10 NYC Neighborhoods to Watch in 2024
Queens will reign supreme in 2024 after a record-breaking year for the borough in 2023, as both renters and would-be buyers looked farther from Manhattan in search of more affordability. While Queens remains hot, driven by a boom in new developments in recent years, StreetEasy® predicts Manhattan will start to regain popularity among renters this year as its rental prices begin to drop. Trendy sub-neighborhoods of ever-popular areas like SoHo and the Upper East Side will take the lead in the borough.
We define our top 10 NYC neighborhoods to watch in 2024 as those that saw the greatest increases in searches on StreetEasy among buyers and renters from 2022 to 2023.
1. Ridgewood
No. 1 on our list this year is Ridgewood, a Queens neighborhood northeast of Bushwick, Brooklyn. Buyer and renter searches in Ridgewood jumped 10.7% from 2022 to 2023, reflecting its growing popularity as an alternative to nearby Bushwick and Williamsburg. The median asking rent in Ridgewood was $3,000 in 2023: 31% lower than $4,400 in Williamsburg, and 8% lower than $3,250 in Bushwick. With apartments averaging at lower price points - and offering more square footage to share with roommates - compared to nearby areas, Ridgewood also ranked second on our list of the top neighborhoods for college graduates in 2023. The neighborhood boasts lively restaurants and bars in addition to vintage shops, art galleries, and bookstores. Buyers can find plenty of options, from modern condos with on-site parking to historic rowhouses with elaborate architectural details. Amid rising buyer interest, Ridgewood's median asking price held steady at $1,149,500 in 2023, the same as 2022.
Ridgewood Rentals on StreetEasy Article continues below
2. Hunters Point (Long Island City)
Coming in at No. 2 is Hunters Point, a sub-neighborhood in the southern part of Long Island City, Queens. New condo buildings are the name of the game in Hunters Point, where the $4,200 median asking rent is more in line with Manhattan than other parts of Queens. The median asking price increased by 5.8% in 2023 to just over $1.2 million, well above the borough median of $641,600. Searches in Hunters Point rose 9% year-over-year, suggesting buyers and renters are drawn to the neighborhood's amenity-rich condos, waterfront location, and proximity to Manhattan - a commute as quick as one stop on the E, F, or 7 train. In addition to its high-rise residential buildings, Hunters Point's primary attraction is Gantry Plaza State Park, a 12-acre green space and promenade along the East River featuring the iconic Pepsi-Cola sign and breathtaking views of Manhattan.
Hunters Point Homes for Sale on StreetEasy Article continues below
3. Hudson Square (SoHo)
This growing sub-neighborhood of SoHo landed third on our list, boasting an 8% increase in searches from 2022 to 2023. Located in the western part of SoHo between the West Village and Tribeca, Hudson Square was officially added to the StreetEasy neighborhood database in 2017, after a rezoning in 2013 led to rapid development in the area. In just the past year, Hudson Square's median asking price ballooned by 20.7% to nearly $3.5 million, while its median rent rose by 7.2% to $7,500, making it the most expensive neighborhood on our list. A slew of luxury condo and rental buildings, many constructed within the past five years, are propping up the neighborhood's prices. Large employers such as Google and Disney have also set up shop in Hudson Square, further attracting residents and developers. Notable spots old and new include the legendary Ear Inn, the SoHo Playhouse, Pier 40 at Hudson River Park, and the towering, five-star Dominick Hotel. Apart from shiny new condos and office spaces, Hudson Square also contains the Charlton–King–Vandam Historic District, home to the city’s largest concentration of Federal-style and Greek Revival rowhouses built in the early 19th century.
Hudson Square Rentals on StreetEasy Article continues below
4. Jackson Heights
Jackson Heights, Queens ranked fourth on our list due to a 5.4% increase in buyer and renter searches in 2023. Jackson Heights is one of the most diverse neighborhoods in NYC, boasting a wide range of people, languages, and cuisines from all corners of the world. The neighborhood's rising popularity is likely due to its more affordable price point, with a median asking price of $399,250, plus a 30-minute commute to Midtown Manhattan by subway. In the heart of the neighborhood, residents can enjoy the 34th Avenue Open Street, a 1.3-mile stretch of car-free space (the longest in the city!) with community events all year round. Travers Park, renovated in 2020, offers a spacious lawn and play areas for all age groups. Buyers can expect co-ops with ornate pre-war architecture in and around the neighborhood's historic district, as well as single or multi-family homes with potential rental income. The median asking rent in Jackson Heights in 2023 was $2,286 - the second-lowest median rent on the list and 15% below the borough median of $2,700.
Jackson Heights Homes for Sale on StreetEasy Article continues below
5. Sunset Park
Sunset Park is the highest-ranked Brooklyn neighborhood on this year's list, coming in at No. 5 overall with a 4.7% annual rise in searches. Located between Bay Ridge, Borough Park, and Greenwood, this waterfront neighborhood had a median asking rent of just $2,400 in 2023 - 27% below the borough median - making it a relatively affordable option for renters. Its median asking price of $1.45 million, however, is 45% higher than the Brooklyn median of $999,000. Sunset Park's housing stock includes single- and multi-family rowhouses in various styles. These days, the area is most known for Industry City, a 35-acre, 16-building complex of office and industrial space, in addition to shops, restaurants, and bars - the result of a $450 million redevelopment beginning in the 2010s. Though Industry City is technically located in adjacent Greenwood (No. 8 on our list), it's widely associated with Sunset Park given the proximity and blurring boundary lines of the two neighborhoods. Other highlights include a local Chinatown (the fastest-growing Chinatown in Brooklyn), the waterfront Bush Terminal Park, and the neighborhood's namesake park with killer views of the Manhattan skyline.
