1. NYC is so expensive that $2,700 might be the sweet spot for city rentals from a price/value perspective. Renters who start below that price tend to look at more expensive homes as they search, while those who start above look at cheaper units.
2. Speaking of rentals, if you were anticipating a low-key apartment hunt his fall or winter, watch out: We’re in for a red-hot rental market.
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Manhattan and Brooklyn 1-2BRs Under $3,200
3. The rental market is hot because a lot of would-be buyers are staying out of the sales market, where prices are relatively high, price cuts are flat, and inventory is piling up.
4. The situation is even worse in NYC’s luxury condo market, where there’s a large glut of unsold inventory. Some 25% of all the condo units built since 2013 have yet to find a buyer.
5. But even in this tough sales market, homes are moving quickly in certain NYC neighborhoods, like value-friendly South Queens and the ever-popular areas of brownstone Brooklyn.
NYC Neighborhoods Where Homes Sell Fastestslide table
|Submarket||Neighborhoods Within||Median Days on Market|
|South Queens||Jamaica, Ozone Park, Richmond Hill, Woodhaven||60|
|Northwest Brooklyn||Dumbo, Brooklyn Heights, Cobble Hill, Fort Greene||70|
|Northwest Queens||Astoria, Long Island City, Sunnyside, Ditmars-Steinway||70|
|Central Queens||Jackson Heights, Forest Hills, Woodside, Corona, Ridgewood||71|
|Northeast Queens||Flushing, Kew Gardens, Whitestone, Oakland Gardens||71|