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…
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