New York City is known for the unique flair of its neighborhoods, whether hailed as havens for hip-hop or art, restaurants or family-friendly streets. And preferences, and prices, are always changing.
StreetEasy on Tuesday released its 2024 Neighborhoods to Watch list, ranking communities based on search traffic to the website among buyers and renters from 2022 to 2023.
This year, according to StreetEasy's research, Queens, which saw rental and buying real estate records broken in 2023, dominates the list. Attributing that meteoric rise to a boom in new developments in recent years, and affordability, StreetEasy predicts Manhattan will start to regain its popularity, especially in spots like SoHo and the Upper East Side.
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10 to watch in 2024
1. Ridgewood
Named the fourth-coolest neighborhood on the planet in a 2022 Time Out survey, Ridgewood, a Queens neighborhood northeast of Bushwick, Brooklyn, comes in No. 1. 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. The bar and restaurant scene is also quite impressive, along with the neighborhood's abundant galleries and bookstores.
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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. According to StreetEasy, many of the properties are new condo buildings, where the $4,200 median asking rent is more in line with Manhattan than other parts of Queens. Gantry Plaza State Park, a 12-acre green space along the East River, also sweetens the pot with its breathtaking views of Manhattan.
"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," StreetEasy says.
3. Hudson Square (SoHo)
This growing sub-neighborhood of SoHo saw searches increase 8% 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.
StreetEasy writes, "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."
4. Jackson Heights
Queens takes another top five spot in Jackson Heights, which saw buyer and renter searches on StreetEasy increase 5.4%. It's one of the globe's most diverse neighborhoods, in terms of population, restaurants and more, and offers better bang for your buck. StreetEasy reports the median asking price is under $400,000. Plus, the commute is short.
Another plus, according to StreetEasy, "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."
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, according to StreetEasy. Incredible views of the Manhattan skyline from Sunset Park, the waterfront Bush Terminal Park and a bustling local Chinatown scene are other features that make it desirable.
According to StreetEasy, 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.
Rounding out the list are Kew Gardens, Queens (No. 6), Woodside, Queens (7), Greenwood, Brooklyn (8), Flatbush, Brooklyn (9) and Carnegie Hill, Upper East Side. Learn more about each of those neighborhoods here.
