Although there are more residents now starting to sell their homes in New York City, Brooklyn remains the toughest market to negotiate on price.
Home sellers are finally starting to return to the New York City market after a challenging spring amid fluctuating mortgage rates, according to new data from StreetEasy.
Between January and May, 17,826 homes entered the NYC market, up 1.4% from last year — the first annual increase since 2022. The increase in new listings suggests homeowners are adjusting to the prospect of persistently elevated mortgage rates, after holding off on selling over the past two years, the real estate listings company said.
More new listings likely helped many buyers unlock their next home. So far this year, 10,153 homes in the city have entered contract, 1.2% more than last year.
That said, the most competitive market with the least room for negotiation remains Brooklyn, according to the company. The borough’s median asking price reached a new high of $1.125 million, 12.5% higher than a year ago.
A typical home sold in Brooklyn received 98.4% of its initial asking price in May, higher than any other borough. Despite fierce competition among buyers in Brooklyn, just 4,757 homes entered the market, a slight 0.1% increase from last year.
As fresh listings expanded buyers’ options, more homes entered contract this year. However, Brooklyn was the most competitive market in NYC, as limited new listings resulted in just 2,913 homes finding buyers, an increase of just 0.6%.
