NEW YORK (CBSNewYork) — A lot went down this year in the 2019 housing market.
Rents across the city hit new highs while sales prices plummeted, and now we’re seeing more and more New Yorkers moving to up-and-coming neighborhoods in a bid to save money.
Nancy Wu, economist for real estate marketplace StreetEasy, has predictions for the New York City housing market in this upcoming year.
“Obviously there are still deals out there for everyone, but for the most part, we see that discounts on rentals have been decreasing year after year. So if you’re a renter, my advice would just be to show up to your open houses prepared with all your paperwork ready and be ready to sign because there’s so much competition right now in the market,” Wu said.
Wu says would-be buyers will continue renting instead amid worries over a slowing economy and global unrest, giving more expensive and amenity-rich buildings a welcome boost.
These are StreetEasy’s top 10 neighborhoods to watch in 2020:
- Clinton Hill
- East Flatbush
- Prospect Lefferts Gardens
- Little Italy (Manhattan)
- Crown Heights
StreetEasy also believes homes along the 4/5/6 subway line will see increased demand, as signal upgrades make the line more consistent than its west side counterparts.
New areas of the city, including Hudson Square and Brooklyn Navy Yard, are expected to emerge as commuting destinations as big tech firms move in.
To view StreetEasy’s full 2020 housing predictions report, visit streeteasy.com.