Q1 2020 New York City Neighborhood Real Estate Report

 Key Takeaways:

• First quarter sales activity went up by 5% compared to last year.
• Hudson Yards remained most expensive neighborhood with a $4.6 million median sale price.
• Malba was the 7^th-priciest neighborhood, with a $2 million median sale price.
• Manhattan’s most affordable neighborhood was Inwood with a $409,575 median home sale price.

The first quarter of 2020 was full of unexpected developments all around the globe. COVID-19 is reshaping industries worldwide, and real estate is no exception — particularly in New York City. To that end, we crunched the numbers to analyze median sale prices and sales activity in New York City’s neighborhoods in Q1 2020. Our study included 175 neighborhoods that recorded a minimum of five transactions. There were 13 ties in median sale prices. 

Manhattan Median Sales Prices Decline 6%, Queens Surges 13% 

Overall, New York City’s Q1 median sale prices were up 4% compared to Q1 2019, reaching $650,000. Meanwhile, sales activity at the end of the quarter was 5% up Y-o-Y, with 6,920 transactions as opposed to 6,581 in Q1 2019.

At a borough level, compared to Q1 2019, median sale prices rose in Brooklyn and Queens by 3% and a robust 13%, respectively. Specifically, median sale prices in Brooklyn reached $671,250, while properties in Queens landed at a $510,000 median. Conversely, sale prices in Manhattan dropped by 6% and by 2% in the Bronx. However, despite the drop in sale prices, Manhattan remains New York’s priciest borough, with a $1 million median sale price. The Bronx closed the first quarter of 2020 with a $295,000 median sale price.

Hudson Yards’ $4.6 Million Median Sale Price Outpaces TriBeCa by More Than a Million Dollars

With its iconic new developments and $4.6 million median sale price, Hudson Yards remains the most expensive neighborhood in New York City since dethroning TriBeCa in Q3 2019. Moreover, adding to Hudson Yards’ exclusivity is the fact that its median surpasses TriBeCa’s $3.1 million sale price by almost $1.5 million. However, in terms of sales activity, Hudson Yards’ number of sales decreased sharply — by 75% —in Q1 2020 versus the same time period last year, from 31 transactions in 2019 to just eight this year. 

On the other hand, TriBeCa’s median sale price has been steadily decreasing for the past two years, down 26% in Q1 2020 from Q1 2019. But Q1 was actually an uptick of 19% over Q4 2019 — from $2.6 million to $3.1 million. The jump was largely due to the fact that, in Q1 2020, only 6% of total sales were below $1.5 million, while about 25% of sales were below that benchmark in Q4 2019. 

Little Italy Grows 92% Y-o-Y, Outpacing Central Midtown & SoHo  

This quarter saw spectacular growth in the number of transactions and prices in Little Italy — specifically, a 200% spike in sales activity and 92% surge in price growth. What’s more, this significant increase in price growth landed the neighborhood in third place.

As a result, SoHo — a second runner-up in Q1 2019’s most expensive NYC neighborhood list — now falls to fourth place, tying with Central Midtown’s $2.4 million median. And, as SoHo recorded a 16% Y-o-Y decrease — dropping by more than half a million — Central Midtown experienced a 62% Y-o-Y increase. The rise in the median price of the latter can be partially attributed to 34 sales with a $3.4 million median sale price at Billionaires Row’s newest addition, the MoMA Expansion Tower at 53 W. 53 St. 

DUMBO Regains Top Spot in Brooklyn, Cobble Hill’s Price Surges 93% in One Year 

Despite sliding into second place behind Columbia Street Waterfront in Q1 2019 after being the most expensive Brooklyn neighborhood since 2015, DUMBO regained the lead in Q1 2020. It registered a $2.2 million median sale price — more than $400,000 above Columbia Street Waterfront’s $1.8 million median. The brief decline from Q1 2019 can be partially attributed to two transactions below the $1 million mark.

