Photo: angela n./Flickr
Brooklyn will be the place to live in 2017. According to a new survey of real estate experts conducted by the listing site PropertyShark, six of the top 10 hottest New York City neighborhoods to watch this year are located in the borough.
East New York and Bushwick, both in Brooklyn, were named as the top New York City neighborhoods to watch this year by 11 percent of respondents.
East New York was rezoned in April 2016 to help preserve affordable housing and promote neighborhood development, despite gentrification concerns. The area had a median home price of $339,275 in 2016, and is expected to grow in the coming year.
Meanwhile, many buyers priced out of the red-hot Williamsburg market will find neighboring Bushwick to be a much cheaper alternative. At $510,000, the median home price in Bushwick is $100,000 lower than the median for the borough, and substantially less than its trendy neighbor.
Manhattan’s Lower East Side and Upper East Side ranked just below East New York and Bushwick with 10 percent of respondents favoring these neighborhoods. Considered to be one of the more affordable Manhattan neighborhoods, the Lower East Side has a median sale price of $800,000 — quite a bit less than the $1.1 million median price in the Upper East Side.
Bedford-Stuyvesant, Sunset Park, Crown Heights and Flatbush were the other Brooklyn neighborhoods that made the top 10.
However, only two Queens neighborhoods landed in the top ten — Long Island City, which is currently experiencing a boost in development, and the local favorite of Astoria.
Seventeen percent — the majority of respondents — pointed first-time homebuyers to Manhattan’s Upper East Side. But only 5 percent recommended the top neighborhood to watch of East New York for first-time buyers.
While respondents were nearly evenly split on whether 2017 will be a buyer’s or seller’s market, 75 percent agreed that buying will beat renting this year. Similarly, 84 percent of respondents agreed that Manhattan’s top sales, or luxury market, will continue to slow down in 2017.
Click here to read the entire report.