Here are the best NYC neighborhoods where homebuyers can wield bargaining power

New York has long been known for its largely out-of-reach housing prices, but perhaps 2024 will bring locals a bit of luck.

According to a new study from StreetEasy, there are pockets across the city where buyers these days wield significant bargaining power — and some of them include enclaves that have long been considered pricey.

These areas, spanning all price brackets, display three key attributes: Substantial upticks in the duration properties sit on the market compared to a year prior, frequent instances of sellers slashing prices and significant gulfs between initial asking prices and eventual sale prices.

That said, Greenwich Village — long known for its stock of high-priced homes — takes the crown as the top place in town for buyers. Sure, this segment has a sky-high median asking price of $1.98 million, but homes in this area lingered on the market for a median of 125 days — a 40-day increase compared to the previous year. In turn, 12.3% of listings there lowered their asking prices to lure in eventual buyers, making it the neighborhood with the highest share of discounts.

There, houses typically fetched 95% of their initial asking price, slightly below the citywide median sale-to-list price ratio of 96.3%.

Next in line is the East Village, celebrated for its vibrant nightlife, boasting a median asking price of $1.4 million. Yet again, the neighborhood’s market exhibits sluggishness, with homes there spending a median 122 days on the market.

StreetEasy found that 10.7% of listings in the area resorted to price reductions to grease the wheels of sale.

Securing the third position on the list is the Upper East Side.

That neighborhood has a median asking price of $1.89 million. Despite the hefty tag, buyers have the edge in negotiations, with homes fetching 95% of their initial asking price. Houses here sit on the market for a median of 118 days — and 10% of listings received discounts to seal some deals.

This longer duration may entice sellers to strike more amenable deals with prospective buyers.

Rounding out the top five are Dumbo and Bushwick across the East River in Brooklyn. Dumbo, in particular, has a lofty median asking price of $2.28 million — but 8.1% of homes there got a discount after 130 days for sale.

But that’s for the homes priced above $1 million. The study also analyzed the top buyer neighborhoods with median asking prices below that sum, with the borough of Brooklyn being a particular hotbed.

On average, Brooklyn homes are fetching 97.4% of their initial asking prices, outperforming both Manhattan and Queens in this regard.

Brighton Beach tops the list, offering a blend of condos, multifamily houses and charming bungalows. With a median asking price of $739,000, it’s 30% below Brooklyn’s average.

The study says 10% of listings there got discounts, indicating potential negotiation opportunities for buyers.

Bay Ridge, another waterfront locale, follows closely with a median asking price of $595,000. However, homes are spending 87 days for sale, up 15 days from last year. Sellers here have adjusted their prices with 12.6% of listings reducing asking prices.

Midtown East, a Manhattan neighborhood, is the lone representative for properties below $1 million in the borough.

Offering homes at a median asking price of $999,000, it remains a popular choice. Even though listings are spending similar amounts of time on the market compared to last year, 9.6% of homes got discounts, indicating some room for negotiation.

Finally, Flushing is the sole Queens neighborhood on the study’s lists. That neighborhood, famed for its bustling Chinatown, had a median asking price of $731,071 with a tally of 85 days for sale. There, 5% of homes were discounted.