Soho, Dumbo, and Greenwich Village top a list of New York City neighborhoods to watch in 2022, according to a new report from StreetEasy that looked at areas with the biggest surge in interest among buyers, renters, and sellers. Neighborhoods were ranked based on increases in sales prices, increased rents, and user searches.
After being hit very hard by the pandemic, Manhattan is now seeing renewed interest as shopping, nightlife, and cultural institutions reopen. There's lots of housing buzz about Soho in particular, a result of proposals to rezone the area and add more apartments. The neighborhood saw a 48 percent increase in listing searches in 2021 over 2020 and had the second-largest annual rent growth in the city.
Like Soho, Dumbo and Greenwich Village are neighborhoods that are well established and are already expensive. They likely feature high on the list for apartment hunters looking for Covid deals in these very desirable areas.
Working from home has also changed how and where New Yorkers live: Without the need to commute, some are moving farther from their jobs to save money and trading up to increase their living space. That may explain the Brooklyn neighborhoods of Red Hook and Gowanus ranking fourth and fifth, respectively, on the list.
Despite being underserved by mass transit, Red Hook saw a 62 percent increase in searches in 2021 over 2020. Housing is mostly multi-family and townhouses and the median sales prices is $1,695,000. Red Hook was one of the only neighborhoods where rents fell year over year but sales prices rose so significantly—by 21 percent—that the neighborhood still made the list.
Gowanus is another area that will see more development. It was recently approved for a major rezoning plan to add 8,500 new apartments to the neighborhood by 2035, including 3,000 affordable units.
Other neighborhoods on the list: Flatiron, Bushwick, Kew Garden Hills in Queens, Fort Greene, and Fordham in the Bronx. Flatiron saw a 19 percent increase in rent and a 7 percent increase in sales price over the year with a median sale price of $2,295,000.
This year, Bushwick ranks higher than Williamsburg, which didn’t make the annual list. (Previously, Williamsburg came in seventh and Bushwick was ninth.) The area has a median rent of $2,599 and saw a 53 percent increase in search activity year over year.
The other Brooklyn neighborhood on the list, Fort Greene, saw a 55 percent increase in search activity year over year and the median rent grew by 4 percent to $3,000. The area has relatively easy access to Manhattan and benefits from having green space and townhouses. The median sales price is $1,387,500.
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