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Queens neighborhoods to lead NYC real estate resurgence in 2024: Report

Jan. 10, 2024 By Czarinna Andres

Queens is poised to be the epicenter of New York City’s real estate resurgence in 2024, according to a report by the real estate firm Street Easy.

The report, titled 10 NYC Neighborhoods to Watch in 2024, said that trendy sub-neighborhoods within Queens will be stealing much of the spotlight, noting that in 2023 many renters and potential buyers flocked to the borough in search of more affordable housing options.

While Queens is expected to shine, the report also indicates that Manhattan may regain popularity among renters this year as rental prices begin to decrease.

The top neighborhood across New York City to watch in 2024 is Ridgewood, according to the report. The top neighborhoods are based on increased search activity over the past year.

The report notes that online searches for Ridgewood properties surged by 10.7% from 2022 to 2023. With a median asking rent of $3,000 in 2023, Ridgewood stands out as an affordable option, according to Street Easy, compared to $4,400 in Williamsburg and $3,250 in Bushwick next door. This affordability, combined with more spacious living arrangements, positions Ridgewood as a favorite especially among college graduates. It offers vibrant restaurants, art galleries, vintage shops, and bookstores.

Prospective buyers can choose from modern condos or historic rowhouses, with Ridgewood’s median asking price remaining steady at $1,149,500 in 2023.

Securing the second spot on the report is Hunters Point, a sub-neighborhood within Long Island City. The report notes that there was a 9% surge in searches, indicating that buyers and renters are enticed by Hunters Point’s amenity-rich condos, waterfront location, and quick access to Manhattan via the E, F or 7 train. The iconic Pepsi-Cola sign and Gantry Plaza State Park, offering breathtaking Manhattan views, are some of the neighborhood’s highlights.

But Hunters Point is far from inexpensive.  The median asking rent in Hunters Point, at $4,200, mirrors Manhattan’s rates, setting it apart from other Queens neighborhoods. A 5.8% increase in the median asking price in 2023, reaching just over $1.2 million, surpassed the borough’s median of $641,600.

Taking the fourth spot is Jackson Heights, which witnessed a 5.4% increase in buyer and renter searches in 2023 according to the report. Recognized for its diverse community, Jackson Heights appeals to those seeking affordability, with a median asking price of $399,250 and a 30-minute subway commute to Midtown Manhattan.

The neighborhood boasts the city’s longest car-free stretch, 34th Avenue Open Street, and Travers Park, with renovated play areas. Jackson Heights provides a range of housing options, from co-ops with ornate pre-war architecture to single and multi-family homes. The median asking rent in Jackson Heights in 2023 was $2,286, the second lowest on the list and 15% below the borough median.

Kew Gardens, situated just south of Forest Hills, ranks sixth on the list with a 3.8% increase in searches in 2023. Offering green spaces and affordable housing options, Kew Gardens boasts a median asking price of $348,000, 46% below the borough median, and a median rent of $2,270, 16% below the borough median. The neighborhood is known for single-family homes and rental apartments in condo and co-op buildings near transportation hubs. Forest Park, the third-largest park in Queens, offers ample outdoor recreational space, and Kew Gardens is equal distance from both LaGuardia and JFK airports.

Woodside, which was ranked seventh, is the only neighborhood to make both the 2024 and 2023 Neighborhoods to Watch lists. The report says that Woodside is an ideal choice for renters seeking affordability and is a convenient Manhattan commute. The neighborhood offers a range of options, including co-ops, condos, and small-scale multi-family homes. Despite a 19% increase in searches in 2023, Woodside’s $2,500 median asking rent remains below the borough’s median, making it one of the more affordable options on the list. The median asking price in Woodside is $550,000.

While Queens neighborhoods dominate the list, the following neighborhoods outside of Queens also made the top 10 in NYC’s 2024 real estate list:

At number three, Hudson Square, a sub-neighborhood of SoHo, saw an 8% increase in searches from 2022 to 2023. Located between the West Village and Tribeca in Manhattan, Hudson Square is known for its rapid development, resulting in a 20.7% surge in median asking prices and a 7.2% increase in median rent in 2023. The neighborhood boasts luxury condos, rental buildings, and the presence of large employers like Google and Disney.

Sunset Park, located in Brooklyn between Bay Ridge, Borough Park, and Greenwood, secured the fifth spot with a 4.7% increase in searches in 2023. It offers affordable living with a median asking rent of $2,400, 27% below the Brooklyn median. However, its median asking price of $1.45 million is 45% higher than the Brooklyn median. Sunset Park is known for Industry City, a 35-acre complex with office and industrial spaces, shops, restaurants, and bars.

Greenwood, also known as Greenwood Heights in Brooklyn, ranks eighth on the list. The neighborhood features bars, restaurants, and cafes along 4th and 5th Avenues and provides easy access to Downtown Brooklyn, DUMBO, and Lower Manhattan via the D, N, and R trains.

Meanwhile, Flatbush, Brooklyn, comes in at ninth place, with a 3.2% increase in searches in 2023. Situated south of Prospect Park, Flatbush has witnessed a surge in new developments, contributing to its appeal for college graduates in 2023.

Rounding out the list is Carnegie Hill, a sub-neighborhood in the Upper East Side of Manhattan. Despite a modest 2.3% increase in searches from the previous year, Carnegie Hill saw a 12.3% jump in median asking prices and a 5.3% increase in median rent, indicating growing demand from both buyers and renters alike.

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