Looking to buy a home in New York City? The first step is finding the right neighborhoods. There are over 300 different neighborhoods in NYC, each offering unique benefits and disadvantages. But with so many options, it can be difficult to know where to begin.
The New York-based real estate listing site Streeteasy compiled a complete list of some of the top neighborhoods to buy a home in NYC. The neighborhoods were ranked based on a few different factors, including how many days the average home remained on the market compared to the previous year, the frequency of price cuts, and the standard difference between the sales price and asking price. Here is an in-depth look at the best neighborhoods in NYC to buy a home and what makes them so special.
Greenwich Village
Topping the list is Greenwich Village. Known for its gorgeous architecture, creative atmosphere, and excellent shopping and dining options, Greenwich Village is well regarded as one of the best neighborhoods to live in New York. Walking around Greenwich Village, you'll encounter lively jazz venues, off-Broadway theaters, comedy clubs, bookstores, and world-class restaurants. Yet, despite its many attractions and amenities, Greenwich Village still has a tranquil ambiance with plenty of green space, including the famous Washington Square Park.
So it isn't hard to understand why Greenwich Village was the third most-searched neighborhood on Streeteasy in 2023. With a median asking price of $1.985 million, it isn't the most budget-friendly place to live in NYC. However, for those who can afford it, the real estate market in Greenwich Village is beginning to shift in favor of the buyer.
In 2023, 12.3% of sellers lowered their asking price to attract more buyers. The typical home also sold for about 5% less than the initial asking price. So, if you're looking for a great deal on a townhouse in Greenwich Villages, now is an excellent time to look.
East Village
The East Village is another one of the best neighborhoods in NYC to live in. With its many hip bars, iconic nightlife venues and indie boutiques, the East Village is one of the trendiest neighborhoods in NYC, which attracts plenty of artists, college students, families, and residents from all walks of life.
It's a bit grittier and rough around the edges compared to other posh downtown Manhattan neighborhoods like the West Village or Greenwich Village. However, that's part of the appeal for many residents, as the East Village has an eclectic vibe that perfectly embodies the unique culture of New York City.
The East Village is also slightly more affordable than some of the other surrounding neighborhoods, with a median asking price of $1.4 million. It's also another one of the nice parts of New York to buy a home right now. According to Streeteasy, 10.7% of sellers cut their prices in 2023, and homes spend an average of 122 days on the market, compared to 91 days in 2022. That means you may have some leverage if you're looking to buy a home in the East Village in 2024.
Upper East Side
Another one of the best neighborhoods to buy in NYC is the Upper East Side. With its many world-class museums, upscale boutiques, and breathtaking views of Central Park, the Upper East Side is famous for its posh atmosphere and iconic attractions.
It's also home to some of the city's most affluent residents and has a reputation for being one of the wealthiest neighborhoods in NYC. You'll find an interesting mix of classic brownstones, elegant co-ops, and luxury high-rise buildings. It also offers old New York charm that's been preserved through its stunning architecture and impressive monuments.
But all that sophistication and luxury does come at a price, and the median asking price is $1.897 million. But the good news is buyers may have the upper hand. Streeteasy said 10% of sellers dropped their prices in 2023, and the median sale-to-list ratio was 95%. So anyone in the market for an Upper East Side apartment with views of the park may want to act fast.
DUMBO
With its quaint cobblestone streets, refurbished loft apartments, and waterfront views, DUMBO is another one of the nicest neighborhoods in NYC. It's one of Brooklyn's most coveted neighborhoods and features the highest median asking price on this list at $2.28 million.
DUMBO stands for down under the Manhattan Bridge Overpass and occupies a former industrial area that has been converted into an upscale neighborhood full of modern residences and small businesses. Its secluded location and hip vibe make it a popular destination for young people, families, and anyone seeking a vibrant area that's removed from the hustle and bustle of Manhattan.
While it is on the more expensive side, the real estate market in DUMBO is leaning in favor of the buyer. In 2023, 8.1% of sellers dropped their prices, and the typical home sold for about 5% below the listing price. The average number of days on the market was also 130, which was an 18.4% increase compared to 2022.
Bushwick
Bushwick is also a fantastic area with a reputation for being one of the coolest neighborhoods in NYC. Located in the eastern part of Brooklyn, Bushwick is a hip area full of quirky bars, eccentric cafes, thriving nightlife venues, and beautiful murals. It's one of New York's most popular up-and-coming neighborhoods and attracts young people, families, and a diverse array of residents seeking easy access to great food, culture, and amenities.
Bushwick is also a bit more affordable than some of the other cool neighborhoods in NYC and features a median asking price of just over $1 million dollars. The real estate market in Bushwick is also leaning heavily in favor of the buyer, and 13.8% of sellers dropped their prices in 2023, while the median sale-to-list ratio is 94.3%. That means anyone who's looking for a great deal on a home in one of New York's fastest-growing neighborhoods may want to check out Bushwick.
Best Neighborhoods for Buyers with a Median Home Price Under $1 Million
Those are the top five most popular neighborhoods for buyers with a median home price of over $1 million. However, there are also plenty of good places to live in NYC for buyers with a slightly more modest budget. Here are the best places to live in NYC if your budget is under $1 million.
- Brighton Beach: Located in Southeastern Brooklyn, Brighton Beach is a bustling neighborhood known for its iconic boardwalk and old-school charm. It's a bit secluded but features a median asking price of $739,000, and 10% of sellers cut their prices in 2023.
- Bay Ridge: Another popular Brooklyn neighborhood, Bay Ridge is one of the best New York neighborhoods to live in if you're looking for a spacious single-family home and a community-oriented atmosphere. It's also affordable compared to other New York neighborhoods, with a median asking price of $565,000. However, the market is leaning toward buyers as 12.1% of sellers dropped their prices last year, and the average home sold for about 5.8% below the asking price.
- Sheepshead Bay: Situated just north of Brighton Beach, Sheepshead Bay is another classic Brooklyn neighborhood offering a similar laid-back atmosphere without all the traffic from beachgoers. As a result, it offers affordable homes with a median asking price of $565,000. It's a good area for buyers as 9.6% of residents dropped their prices last year and the typical home sold for about 93.6% of the asking price.
- Midtown East: With a median listing price that's just under $1 million, Midtown East is one of the more affordable parts of Manhattan's Central Business District. It's known for its glistening office buildings and luxury high rises making it one of the best neighborhoods to live in NYC for those who work in Midtown and want an easy commute. It's also a great area for buyers as 9.6% of sellers dropped their prices in 2023 and the typical home sold for 6.1% below asking.
- Flushing: Located in northwestern Queens, Flushing is a bustling and diverse neighborhood full of fantastic restaurants and cultural attractions. It's the only Queens neighborhood on this list. However, an increase in new developments has made conditions favorable to buyers. The median asking price for homes in Flushing was $731,071 last year. Although only 5% of buyers dropped their prices, the typical home sold for 5.9% below asking.
If you need help finding the perfect home in one of these neighborhoods, reach out to our sales team. We’ll gladly help you find the perfect home. By building personal relationships with our clients and taking the time to understand your needs, we take the guesswork out of buying homes in NYC. Get in touch today to start your journey toward finding the ideal space.
