Sellers enjoy a stronger hand in some New York neighborhood markets than others.
NYC Markets Where Sellers Have High Negotiating Power
Some neighborhood markets in New York City lean more strongly towards sellers than others. Why? These markets have unusually high negotiating power.
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StreetEasy’s latest research on the Q1 2022 top ten seller’s markets in NYC utilized four factors to determine its findings:
- Median days on the market
- Share of price cuts in the neighborhood
- Median sale to list price ratio
- Annual change in number of inquiries from home shoppers on StreetEasylistings
Top 10 Sellers’ Markets in NYC in Q1 2022
Median Sale:List Price Ratio Median Closing Price
- Cobble Hill 99% $1,765,000
- Park Slope 100% $1,491,500
- Prospect Heights 100% $1,032,500
- Downtown Brooklyn 99% $995,000
- Clinton Hill 100% $900,000
- Prospect Lefferts 99% $909,500
- Carroll Gardens 99% $1,950,000
- The Rockaways 100% $695,000
- Bedford-Stuyvesant 99% $1,125,000
- Crown Heights 98% $995,000
Clearly, Brooklyn remains sizzling hot. The borough was home to nine of ten of New York’s top ten sellers’ markets as of Q1 2022. Sellers in all of these top ten markets had the luxury of not having to negotiate their original listing prices.
Buyers in these neighborhoods, on the contrary, had to be quick on their feet and well prepared to compete successfully in these above-listed neighborhood markets.
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Thanks to StreetEasy.
