Crown Heights Among Top NYC Neighborhoods For Home-Buyers: Study

CROWN HEIGHTS, BROOKLYN — Crown Heights is a buyers market, according to a new report from digital real estate platform StreetEasy.

The Brooklyn neighborhood is among the top 10 New York City spots where buyers can find negotiating advantages, according to the analysis released Thursday.

StreetEasy experts used metrics such as median asking prices, percent of listings offering price cuts and the average number of days on the market to determine which areas had the best deals for buyers.

"For those with the financial means to buy a home," the analysis reads, "waiting indefinitely until interest rates decline would mean missing out on the best opportunity to enter the market since early 2020."

StreetEasy noted that listings in the 10 neighborhoods — which includes Brooklyn's East New York, Bensonhurst and Greenpoint — sat on the market longer and were more likely to cut asking prices.

Crown Heights came in last on the list at number 10, but had the largest annual growth in the share of listings offering price cuts, with 28 percent of listings — more than 14 percent higher than last year.

The median asking price remains fairly high, at $1.045 million. That places Crown Heights as more expensive than other "buyers" neighborhoods on the list, like East New York ($869,000), Rego Park ($399,00) and Central Harlem ($850,000)

Most expensive on the list? Tribeca, where asking prices are trending around $4.1 million but the number of days on the market grew by nearly a month, to 104.

Maybe this means the market is cooling?

Maybe not quite for Crown Heights, where a typical home for sale only added a single additional day on the market over last year.

With interest rates rising, the report offers an important caveat: buyers can get an upper hand, "as long as they have the budget to manage elevated monthly payments due to higher mortgage rates."

For renters, StreetEasy also published another interesting report last month, showing that the gap between wage growth and rent growth is now the widest it's been since 2008 in NYC - with rent growing 23 percent faster than wages in August.