Home sellers in two Brooklyn neighborhoods are offering slight discounts for purchasers, according to the latest report from StreetEasy.
Thanks to a slide in mortgage rates and increased supply, there's been a 10% rise in homes entering contract across the city. In Brooklyn, 1,006 homes were newly listed, a 17.5% jump as sellers looked to leverage strong buyer interest in the borough.
Amid the rise in supply, home buyers in Bedford-Stuyvesant and Bay Ridge are starting to see some room to negotiate, according to the report.
Buyers in Bed-Stuy were able to negotiate a 3.6% discount off the asking price of a home, while Bay Ridge buyers saw a 2.7% discount.
In the rental market, priced-out Manhattan renters looked to Brooklyn and Queens. Competition began to heat up in the two boroughs this summer, resulting in declining inventory and rising asking rents. The median asking rent in Brooklyn rose 7.2% year-over-year to $3,752 in October, the company said.
That said, the bright side is that renters are more likely to find concessions in the city than any time since 2021, the report said.
