Real Estate

Brooklyn Is the Capital of New York’s Sellers’ Market

The sellers’ market in New York City rolls on, with brisk apartment sales during the third quarter of the year being just one indication: Homes sold a week faster than they did during the third quarter of 2019 (before the pandemic), according to a recent study by StreetEasy. The median sale-to-list-price ratio, which shows how close asking prices are to closing prices, revealed that homes across the city sold at a median of 96 percent of their asking prices, up from 92 percent one year ago.

StreetEasy researchers also dug into every listing and sale from January through September 2021 to find the 10 New York City neighborhoods where sellers had the greatest advantage. They’ve expanded the list for The New York Times to include 20 neighborhoods, as shown in this week’s chart.

Brooklyn dominated the list, with nine neighborhoods in the top 10, and 18 in the top 20. (The Rockaways and Ridgewood, both in Queens, were the only outliers.) Median sale prices ranged from 96 to 100 percent of asking prices, leaving little wiggle room for buyers.

Sellers in Cobble Hill were particularly happy. Among the top 20 neighborhoods, homes there were least likely to have had a price cut and sold the fastest (tied with Downtown Brooklyn). Only Dumbo and Carroll Gardens had higher median sale prices.

To achieve the rankings, StreetEasy analysts examined four data points: the median number of days on market; the share of price cuts; the change in the number of inquiries about properties compared with last year; and the aforementioned median sale to list price ratio. Neighborhoods with fewer than 100 listings were not considered. This week’s chart shows the top 20 sellers’ market neighborhoods in New York City, the median days on market and the median sale price for each.

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