Key Takeaways:  

• Hudson Yards remains most expensive NYC neighborhood at $8.2 million, up 39% year-over-year 
• After overtaking TriBeCa in Q2, SoHo continues to claim #2 priciest location as its median sale price rises 77% year-over-year 
• TriBeCa falls to #5 with its median sale price decreasing 28% compared to year-ago figures 
• Brooklyn reclaims #3 spot on the podium with DUMBO’s $2.8 million median 
• Queens earns top increase in median sale prices as Little Neck’s number rises 121% year-over-year 
• NYC median sale price drops 1% year-over-year, yet remains unchanged quarter-over-quarter at $750,000  
• Q3 sales log 24% year-over-year drop with a total of 7,464 transactions recorded across four boroughs  

Residential sales activity in New York City continued a steady slowdown in the third quarter of 2023 with sales and medians falling compared to year-ago figures. Specifically, at the end of September, NYC’s median sale price stood at $750,000 — down 1% compared to the third quarter of 2022. However, the slowdown in transactions is more evident when looking at the decline in the number of sales: The city saw 24% fewer residential deals compared to the same period last year with around 2,400 fewer sales closed in the third quarter of the year. 

Nevertheless, quarter-over-quarter sales numbers were up by 418 transactions, thereby reflecting the seasonality also evident in 2022 and 2021, when Q3 sales surpassed the number of deals closed in Q2. At the same time, the median sale price remained flat quarter-over-quarter. Even so, NYC closed 20,833 residential deals year-to-date through September, which was down 28% compared to the 28,889 sales closed during the same timeframe last year.  

Sales Activity Trends Down & Price Gains Decelerate Across NYC’s Boroughs 

Notably, the 56 neighborhoods that made our top 50 (the result of six ties) comprised 24 Manhattan neighborhoods, 23 Brooklyn communities and nine locations from Queens. (Despite the Bronx’s historic first appearance in our top 50 in the first quarter of the year, none of its neighborhoods made our list this quarter). Furthermore, the median sale price in the Bronx was $362,000, which was down 6% from the $387,000 recorded last year and the sharpest decline in year-over-year (Y-o-Y) median sale price across the four boroughs. 

That said, all four boroughs saw their median sale prices fall slightly compared to year-ago figures: Queens followed the Bronx with a 2% fall, while Brooklyn and Manhattan medians decreased by just 1% each. Likewise, overall sales activity was also down in each borough with transactions falling 26% in Brooklyn; 24% in Manhattan and Queens; and 22% in the Bronx compared to Q3 2022. 

Explore the interactive map below for at-a-glance price and sales insights for NYC’s neighborhoods in Q3 2023:

Top 10 Most Expensive NYC Neighborhoods: Hudson Yards’ $8.2 Million Median Nearly Doubles Next-Highest Price in SoHo  

Unsurprisingly, Manhattan remained home to some of the priciest neighborhoods in New York City, grabbing seven out of the top 10 spots. Not to be outdone, Brooklyn made the top three again and claimed two other places in the top 10. Within the top 10, the median sale price increased in seven of the 10 neighborhoods, while sales activity trended down in seven areas.  

Specifically, Hudson Yards remained the #1 most expensive NYC neighborhood with an $8,150,000 median sale price after surging 39% from the $5,852,000 median it recorded in the third quarter of 2022. What’s more, this was the fifth-highest year-over-year increase in median sale price recorded across the top 50 neighborhoods. Here, the substantial gain in the median sale price could be attributed to the rise in the average square footage of the properties sold in Q3 2023 (2,937 square feet) compared to Q3 2022 (2,609 square feet). At the same time, Hudson Yards saw 11 residential deals in the quarter for an 8% Y-o-Y decline. 

Next, and closing the third quarter with a $4.2 million median, SoHo took the second spot on the podium for the second time in a row after overtaking TriBeCa in Q2 2023. In the third quarter of 2022, SoHo ranked fourth with a median sale price of $2,378,000 — 77% below the Q3 2023 median. But, the number of sales decreased significantly in the same timeframe, dropping from 48 to 25 this year for a 48% decline.  

