What you guys think ?
East side neighborhoods in Manhattan rose in popularity this year as more workers returned to the office at least part time, including number one on our list: Turtle Bay. A sub-neighborhood of Midtown East bounded by the East River and Lexington Avenue from 42nd to 53rd Street, Turtle Bay was popular among buyers and renters, with strong demand driving up the median asking price by 25% to $992,500 from the 2021 median. Combined with a large jump in user searches from the previous year, Turtle Bay claimed the top spot on our list of neighborhoods to watch in 2023.
East Harlem, which soared in popularity among renters this summer, was the second hottest neighborhood in Manhattan and #3 overall on our list. New developments over the past few years have led to increased interest in the area. Median asking rents in the neighborhood rose 21% year-over-year to $2,600 in 2022 as more renters flocked to the area in search of affordability. East Harlem is home to a vibrant art scene and many local restaurants. It’s also the home of El Museo del Barrio, the oldest museum in the United States devoted to Latin American and Caribbean art.
East Flatbush, #7 on the overall list and located in the center of Brooklyn, offers a diverse selection of homes including apartments, brownstones, and Victorian-style houses. Its popularity this year was also likely related to its relative affordability. The neighborhood’s median asking price was $609,500 in 2022, 20% below the borough median. The median asking rent was $2,400, 2% below the borough median.
Sunset Park, ranked 9th on our greater list, also offers affordable options for home shoppers. The median asking price was $591,000, 23% below the borough median. In addition to the Statue of Liberty views and gorgeous sunsets, renters on a budget can find a range of options in this neighborhood, where the median asking rent in 2022 was $2,200 – 12% below the borough median.
Elmhurst topped our list for Queens, and its sharp 42% increase in searches propelled it to #4 on the citywide list. With easy access to shopping destinations like malls and big-box stores, this central Queens neighborhood saw a 16% annual increase in median asking price this year to $436,000. The median asking rent also rose sharply by 17% to $2,100. While still 9% below the median asking rent for the borough, the jump in rent this year was likely related to New Yorkers looking for a place to live that fits their budget.
Queens neighborhoods along the 7 train line were popular this year, with Woodside and Sunnyside showing strong annual growth in home prices and rents. Relatively quick commutes to Manhattan and more affordable asking rents likely drove up buyer and renter interest in these areas this year. A strong jump in searches suggest rent and price growth could continue next year. Woodside, #5 on the overall list with a median asking price of $429,000 and median rent of $2,000, saw a 41% year-over-year increase in rental and sales listing searches. Sunnyside, #6 on the citywide list, also offers affordable options for renters with a median asking rent of $2,200, 4% lower than the borough median. That said, rents have been rising quickly in Sunnyside, increasing 19% in 2022 from the previous year as more renters flocked to the area in search of affordability. User searches for a home in this neighborhood had a significant rise of 42% year-over-year.
1. Turtle Bay, Manhattan
2. Bushwick, Brooklyn
3. East Harlem, Manhattan
4. Elmhurst, Queens
5. Woodside, Queens
6. Sunnyside, Queens
7. East Flatbush, Brooklyn
8. Kips Bay, Manhattan
9. Sunset Park, Brooklyn
10. Middle Village, Queens
Rumor that Shack n Shack is coming gentrifying Bushwick section of Brooklyn
https://streeteasy.com/blog/nyc-neig...watch-in-2023/
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
