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treetEasy’s October Market Report pinpoints where sellers are slashing prices. Despite lofty rents, buyers can still snag deals in select NYC neighborhoods. The fall saw 2,191 homes contract—a 10.4% jump from last year—thanks to lower mortgage rates that spurred both more listings and more buyers. New listings rose 8.2% year‑over‑year, tightening competition and giving buyers room to negotiate.
Citywide, homes sold for a median of 97.9% of the most recent asking price—a modest concession. Yet some districts offered deeper discounts. The report lists the ten neighborhoods with the lowest sale‑to‑list ratios:
- Financial District
- Bedford‑Stuyvesant
- Chelsea
- Bay Ridge
- Midtown East
- Midtown West
- Gramercy Park
- Upper West Side
- Riverdale
- Forest Hills
In the Financial District, sellers are eager to close, cutting the median days on market from 168 to 87 and accepting a median discount of about 4%. The neighborhood’s median sale price remains $1,150,000. Bed‑Stuy’s median discount is 3.6%, yet more than 25% of its sales exceeded the asking price. Midtown’s pricier areas—East, West, and Gramercy Park—also show increased flexibility compared to previous months.
It’s unclear how long this buyer‑friendly window will last, but the mix of motivated sellers, high inventory, and still‑high mortgage rates creates real opportunities for buyers to secure significant savings.
