Most Expensive NYC Neighborhoods

Property Shark's Author Eliza Theiss reported the top 50 Most Expensive NYC Neighborhoods

Property Shark/Real-Estate-ReportReports the priciest-nyc-neighborhoods

Key Takeaways:  

• Hudson Yards, TriBeCa & SoHo remain top 3 priciest neighborhoods in the city at $3M+
• 38 neighborhoods surpass $1M median even as NYC median ticks down to $755,000
• Sales activity continues robust evolution with 11% Y-o-Y increase
• Manhattan claims 7 of top 10 most expensive neighborhoods
• Brooklyn’s DUMBO records the sharpest increase in sales with 229% Y-o-Y surge
• Queens median remains flat Y-o-Y at $550,000 as sales jump 20%

Wary of current financial and economic dynamics, increasing numbers of buyers are pausing home purchases. As a result, some cities are beginning to see early signs of cooling price trends after nearly two years of soaring prices. One of the urban centers showing signs of some deceleration is New York City (NYC), which closed 2021 with its highest median sale price and the largest number of transactions in at least 10 years.

However, at the end of Q2, the NYC median sale price contracted for the first time in two years, ticking down 1% year-over-year (Y-o-Y) from $764,000 to $755,000. Conversely, sales were on the rise, totaling 9,242 unique transactions, up 11% over the same period last year.

Median Sale Prices Rise in 77% of NYC’s Most Expensive Neighborhoods

Of the 56 neighborhoods that posted the 50 highest median sale prices (the result of five ties), 43 neighborhoods recorded price gains. This included 11 neighborhoods where year-over-year increases reached 30% or more. What’s more, not only did 77% of the city’s most exclusive neighborhoods experience price increases, but two neighborhoods — Brooklyn’s Manhattan Beach and Jamaica Estates in Queens — actually recorded price surges of more than 100%.

Additionally, the number of neighborhoods with medians of $1 million or more also rose from 31 in Q2 2021 to 38 in Q2 2022— an increase of 23% Y-o-Y. Of these, 19 were located in Manhattan, 16 in Brooklyn and three in Queens.

And, while NYC’s median sale price ticked down, the city’s priciest neighborhoods overwhelmingly experienced increases, as evidenced by the #50 most expensive neighborhood’s median: Manhattan’s Sutton Place claimed the last spot in our ranking with an $883,000 median. For comparison, in Q2 2021, it was Turtle Bay that claimed the spot with an $840,000 median.

At the other end of the spectrum, 12 of the priciest NYC neighborhoods logged declines in their median sale prices, and half of these were in double-digit territory. But the sharpest price drop by far was the West Village’s 35%. No other neighborhood surpassed 20%.