NYC Real Estate 2024: Highlights, Trends, and Insights
The real estate market in New York City experienced a rollercoaster of trends in 2024. The year brought a mix of challenges and highlights, from shifts in broker-client dynamics to soaring housing costs. StreetEasy compiled insights from listings and search data to reveal the most popular neighborhoods, must-have amenities, and pricing trends that defined the market. Here’s a closer look at what shaped NYC real estate in 2024.
Must-Have Amenities: In-Unit Laundry Tops the List
In 2024, New Yorkers had a clear favorite when it came to amenities: in-unit laundry. This feature topped searches for both renters and buyers, marking its second year as the most sought-after perk.
Other popular amenities included pet-friendly spaces, which saw a remarkable 200% increase in searches compared to 2023, likely reflecting the continued rise in pet ownership since the pandemic. Elevator access and private outdoor spaces also ranked high on wish lists, although outdoor spaces often have a hefty price tag. Apartments featuring private outdoor areas typically commanded thousands more than those without.
Manhattan Dominates Popular Neighborhoods
When it came to the most-searched neighborhoods, Manhattan held a commanding presence. Renters gravitated toward Midtown East, Chelsea, Greenwich Village, and the West Village, with Midtown East topping the list.
The Upper East Side emerged as the most popular search for buyers, joined by perennial favorites like SoHo and TriBeCa. While Brooklyn neighborhoods like Williamsburg, Park Slope, and Brooklyn Heights showed strongly, Manhattan remained the focal point for many renters and buyers.
High Costs in Downtown Manhattan
TriBeCa and SoHo led the charge as NYC’s priciest neighborhoods in 2024. Renters in TriBeCa faced the highest median asking rent in the city at $8,295 per month, with neighboring SoHo following at $6,100 — a 14% jump from the previous year. The Flatiron District wasn’t far behind, with an average asking rent of $5,900.
Buyers looking in these trendy areas faced equally steep prices. The average asking price in SoHo was $4.2 million, while TriBeCa wasn’t far behind at $3.995 million. Brooklyn’s Carroll Gardens joined the ranks of expensive neighborhoods, with a median asking price of $2.65 million, alongside other upscale areas like Cobble Hill, Boerum Hill, Dumbo, and Park Slope.
While Manhattan dominated the popularity and price metrics, Brooklyn remained a strong contender. Williamsburg was a top choice for renters, and family-friendly neighborhoods like Park Slope and Brooklyn Heights attracted buyers. Brooklyn’s charm, characterized by its blend of modern amenities and historic charm, continued to draw those seeking a slightly slower pace of life while staying close to the city.