Owning a home in New York City might not be an attainable dream for many residents, but for those looking for something to call their own, there are neighborhoods that are better to buy — and sell — in than others.
StreetEasy’s Buyer/Seller Index has broken down the areas where buyers have a better chance of negotiating in their favor and where they could face sellers who just won’t budge. The company compiled the data using indicators such as time on the market, price cuts and asking price vs. sold price.
Sellers are calling the shots in Brooklyn more than any other borough. Its Kensington, Prospect Heights, Fort Greene and Cobble Hill neighborhoods took the top four spots in StreetEasy’s index. Manhattan’s Lower East Side ranked fifth.
Brooklyn is best when it comes to buying as well, with Sheepshead Bay topping Kew Gardens Hills in Queens, SoHo in Manhattan, Canarsie Brooklyn and Midtown Manhattan.
If you’re still undecided in the rent vs. own debate, StreetEasy has a further metric that might provide some food for thought.
Dubbed the “tipping point,” the metric estimates how long it would take for the cost of buying a home to equal a better return than renting in the same area.
This is StreetEasy’s breakdown between Brooklyn and Manhattan: