According to the StreetEasy Hot Market Index, Kingsbridge in the Bronx will be the hottest neighborhood of 2017, but Brooklyn neighborhoods dominate the rest of the list.
As the sales market slows and rents continue to rise, more New Yorkers will become homeowners in the coming year. Transportation shake-ups are anticipated around the city, including the temporary closure of the L-train and the long-awaited opening of the Second Avenue subway. These changes will transform neighborhoods’ public transportation availability, playing an integral role in renters’ and buyers’ moving decisions over the next year.
“For Manhattan buyers, 2017 will be a year of increasingly slower price growth, as the market recalibrates after years of luxury inventory overload. On the rentals side, affordability will decline even further. We expect to see more people who have saved for a down payment – especially millennials and other first-time buyers – taking advantage of a slowing sales market and moving quickly to buy a home in the face of an impending mortgage rate increase. Especially for those who plan to live in an apartment for more than a few years, the investment could pay off sooner than it has in the past,” Krishna Rao, StreetEasy Economist, said in a statement. “This year’s list of hot neighborhoods is all about trade-offs New Yorkers are willing to make, whether that means extending your search by one neighborhood in exchange for a nearby park or waterfront views, or extending your commute to find a relatively affordable single-family home.”
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