The New York City real estate market is entering a new phase, and for those looking to buy, Brooklyn is the borough to watch. According to the latest analysis by StreetEasy, six of the top 10 best neighborhoods for homebuyers are in Brooklyn, where inventory is rising and median asking prices are declining.
At Duke Properties, we believe that timing is everything in real estate. Market shifts like these create opportunities for buyers to secure properties at more favorable prices, while sellers must adapt to changing conditions to maximize value.
Brooklyn’s Market is Cooling—But Not for Long
Neighborhoods once considered fiercely competitive, such as Brooklyn Heights and Park Slope, are now showing signs of price relief. Brooklyn Heights saw a 23% drop in listing prices, while Park Slope experienced a 21% decrease in asking prices compared to last year.
This shift is largely due to an increase in available inventory, giving buyers more choices and more negotiating power. However, real estate professionals caution that once this wave of new inventory is absorbed, negotiability could tighten again—making now an opportune time to enter the market.
Boerum Hill Leads the Pack
Topping StreetEasy’s list is Boerum Hill, where asking prices have dropped 26% year-over-year, and available inventory has surged by 75%. However, with only 77 new units added to this sought-after brownstone neighborhood, the window of opportunity may be brief.
As Deborah Rieders of Corcoran noted, once these new developments sell, prices are likely to firm up again. Savvy buyers who act quickly may find some of the best deals before competition heats up.
Beyond Brooklyn: Manhattan and Queens Offer New Openings
While Brooklyn dominates the list, other areas in NYC are also seeing significant price reductions:
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Gramercy Park had the highest percentage of listings with price cuts, at 23%.
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Brighton Beach followed closely, with almost 20% of listings seeing price reductions.
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Long Island City in Queens saw an 18% increase in inventory, driven by a surge in new developments offering options from rent-stabilized units to luxury condos.
These trends reflect a market where sellers are adjusting to higher mortgage rates, working to meet buyers halfway on pricing.
Why Now is a Strategic Time to Buy
What does this mean for buyers?
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More negotiating power in key areas where prices have temporarily dipped.
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Greater inventory means more choices—something NYC buyers don’t often have.
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Once the market stabilizes, prices are likely to climb again, meaning buyers who act now may secure better deals than those who wait.
Looking Ahead: Spring 2025 and Beyond
As we transition into the busy spring real estate season, experts predict that sales activity will pick up again. Stock market fluctuations caused some hesitation earlier this year, but as confidence returns, competition will likely increase—especially in Brooklyn’s hottest neighborhoods.
At Duke Properties, we help buyers, sellers, and investors make informed decisions based on market data, long-term trends, and strategic timing. Whether you’re looking for a Brooklyn brownstone, a Manhattan condo, or an investment property in Queens, understanding these market shifts is key to making the right move at the right time.
If you’re considering buying or selling in NYC, now is the time to explore your options. Contact Albert Dweck and the Duke Properties team to learn how we can help you navigate this evolving market with confidence.