A look at real estate in New York City in 2024

THE year 2024 saw many highs and lows in American real estate. Changes in how real estate commissions are advertised and paid went into effect, changing the relationships between brokers and their clients. Housing costs continued to soar. And “barndominiums” – a barn with a twist on the word condominium – became all the rage in rural America.

To put the year into perspective, StreetEasy compiled a report using data from its website to reflect on the highs and lows in New York City’s real estate market. The online platform used listings data and search trends to determine the priciest and most sought-after neighbourhoods, amenities New Yorkers couldn’t live without, and other findings. Here’s what StreetEasy analysts found.

The most coveted amenity? Laundry. (Yes, laundry)

Sure, parking, central air conditioning and a doorman may be important amenities to some. But in 2024, New Yorkers wanted one amenity more than all the rest: in-unit laundry. Based on searches, in-unit laundry was the most sought-after amenity among both renters and buyers for the second year in a row.

Also on people’s wish lists: access to an elevator and a pet-friendly home. According to StreetEasy, pet-friendly rentals were so coveted that the amenity had a 200 per cent increase in search volume from 2023 to 2024. The upswing in pooch ownership during the pandemic may have had something to do with that trend.

Private outdoor space was also a popular search among buyers – though that amenity often comes with a steep price tag. According to Brick Underground, New York City apartments with private outdoor space can sell for thousands of dollars more than a home without it.

Manhattan was a top choice for many renters and buyers.

StreetEasy compiled two lists naming the top 10 most popular neighbourhoods in New York City: one based on renters’ searches and another based on buyers’ searches. The lists shared many of the same Manhattan neighbourhoods, including Chelsea; Greenwich Village; the West Village; SoHo; Tribeca; and Midtown East, which was the No 1 most popular search among those looking to rent. The Upper East Side was the most popular search among those looking to buy.

Though Manhattan neighbourhoods dominated both lists, Brooklyn put up a good fight, too. Williamsburg was among the most popular searches by renters, and buyers also looked into the family-friendly neighbourhoods of Park Slope and Brooklyn Heights.

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Many of the most expensive neighbourhoods were in downtown Manhattan.

People who wanted to live in Tribeca or SoHo may have been stunned by sticker shock in 2024. According to StreetEasy, Tribeca had the highest median asking rent in all five boroughs, at US$8,295 a month. Behind Tribeca was the adjacent, trendy neighbourhood of SoHo, with an average asking rent of US$6,100, a 14 per cent increase since that of 2023. The Flatiron district followed closely behind, with an average asking rent of US$5,900.

Prospective buyers weren’t immune to exorbitant price tags when searching in SoHo and Tribeca, which were the two most expensive neighbourhoods based on sales prices. In SoHo, the average asking price was US$4,200,000, and in Tribeca, US$3,995,000.

The next most expensive neighbourhood for buyers: Carroll Gardens, Brooklyn, known for its Italianate brownstones, with a median asking price of US$2,650,000. A number of other Brooklyn neighbourhoods fetched steep price tags in 2024, including Cobble Hill (US$2,499,500), Boerum Hill (US$2,085,000), Dumbo (US$1,999,500) and Park Slope (US$1,750,000). NYTIMES