Cobble Hill — the second-most expensive neighborhood in Brooklyn — had the largest price increase in the borough at 93% Y-o-Y, recording a $1.8 million median sale price. Specifically, four homes sold above the $6 million mark in the first three months of the year.  

Queens’ Malba Makes Top 10 for First Time Since 2015  

Malba, the “Hamptons of Queens,” made the top 10 New York City priciest list for the first time since 2015, landing in 7th place. This quarter, homes here sold for a median sale price of $2 million. A total of five homes sold — three had selling prices greater than $2 million and two sold below $1 million.  

Manhattan’s Most Affordable Neighborhood, Inwood, Logs a $409,575 Median Sale Price

In terms of affordability by borough, Inwood is Manhattan’s most affordable neighborhood with a $409,575 median sale price. Next, with a $495,000 median sale price, Washington Heights is the second-most affordable neighborhood in Manhattan. Here, 66 sales were recorded in the first quarter of 2020, six of which were between $900,000 and $2 million at the five-building Castle Village complex at 120 Cabrini Blvd.

Tudor City, the third-most affordable neighborhood, closed the quarter with a $525,000 median sale price. And, although its Y-o-Y price increase was only 2%, its number of transactions decreased by 37%.

Brooklyn Neighborhood Brownsville Drops 31%, Bay Ridge Transactions Surpass $1.8 Million

Brownsville and Flatlands had the lowest median sale prices in Brooklyn in Q1 2020 at $350,000. In particular, Brownsville experienced a median price drop of 31% Y-o-Y — from $505,000 to $350,000. This was because only 14% of sales in Q1 2020 were above $500,000, while in Q1 2019, 67% of sales hit that mark.

Conversely, Flatlands saw an uptick of 23%, rising by $65,000 Y-o-Y. Bay Ridge was the next-most affordable neighborhood in Brooklyn with a $371,500 median. Prices here decreased 8% Y-o-Y, despite two transactions in Q1 2020 coming in at $1.8 and $2 million — 8223 Colonial Road and 49 74th St.

Median Sale Price in Jamaica Hills in Queens Falls 57%

Queens’ most affordable neighborhood, Jamaica Hills, plunged 57% Y-o-Y — a nearly $200,000 drop from its $340,000 median in Q1 2019 to $147,000 in the same period this year. Meanwhile, Briarwood’s $265,000 median sale price made it the second-most inexpensive neighborhood in the borough. It experienced a 13% Y-o-Y increase of exactly $30,000, largely due to the sale of six homes in the $600,000 to $900,000 range. And, although the price increase was slight, the number of transactions rose 38% Y-o-Y. Finally, Lindenwood was Queens’ third-most inexpensive neighborhood. Its $280,000 median was a 17% Y-o-Y increase compared to Q1 2019.

Most Affordable Bronx Neighborhood, Allerton, Has a $130,000 Median Sale Price

Allerton was the most affordable neighborhood in the Bronx with a $130,000 median, a decline of 28% Y-o-Y. That’s because, while 82% of transactions in Q1 2019 exceeded $200,000, only 33% did so in Q1 2020. Bedford Park was the second-most inexpensive neighborhood in the borough, with a $137,500 median. The third-most affordable neighborhood in the Bronx was Bronxdale, whose $151,000 median fell more than $50,000 Y-o-Y.

Please see table below and type the name of the neighborhood of interest in the search box.

