With rents across the city soaring to record highs (particularly increasing around subway stations) and Manhattan’s rental market now declared one of the most fiercely competitive in the country, it’s no wonder so many New Yorkers are just barely keeping their heads above the water. And on the heels of this news the top 50 most expensive NYC neighborhoods have officially been revealed, and the results feel as brutal as ever.
A new study recently unveiled by PropertyShark reveals that citywide home prices have soared to a record median of $799,000, up 4 % year‑over‑year, with Manhattan alone averaging $1.2 million per sale–a two-year high.
And the real estate data provider’s top 50 most expensive NYC neighborhoods ranking reveals just where prices are surging the most. Due to four pricing ties, a total of 54 neighborhoods were included in the ranking. Manhattan and Brooklyn logged the same number of neighborhoods among the city’s priciest, with 23 each, though Manhattan continued to dominate the top 10 with seven neighborhoods in the lead.
Queens saw only eight of its neighborhoods land in the top of the list, and only two of those neighborhoods surpassed $1 million in median sale price.
Notably, a whopping total of 39 NYC neighborhoods exceeded $1 million in median sale price with the top five surpassing $2 million, and leading the pack for the sixth year in a row is Hudson Yards with a median sale price of $5.95 million despite a significant 21% decrease year‑over‑year. Surprisingly, the number of sales in the neighborhood also grew by 40% in the same time period–needless to say, none of them were purchased by us considering Hudson Yards is NYC’s most expensive neighborhood to buy a home.
Following Hudson Yards was TriBeCa, which hit its highest median sale price recorded, $4.15 million, since Q2 2019, fueled by a 43% year‑over‑year growth in price–the most notable among the top 10 priciest neighborhoods. TriBeCa also saw a 52% rise in sales in Q2–almost 80% of which were for condos, as compared to only 68% the year prior–for the highest growth among the top 10.
Ranking third and falling one position from a year ago, SoHo claimed the #3 position with a median sale price totaling $3.69 million, representing a 19% year-over-year increase. However, five fewer sales were recorded in the neighborhood as compared to a year prior, standing at just 32.
Rounding out the top five are Little Italy, which fell to #4 with a median sale price of $2.56 million, and Hudson Square with a median sale price of $2.43 million after a negligible decrease year-over-year.
Top 10 most expensive NYC neighborhoods
1. Hudson Yards
2. TriBeCa
3. SoHo
4. Little Italy
5. Hudson Square
6. Columbia Street Waterfront District
7. Boerum Hill
9. DUMBO
10. Theatre District – Times Square
See the full ranking.
