Every year StreetEasy puts together a list of “NYC Neighborhoods to Watch For” and 2023’s picks are in!
The criterion for their list relates to the increasing interest observed in certain neighborhoods from buyers, renters, and sellers the year prior. The neighborhoods are then ranked based on three deciding factors: increases in sales prices, rents, and user searches year-over-year.
The hottest NYC neighborhoods rank as follows:
StreetEasy mentioned that “shrinking affordability in the city forced renters and buyers to look beyond neighborhoods they dream about,” so they only considered neighborhoods where median asking prices are below $1M and median asking rents are below $4,500.
Queens is taking over in 2023, compared to Brooklyn’s popularity for the past two years, with four neighborhoods in the borough finding their way on the list. Easy access to Manhattan along the 7 train line as well as affordable home prices made the four Queens neighborhoods popular.
Though because more New Yorkers are working from home, buyers and renters are still looking deeper in Brooklyn in search of affordability.
In Brooklyn, Bushwick ranked the highest, and was #2 on the citywide list, likely because buyers and renters were being priced out of Williamsburg, a traditionally in-demand neighborhood.
For those who returned to the office at least part time, east side neighborhoods in Manhattan became more popular, including Turtle Bay which came in at number one citywide.
And while many of last year’s hottest neighborhoods had median rent prices in the $3,000-$4,000 range, only three neighborhoods that made the list this year had median rent prices over $3,000. Woodside, Queens, which ranked as the fifth hottest neighborhood, has the lowest median rent prices on the list at $2,000.
As more and more jobs have made working from home post-pandemic permanent while others have already been back in the office for quite some time, it will be interesting to note how the hottest NYC neighborhoods continue to change throughout the years to come.
Written by Justine Golata and Brianna Perry