Borough	Neighborhood	Median Sale Price Q1 2020	Y-o-Y Change	Transactions Q1 2020	Y-o-Y Change
Manhattan	Hudson Yards	$4,583,300	76%	8	-75%
Manhattan	TriBeCa	$3,123,015	-26%	80	25%
Manhattan	Little Italy	$2,647,450	92%	18	200%
Manhattan	Central Midtown	$2,425,000	62%	89	41%
Manhattan	SoHo	$2,425,000	-16%	18	-28%
Brooklyn	DUMBO	$2,217,500	50%	12	-14%
Manhattan	Hudson Square	$2,135,000	-12%	25	108%
Queens	Malba	$2,050,000	-	5	-
Brooklyn	Cobble Hill	$1,835,000	93%	18	50%
Brooklyn	Columbia Street Waterfront District	$1,805,500	21%	8	-20%
Manhattan	Flatiron District	$1,570,000	-27%	77	-13%
Brooklyn	Carroll Gardens	$1,451,000	2%	24	33%
Manhattan	Theatre District - Times Square	$1,355,000	-22%	38	-30%
Manhattan	Upper West Side	$1,285,000	17%	463	9%
Manhattan	West Village	$1,262,500	23%	56	-5%
Brooklyn	Boerum Hill	$1,260,000	15%	9	-53%
Manhattan	Lower East Side	$1,241,729	3%	50	-37%
Brooklyn	Park Slope	$1,200,000	14%	107	7%
Manhattan	Roosevelt Island	$1,185,000	74%	7	40%
Brooklyn	Greenpoint	$1,172,500	-6%	19	-30%
Manhattan	Greenwich Village	$1,126,000	-14%	120	19%
Brooklyn	Red Hook	$1,120,075	-	13	-
Brooklyn	Manhattan Beach	$1,097,500	-15%	14	75%
Brooklyn	Fiske Terrace	$1,088,000	-	6	-
Brooklyn	Brooklyn Heights	$1,075,000	63%	45	22%
Brooklyn	Prospect Heights	$1,075,000	-2%	63	21%
Manhattan	Upper East Side	$1,067,500	-3%	454	-5%
Manhattan	Financial District	$1,024,938	-3%	64	16%
Brooklyn	Fort Greene	$1,020,539	5%	14	-50%
Manhattan	Battery Park City	$1,005,000	-27%	24	0%
Manhattan	Chelsea	$979,500	-11%	96	3%
Brooklyn	Williamsburg	$970,000	7%	126	19%
Brooklyn	Mill Basin	$965,000	0%	8	33%
Queens	Hunters Point	$907,500	-7%	84	71%
Queens	Ridgewood	$905,000	-	5	-
Brooklyn	Dyker Heights	$896,000	6%	29	12%
Manhattan	Turtle Bay	$890,000	8%	45	-25%
Manhattan	Sutton Place	$887,500	-24%	72	80%
Manhattan	Clinton - Hell's Kitchen	$882,984	-1%	68	-17%
Queens	Auburndale	$870,000	9%	31	11%
Queens	East Flushing	$865,000	17%	17	21%
Manhattan	East Village	$865,000	-20%	56	19%
Queens	Ditmars - Steinway	$847,500	-14%	6	0%
Queens	Fresh Meadows	$838,694	5%	40	21%
Queens	Queensboro Hill	$830,000	-6%	9	29%
Brooklyn	Downtown Brooklyn	$825,000	-1%	61	69%
Brooklyn	Prospect - Lefferts Gardens	$817,500	25%	12	-14%
Brooklyn	Greenwood Heights	$790,000	-15%	11	-45%
Manhattan	Gramercy Park	$784,500	-37%	65	-29%
Queens	Rockwood Park	$772,500	12%	10	-33%
Queens	Hollis Hills	$770,000	175%	13	44%
Queens	Belle Harbor	$762,500	-	12	-
Brooklyn	Gowanus	$1,050,000	-6%	11	38%
Manhattan	Harlem	$753,750	7%	134	35%
Brooklyn	Crown Heights	$745,000	16%	22	-33%
Brooklyn	Clinton Hill	$743,323	4%	35	21%
