The borough of Queens is set to steal the title of trendy neighborhood from Brooklyn this year, according to a new real estate report that reveals emerging trends in the Big Apple. Among the most prominent neighborhoods driving this change, Ridgewood, Jackson Heights, Kew Gardens and Woodside emerge as the rising stars capturing the attention of those seeking an authentic New York experience.
The report of Streeteasy It anticipates Queens will surpass Brooklyn in residential interest by 2024. The combination of affordability and a tranquil environment attracts both renters and buyers looking for a vibrant alternative without Brooklyn's trendy price tag.
Ridgewood leads the trend with a 10.7 percent increase in searches by renters and buyers. This Queens neighborhood has become a sought-after haven thanks to its diverse offerings, including restaurants, bars, vintage shops, and art galleries.
Possibility of gentrification looms over Ridgewood as popularity soars. Despite the significant increase in demand, Ridgewood maintains its affordable status, with a median rental price of $3,000 in 2023, 31 percent lower than Williamsburg and 8 percent lower than Bushwick. In addition, its real estate market remains stable, with an average sales price of US$1,149,500 in 2023.
Ridgewood is a residential and commercial neighborhood with a diverse population. The majority of residents are immigrants, mainly of Latin American, Italian and Eastern European origin. The neighborhood is also home to a small community of Orthodox Jews.
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With Queens at the forefront, a change is in sight in the urban narrative of New York
Other competitive areas in the New York real estate market
The report suggests that Manhattan could see a decline in rental prices, regaining some of its lost popularity. Although Queens rises as the new epicenter, Brooklyn still retains significant potential for future development and growth.
Hunters Point – Central Location with a High Cost:
Famous for its stunning skyline views and condominium development, Hunters Point is centrally located with easy access to public transportation and proximity to Midtown. Although it offers an exclusive experience, its high housing cost, averaging US$1,200,000, reflects its premium status.
Hudson Square: Luxury and Business Development:
Hudson Square has seen a significant increase in rental and sales prices. The business presences of Google and Disney have helped drive demand in the area. Being one of the two Manhattan neighborhoods on the list, it stands out for its luxury and the arrival of new residents.
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