New York City Homebuyers Are Back, and They’re Looking for Deals

by Oshrat Carmiel

New Yorkers are buying homes in the city again after a year of sitting on the sidelines.

Sales were strong across Manhattan in the second quarter, with the number of deals topping 100 in most neighborhoods. The Upper East Side had the most purchases, with 727, followed by the Upper West Side, with 612. There were 367 transactions in Midtown East and 119 in the Financial District.

In Brooklyn, buyers scooped up 234 homes in Bedford-Stuyvesant and 176 in Williamsburg. Long Island City in Queens had 184 deals.

The city’s sales market has revived from the doldrums of the pandemic, with buyers seeking bargains as they prepare to return to their offices. With many New Yorkers anticipating working at least part time from home, demand is strongest in neighborhoods where bigger properties—with room for an office—can be had for less.

“Before, the hard trade-off was between commute time and affordability,” said Nancy Wu, an economist at StreetEasy. “Now, it’s about affordability and getting all the amenities you want and more space.”

It wasn’t hard to find discounts across the city. On Manhattan’s Upper East Side, 22% of all listings had their prices cut. The share was 19% in Chelsea. In Queens, 27% of listings in Astoria got reductions. Brooklyn’s Bay Ridge saw the same share.

Manhattan, Brooklyn and Queens real estate at a glance for the quarter ended June 30, 2021:

Highest priced sale

Median home price

Change in price from last year

Click or tap on any neighborhood in the map to add it to the comparison charts below. Click or tap on any neighborhood name above to remove it.

Definition of Terms and Methodology

The sales data are based on condo, co-op, townhouse and single-family home transactions during the quarter, according to StreetEasy’s analysis of records from the New York City Department of Finance. Due to a delay between the closing date and when a sale is recorded by the Department of Finance, the data may not include all closings during the quarter.

Highest sale price
The highest sale price for all closed transactions in the quarter.

Median resale price
The middle price for homes with sales that closed in the quarter and had a prior recorded sale since 1995.

Median sale price, all homes
The middle price for all sales that closed in the quarter, including deals in new developments.

Price change
The percentage change in median price from the identical period in the previous year.

Median days on market
The middle value for the number of days from when a home was originally listed on StreetEasy to when it went under contract.

Sales count, all homes
The number of home sales that closed during the quarter.

Sales count, resales
The number of homes that sold in the quarter with a prior recorded sale since 1995.

Median asking rent
The middle advertised monthly price for rental homes listed on StreetEasy during the quarter.

Rental count
The number of properties listed for rent on StreetEasy during the quarter.

Listing discount
The median percentage change between the initial asking price listed on StreetEasy and the recorded sale price.

Share of sales listings with price cuts
The percentage of homes for which the list price on StreetEasy was reduced during the quarter.

Share of rentals discounted
The share of all active rental listings on StreetEasy that had a reduction in asking rent during the quarter.

Metrics with fewer than 10 examples in a neighborhood aren’t reported because more data are needed for an accurate representation. These are indicated as “NA”.