With inventory moving at a record fast pace and real estate prices continuing to rise, StreetEasy decided to look for value outside of the traditional New York City hotspots. To identify “up-and-coming” neighborhoods, we found areas in Manhattan and Brooklyn that had lower median sales prices last quarter compared to the borough at large, but showed a greater overall year-over-year increase in sale price. In other words, these neighborhoods still have deals – but they may not last long.
According to StreetEasy’s data, Manhattan’s up-and-coming neighbors are split between the northern and southern tips of the island. Upper Manhattan neighborhoods include East Harlem, Morningside Heights and Washington Heights while Downtown neighborhoods include the Lower East Side and Fulton/Seaport.
Brooklyn’s list was less geographically polarized than Manhattan’s, including a handful of neighborhoods on the eastern edge of the borough such as East New York and Canarsie in addition to neighborhoods near Prospect Park like Kensington, Flatbush and Sunset Park.