Buyers Market for Midtown Dwellings

It’s a great time to try and buy a home in Midtown Manhattan, according to real estate website StreetEasy.

“Midtown particularly favors shoppers with higher budgets, with more than 60 percent of the homes in the $1 to $1.2 million range receiving price cuts while listed on StreetEasy,” said Grant Long, senior economist for StreetEasy.

On StreetEasy’s list of the top buyers’ markets for homes $1 million to $1.2 million, all five neighborhoods were in Manhattan: Midtown, Midtown East, Lenox Hill, the West Village and the East Village. Apartments in these neighborhoods are expensive overall — but they may be giving back some of the price gains of recent years.

The list is based on StreetEasy’s Buyer/Seller Market Index, which incorporates time on market, price cuts, and ultimate selling price in relation to asking price.

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