Sunset Park Rentals on StreetEasy Article continues below
6. Kew Gardens
Kew Gardens, Queens, just south of Forest Hills, ranked sixth on our list. Offering plenty of green space and relatively affordable housing options, Kew Gardens saw a 3.8% year-over-year increase in searches in 2023. With a median asking price of $348,000 (46% below the borough median) and median rent of $2,270 (16% below the borough median), it's the least expensive neighborhood on our list. Kew Gardens is known for single-family homes in the Dutch Colonial Revival and Beaux-Arts styles, while rental apartments are mostly found in condo and co-op buildings near the Long Island Rail Road or E/F subway stops. Forest Park, the third-largest park in Queens spanning 544 acres, is adjacent to the neighborhood and offers expansive space for outdoor recreation. For frequent travelers, Kew Gardens is also equidistant to both of the city's airports: LGA and JFK.
Kew Gardens Homes for Sale on StreetEasy Article continues below
7. Woodside
Woodside, Queens, is the only neighborhood that has made both our 2024 and 2023 Neighborhoods to Watch lists. Situated just west of Jackson Heights, Woodside is a great option for renters in search of affordability while maintaining a convenient commute to Manhattan, with easy access to the M, R, and 7 trains. Buyers can find a range of options: co-ops in large buildings with old-school New York charm, condos in brand new developments, and even small-scale, multi-family homes with private backyards. For rentals, Woodside boasts sprawling multi-bedroom apartments in addition to newer studios and one-bedrooms. Despite increasing 19% year-over-year in 2023, the neighborhood's $2,500 median asking rent is still below the borough's $2,700 median. Woodside is among the least expensive on our list for home shoppers, too, with a median asking price of $550,000.
Woodside Rentals on StreetEasy Article continues below
8. Greenwood
Greenwood, Brooklyn, also known as Greenwood Heights, is perhaps best known for its famous cemetery, making the neighborhood the permanent home to the likes of Leonard Bernstein, Horace Greeley, Jean-Michel Basquiat, Pop Smoke, and more. Beyond the history, beauty, and views provided by the cemetery, Greenwood has lots to offer, including numerous bars, restaurants, and cafes along 4th and 5th Avenues. Nestled just between Park Slope and Sunset Park, the neighborhood is also accessible to Downtown Brooklyn, DUMBO, and Lower Manhattan via the D, N, and R trains. Greenwood's median rent of $3,250 is just below the borough median of $3,295, while its median asking price of $1.55 million reflects the diversity of for-sale inventory in the neighborhood - from stunning new development condos to multi-family and mixed-use investment properties.
Greenwood Homes for Sale on StreetEasy Article continues below
9. Flatbush
Just south of Prospect Park, Flatbush, Brooklyn has seen a rising number of new developments in recent years, perhaps contributing to its 3.2% increase in searches year-over-year. Because of its lower price point compared to other neighborhoods surrounding the park, we also named Flatbush one of the best NYC neighborhoods for college grads in 2023. Despite its growth, Flatbush's median rent and asking price both remain well below the borough medians, at $2,800 and $600,000 respectively. Home shoppers can find a diverse selection, ranging from co-ops with beautiful pre-war details to brand new state-of-the-art condos, as well as single- and multi-family homes in a variety of architectural styles.
Flatbush Rentals on StreetEasy Article continues below
10. Carnegie Hill (Upper East Side)
Rounding out our list of neighborhoods to watch in 2024 is Carnegie Hill, a sub-neighborhood in the northwest corner of Manhattan's Upper East Side. While its searches were up just 2.3% from the previous year, the median asking price jumped by 12.3% and median rent by 5.3%, indicating rising demand from buyers and renters alike. The area's housing stock is largely made up of co-ops, but a smattering of multi-million-dollar townhouses - as well as Central Park views and proximity - contribute to the neighborhood's $2.4 million median asking price. Carnegie Hill is home to many of the Upper East Side's highlights, including Museum Mile and its cultural institutions such as the Met, Guggenheim, Cooper Hewitt, and Jewish Museum. Residents also love the convenience to upper Central Park, in particular the Jacqueline Kennedy Onassis Reservoir and its loop trail. The 4/5/6 subway line and various crosstown buses serve the neighborhood and provide access to the rest of Manhattan.
Carnegie Hill Homes for Sale on StreetEasy Article continues below
How We Did It
We identified our 10 NYC neighborhoods to watch in 2024 by ranking the areas based on annual changes in user searches on StreetEasy in 2023. For robustness, we only ranked neighborhoods that were within the top 30% by search volume and had at least 100 for-sale and 100 for-rent listings on StreetEasy between January and November 2023.
Copyright © 2024 by Zillow, Inc. and/or its affiliates. All rights reserved. All data for uncited sources in this presentation has been sourced from StreetEasy and its expansive internal database. The contents of this article are intended for informational purposes only and not intended as a complete recitation of the market.
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