Queens	Old Howard Beach	$722,500	28%	6	-33%
Queens	Maspeth	$720,000	7%	18	-14%
Brooklyn	Bath Beach	$716,738	59%	22	5%
Brooklyn	Bensonhurst	$716,400	6%	20	-31%
Brooklyn	Borough Park	$714,002	-21%	52	41%
Brooklyn	Bedford-Stuyvesant	$707,188	4%	76	-30%
Brooklyn	Wingate	$699,205	14%	8	-11%
Queens	South Astoria	$696,205	10%	24	33%
Queens	Whitestone	$685,000	39%	79	4%
Queens	Glendale	$680,000	18%	16	-16%
Manhattan	Kips Bay	$675,140	-4%	37	3%
Queens	Bayside	$670,000	10%	109	4%
Queens	Old Astoria	$668,079	4%	23	-23%
Manhattan	Murray Hill	$662,500	-17%	76	21%
Brooklyn	Marine Park	$653,000	1%	23	15%
Brooklyn	Madison	$650,000	-11%	21	17%
Queens	Middle Village	$650,000	8%	53	165%
Queens	East Elmhurst	$641,500	-3%	34	0%
Queens	College Point	$630,000	-24%	25	213%
Queens	Hollis	$625,000	7%	11	0%
Queens	Floral Park	$620,000	-5%	23	53%
Brooklyn	Old Mill Basin	$616,250	19%	16	-11%
Queens	Richmond Hill	$612,000	21%	11	-21%
Bronx	Woodlawn	$610,000	213%	7	40%
Brooklyn	Bushwick	$605,859	3%	39	44%
Brooklyn	Windsor Terrace	$600,000	-3%	13	-32%
Manhattan	East Harlem	$597,500	-8%	26	-7%
Bronx	Spencer Estates - Country Club	$597,500	5%	12	-20%
Queens	Woodhaven	$587,500	14%	24	4%
Bronx	Pelham Gardens	$571,250	20%	12	50%
Queens	Pomonok	$565,000	3%	15	67%
Brooklyn	Kensington	$563,753	-21%	24	-25%
Brooklyn	Ditmas Park	$559,000	-13%	23	92%
Queens	Downtown Flushing	$557,500	43%	152	111%
Queens	Queens Village	$551,000	1%	74	45%
Queens	Ozone Park	$547,500	17%	36	38%
Brooklyn	Sunset Park	$546,500	0%	18	20%
Queens	Laurelton	$540,000	12%	39	15%
Queens	Murray Hill - Queens	$540,000	68%	59	-25%
Queens	Rosedale	$539,500	16%	16	-38%
Brooklyn	Midwood	$534,581	0%	81	-5%
Brooklyn	Prospect Park South	$528,000	-9%	13	117%
Brooklyn	Georgetown	$527,500	11%	6	-45%
Bronx	Edenwald	$526,000	24%	9	-18%
Queens	Cambria Heights	$525,000	15%	29	-19%
Brooklyn	East Flatbush	$525,000	5%	57	54%
Manhattan	Tudor City	$525,000	2%	17	-37%
Queens	Douglaston	$515,000	-22%	38	15%
Bronx	Mott Haven	$500,916	-1%	7	40%
Queens	South Ozone Park	$500,000	-3%	62	17%
Brooklyn	Sheepshead Bay	$497,430	40%	70	-3%
Brooklyn	East New York	$496,500	27%	36	-8%
Brooklyn	Flatbush	$495,000	-4%	21	11%
Manhattan	Washington Heights	$495,000	12%	66	12%
Brooklyn	Gerritsen Beach	$490,650	9%	20	-26%
Queens	Jamaica Estates	$488,900	-45%	22	-21%
Queens	Springfield Gardens	$488,500	9%	34	-8%
Bronx	Morris Park	$480,000	-11%	8	-20%
Bronx	Unionport	$476,580	-3%	5	-50%
Queens	LIC	$475,000	36%	15	-25%
Queens	Saint Albans	$470,000	3%	61	7%
Queens	Jamaica	$462,000	9%	93	-1%
Bronx	Pelham Bay	$460,000	67%	10	-29%
