inventory and new development, it’s a good time to buy,” Rieders said.