The real estate market in Boerum Hill has become increasingly favorable for buyers, with inventory rising by 75% year-over-year and median asking prices dropping by 26% to $1.9 million. Despite high competition and fluctuating mortgage rates, buyers have opportunities in various New York neighborhoods. The trend of price cuts has emerged, with 14% of homes lowering their asking prices early in the home-buying season, encouraging prospective buyers to explore now while the market remains active.
In January and February, 14% of homes on the market strategically lowered asking prices to capitalize on the strong start to the home-buying season this year.
Inventory in Boerum Hill has soared 75% year-over-year while the median asking price has declined 26% to $1.9 million, suggesting now is a great time to explore homes in the neighborhood.
Brooklyn has remained the most competitive sales market in the city, with competition heating up between buyers and sellers responding to strong buyer demand.
Despite volatile mortgage rates and elevated asking prices, buyers can still find opportunities at appealing prices in neighborhoods across New York City, according to the latest analysis by real estate firm StreetEasy.
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