2024: Queens Takes Center Stage in NYC Real Estate

Queens Unisphere

Queens is set to take center stage in New York City’s real estate resurgence in 2024, according to a report released by the reputable real estate firm Street Easy. Titled “10 NYC Neighborhoods to Watch in 2024,” the report highlights the increasing popularity of Queens, with a particular focus on trendy sub-neighborhoods. As we delve into the top neighborhoods identified in the report, it becomes clear that Queens is positioned as an attractive and affordable option for both renters and buyers.


Ridgewood – The Rising Star:
Topping the list of neighborhoods to watch is Ridgewood, with a remarkable 10.7% surge in online searches from 2022 to 2023. Boasting a median asking rent of $3,000 in 2023, Ridgewood stands out as an affordable choice compared to neighboring areas. The neighborhood offers a mix of modern condos and historic rowhouses, making it a favorite among college graduates seeking vibrant restaurants, art galleries, vintage shops, and bookstores.


Hunters Point – A Waterfront Gem:
Securing the second spot is Hunters Point, a sub-neighborhood within Long Island City. With a 9% surge in searches, Hunters Point’s amenity-rich condos, waterfront location, and easy access to Manhattan via multiple train options make it an enticing choice. However, the median asking rent of $4,200 aligns it closely with Manhattan’s rates, distinguishing it from other Queens neighborhoods.


Jackson Heights – Diversity and Affordability:
In the fourth spot is Jackson Heights, recognized for its diverse community and a 5.4% increase in searches in 2023. Offering a median asking price of $399,250 and a 30-minute subway commute to Midtown Manhattan, Jackson Heights appeals to those seeking affordability. With car-free stretches and parks, it provides a unique living experience at a median asking rent of $2,286, 15% below the borough median.


Kew Gardens – Green Spaces and Affordable Housing:
Ranked sixth on the list is Kew Gardens, known for its green spaces and affordable housing options. With a median asking price of $348,000 and a median rent of $2,270, Kew Gardens offers single-family homes and rental apartments near transportation hubs. Forest Park, the third-largest park in Queens, adds to the neighborhood’s appeal.


Woodside – Consistent Affordability:
Woodside secures the seventh spot, maintaining its position from the previous year. With a 19% increase in searches in 2023, Woodside remains an ideal choice for renters seeking affordability and a convenient Manhattan commute. Offering a variety of housing options, including co-ops, condos, and small-scale multi-family homes, Woodside’s $2,500 median asking rent is below the borough’s median.


Beyond Queens – Other Noteworthy Neighborhoods:
While Queens neighborhoods dominate the list, several neighborhoods outside Queens also made the top 10 in NYC’s 2024 real estate resurgence. These include Hudson Square (SoHo), Sunset Park (Brooklyn), Greenwood (Brooklyn), Flatbush (Brooklyn), and Carnegie Hill (Upper East Side).


Queens emerges as a frontrunner in New York City’s real estate landscape for 2024, offering a diverse range of neighborhoods that cater to varying preferences and budgets. As Queens takes the lead, it’s evident that affordability, diverse communities, and attractive amenities contribute to the borough’s resurgence. Whether you’re a prospective buyer or renter, exploring the neighborhoods identified in Street Easy’s report could unveil the perfect place to call home in the thriving cityscape of New York.


Source: QNS