Brooklyn and Manhattan home hunters, there’s a lot of prey out there right now!
A decline in sales price growth and an increase in time that homes spend on the open market has created an advantage for buyers, according to a report released Monday.
StreetEasy said Manhattan and Brooklyn sales prices saw the smallest annual increase in four years last month. Manhattan’s median resale price in July was $994,458, but represented a 2% rise from July 2015. Brooklyn’s median resale price was $563,416 last month, a 4.7% jump over the same period last year.
StreetEasy economist Krishna Rao said this change in the market wasn’t an anomaly as buyers are waiting longer to find a deal among the high-priced options.
“We’re seeing the continuation of this trend toward normalcy and away from an overheated market,” he said in a statement.
Rao said lower Manhattan neighborhoods like Battery Park City, Chelsea and TriBeCa had the lowest growth in median resale price over the 12-month period with 0.6%. Park Slope in Brooklyn saw a 2% drop in resale price during that same period.
“Buyers are heading to other parts of the borough or city in search of more affordable options. As demand spreads elsewhere, prices often slow down,” Rao explained.
Those looking for an apartment or house will have a wider selection to choose from. In Manhattan, homes were on the market for a median of 62 days last month, which was 13 more days than in July 2015. Brooklyn homes were on the market for a median of 53 days in July, which was nine more days than in same period last year.
“If prices are falling and homes are spending more time on the market, buyers may have a bargaining chip and the opportunity to negotiate the asking price down,” Rao said.