Queens	Woodside	$460,000	12%	25	-34%
Bronx	Wakefield	$442,500	8%	24	41%
Brooklyn	Brighton Beach	$435,000	8%	33	-3%
Queens	Sunnyside Gardens	$426,560	-47%	7	17%
Bronx	City Island	$426,250	14%	10	67%
Brooklyn	Coney Island	$422,500	11%	36	-3%
Queens	Astoria Heights / Upper Ditmars	$420,000	-13%	9	29%
Brooklyn	Homecrest	$420,000	-24%	17	-6%
Queens	Jackson Heights	$420,000	15%	80	-4%
Queens	Sunnyside	$416,500	19%	20	0%
Queens	Breezy Point	$415,000	2%	13	-19%
Bronx	Throggs Neck	$415,000	-6%	35	-20%
Queens	Rego Park	$412,500	18%	78	-20%
Queens	Rochdale	$412,500	1%	10	-23%
Queens	Brookville	$410,000	-19%	11	22%
Manhattan	Inwood	$409,575	1%	17	21%
Bronx	Laconia	$409,500	-8%	10	0%
Brooklyn	Gravesend	$391,000	-18%	40	-5%
Queens	Seaside	$390,000	-	7	-
Queens	Elmhurst	$386,000	-9%	69	30%
Queens	Forest Hills	$385,000	-11%	175	-4%
Bronx	Clason Point	$380,000	21%	19	58%
Queens	Rockaway Park	$375,000	79%	6	-45%
Queens	Corona	$373,000	13%	25	-14%
Brooklyn	Canarsie	$372,000	-17%	36	0%
Brooklyn	Bay Ridge	$371,500	-8%	78	11%
Queens	Far Rockaway	$357,500	-2%	20	18%
Queens	Broad Channel	$350,000	-	5	-
Brooklyn	Brownsville	$350,000	-31%	7	17%
Brooklyn	Flatlands	$350,000	23%	33	22%
Bronx	Riverdale	$347,500	4%	29	7%
Bronx	Concourse	$345,000	25%	5	0%
Queens	Bellerose	$340,000	20%	49	53%
Queens	Glen Oaks	$340,000	6%	39	-3%
Queens	Kew Gardens Hills	$330,000	0%	58	-29%
Queens	Kew Gardens	$328,000	7%	45	5%
Queens	Oakland Gardens	$314,240	3%	55	6%
Bronx	Woodstock	$307,500	12%	8	-20%
Queens	Arverne	$306,775	-9%	6	0%
Queens	Little Neck	$300,500	-14%	20	-5%
Bronx	Spuyten Duyvil	$295,000	7%	29	16%
Bronx	Soundview	$285,081	-	16	-
Bronx	Kingsbridge Heights - Jerome Park	$282,278	9%	12	33%
Queens	Lindenwood	$280,000	17%	33	-6%
Queens	Briarwood	$265,000	13%	51	38%
Bronx	Williamsbridge	$257,365	-29%	14	-26%
Bronx	North Riverdale	$242,500	1%	32	45%
Bronx	Fordham	$242,000	34%	13	-38%
Bronx	Fieldston	$239,762	1%	18	38%
Bronx	Parkchester	$180,000	7%	56	12%
Bronx	Concourse Village	$178,000	-37%	5	-71%
Bronx	Park Versailles - Bronx River	$175,000	-	8	-
Bronx	Bronxdale	$151,000	-26%	10	25%
Queens	Jamaica Hills	$147,000	-57%	14	-7%
Bronx	Bedford Park	$137,500	-27%	10	43%
Bronx	Allerton	$130,000	-28%	11	0%

Methodology

All prices expressed in the study are median home sale prices and were calculated based on residential property sales that closed between January 1 and March 31, 2020. The properties included in the statistics were single-family homes, condominiums, and co-ops. Package deals were not included. All neighborhoods with five or more transactions were included.