1. Greenpoint, Brooklyn
According to realtor.com, as of April 2022, the median listing home price in Greenpoint was $1.5M, up 23% year-over-year, and the median home sold was priced at $1.7M. Greenpoint remains a great place to invest due to the ongoing development in the former industrial stretch of North Brooklyn. It’s got a lot going for it: Proximity to the always-buzzing Williamsburg, dining, nightlife, great skyline views, as well as historic neighborhoods. With several new developments still set to take to the skies and others in construction, it would seem that Greenpoint's best days still lie ahead.
2. Prospect Lefferts Gardens, Brooklyn
As of April 2022, the median listing home price in Prospect Lefferts Gardens was $878.5K, up 1.1% year-over-year. The median home sold price was $1.5M. Despite a fairly modest year-over-year increase Prospect Lefferts Gardens remains an in-demand and coveted Brooklyn neighborhood due to its proximity to the leafy upscale Park Slope and Windsor Terrace and, of course, its closeness to Prospect Park. PLG condos are also way less than those in its coveted surrounding neighborhoods. And then there’s the neighborhood itself — a verdant oasis of stately homes amid the hustle and bustle of a busy Brooklyn shopping and transportation hub.
3. Flatbush, Brooklyn
As of April 2022, the median listing home price in Flatbush was $680K, trending up 4.7% year-over-year. The median home sold price was $638.5K. For much of the same reasons that its neighbor, PPL, is a great place to invest, Flatbush’s proximity to Prospect Park and Windsor Terrace, its affordable price points, and its broad cross-section of housing types make it a great place to invest. Thriving and multi-cultural, you can find brownstones, condos, co-ops, and single-family homes for far less than their neighbors.
4. Washington Heights, Manhattan
According to realtor.com, the median price range for a home in Washington Heights is $529K, with a median sold home price being $520K, making the area one of the most affordable in Manhattan. The New York Times recently called it “the last bastion of affordability in New York.” The fact that the rest of Manhattan is only a subway ride away makes Washington Heights something of a Godsend for those looking for relatively affordable housing and a painless commute. There's a selection of one and two-bedroom condos and co-ops, both older and newly constructed or renovated, between $300K and $700K. It's also a great place to buy a pied-a-terre if you work at NY Presbyterian, Columbia University, or Irving Medical Center — institutions that dominate the neighborhood.
5. Greenwood Heights, Brooklyn
The median price range for homes in Greenwood Heights is $1.3 million, while the median sold price is $1M. This neighborhood is another that benefits from being next door to Park Slope and the recently smoking hot Sunset Park. There’s a mix of older frame houses and renovated condos for sale, and although it lacks the stateliness of Park Slope and the hipster value of Sunset Park, its proximity to both means that this neighborhood can only reap the benefits.
6. Bushwick, Brooklyn
According to Realtor.com, the median listing price for a home in Bushwick is $900K, and the median sold price is $865K. Last year saw the area enjoy a 16% year-over-year increase in values. Bushwick was one of the first formerly gritty Brooklyn neighborhoods to be dubbed with the “hipster” moniker, thanks, in part, to its proximity to the burgeoning and increasingly pricey Williamsburg. Now Bushwick is a vibrant neighborhood in its own right that has seen some massive rental developments in recent years. Most of the buildings currently for sale are renovated pre-war buildings with modern facelifts. However, as Williamsburg continues to be in high demand, as does nearby Bed-Stuy, Bushwick is always a good bet for appreciating home prices and rental demand.
7. Midtown East, Manhattan
The median listing price for a home in Midtown East is $1.1M, and the median sold price is $985K. The area has enjoyed a 15.8% year-over-over increase. Midtown is re-inventing itself post-Covid with more tech, finance, residential development, conversions, and hipster indie stores. As it whirs back to life, prices for condos have regained lost ground. Midtown East is a stone’s throw away, largely residential, tree-lined, and noticeably quieter than its bustling neighbor, where house prices are considerably lower. The 4, 5, and 6 subway trains currently service Lexington Avenue. However, the real play for Midtown East is Phase 3 of the 2nd Avenue Subway Line, which as with the Upper East Side, is sure to electrify the area whenever it happens.
8. Ridgewood, Queens
The median listing price for a home in Ridgewood is $785K, and the median sold price is $769K, marking a 4.8% year-over-year increase. Like all other ascendent neighborhoods in New York, Ridgewood’s proximity to its neighbors makes it one to watch. This is nothing new, of course. Ridgewood has been on many people’s radars for quite some time. Located in Western Queens, Ridgewood is bordered by the hipster havens of Bushwick and East Williamsburg to the west. The M&L subway lines facilitate a 30-40 minute subway line to Manhattan. New condos, artisanal restaurants, and breweries have sprouted up, though the neighborhood still retains much of its neighborhood feel. Its price points still compare favorably to its pricey Brooklyn neighbors.
9. Bedford-Stuyvesant, Brooklyn
The median listing price in Bedford-Stuyvesant is $899K, and the median sold home price is $1.2M marking a 5.1% decline year-over-year as of April 2022. Due to the rapid price escalation in the area in recent years, and the recent decline in sales prices, Bed-Stuy has been off many people’s radars of late. However, the tremendous amount of development in Downtown Brooklyn is affecting Fort Green and Clinton Hill. The cheaper Bed-Stuy will undoubtedly enjoy another wave of appreciation as Downtown and Dumbo projects are completed and sold.
10. Crown Heights, Brooklyn
The median listing price in Crown Heights is $900K, and the median sold price is $805K marking no change year-over-year as of April 2022. Much like Bed-Stuy, despite sharp increases in recent years, the unimpressive year-over-year sales can’t continue due to the activity going on nearby. In Crown Heights' case, not only will price increases in Bed-Stuy and elsewhere Downtown affect sales prices, but also the large rental and for-sale projects in Prospect Heights. Not to mention that there are some gorgeous landmarked blocks of majestic townhouses in Crown Heights that will push up the median price along with numerous new condos and pre-war renovations.