Brooklyn rounded out the top three: More precisely, DUMBO came in as the third-priciest neighborhood in NYC with its median sale price climbing 60% Y-o-Y from $1,775,000 in Q3 2022 to $2,833,000 in Q3 2023. Last year, DUMBO’s median sale price ranked it as the eighth-priciest neighborhood. Then, the neighborhood came in ninth in the previous quarter with a median sale price of just $1,645,000 — 72% below Q3 numbers. 

Next up was Hudson Square, which maintained its position quarter-over-quarter despite falling from third place last year with a $2,695,000 median sale price — 2% below year-ago figures. Here again, sales volume decreased 21% Y-o-Y. Meanwhile, at #5, TriBeCa followed with its median sale price falling 28% Y-o-Y (going from $3,515,000 to $2,523,000), all while the number of sales increased 22% compared to the same period last year. In this case, the decline in the median sale price could be attributed to the decrease in condo sales in the neighborhood: In Q3 last year, a total of 79 condos were sold, whereas only 61 changed hands in Q3 2023.  

At #6 and #7, Flatiron District and Red Hook were the only other NYC neighborhoods with medians north of $2 million. In particular, Flatiron District closed the third quarter at $2,167,000 following an 11% Y-o-Y increase. Not far behind, Brooklyn’s Red Hook saw a median sale price of $2,150,000, which was 17% below the $2.6 million median sale price it recorded in Q3 2022.  

At #8 stood Little Italy with a 19% increase that brought its median sale price from $1,484,000 to $1,763,000. That price gain also secured the neighborhood’s spot in the top 10, rising from its #11 position last year. At the same time, sales activity dropped 38% in the neighborhood with only eight sales recorded in Q3 2023.  

Lastly, the Theatre District-Times Square area and Greenwood Heights rounded out the top 10: Theatre District-Times Square stood at #9 with a median sale price of $1,713,000, which was a slight 2% increase compared to year-ago figures (also the smallest increase recorded in median sale price across the top 10 priciest neighborhoods). And, after resting at #23 in Q3 2022, Greenwood Heights jumped to the #10 spot following a 46% price boost that lifted its median to $1,670,000 to outpace other Brooklyn neighborhoods — such as Cobble Hill and Gowanus — which ranked #9 and #7, respectively, last year.  

Brooklyn Reclaims 3^rd Position With DUMBO’s $2.8 Million Median 

While Manhattan’s median sale price stood at $1,125,000, Brooklyn’s median reached $805,000 at the end of Q3 after contracting by 1%. Here, more than half of the 23 Brooklyn neighborhoods recorded a drop in median sale prices, whereas only nine of the 24 Manhattan locations saw declining medians when compared to year-ago figures.   

Even so, Brooklyn’s DUMBO entered the top three for the first time due to a 60% increase in its median sale price — the third-largest increase in year-over-year median sale price across the top 50 neighborhoods. This also marked the second time that a Brooklyn neighborhood placed among the top three positions following the historic first time in Q1 2023 (Vinegar Hill’s $2.6 million median). This time, DUMBO made the top with a $2.8 million median — well above the next-priciest Brooklyn neighborhood, Red Hook’s nearly $2.2 million. 

It’s worth noting here that a total of 15 out of the 33 recorded sales in DUMBO took place at Olympia — a 76-unit condo building with views of the lower Manhattan skyline — which heavily influenced the median sale price of the neighborhood. In fact, the condos at Olympia alone sold for a median price of $4.95 million.  

Although Red Hook didn’t make our rankings last year due to insufficient sales activity (only three sales were recorded in Q3 2022), the neighborhood still returned strong this year with nine residential sales above the $2 million median price threshold. Its median sale price also increased 30% (or $505,000) on a quarter-over-quarter basis.   

Meanwhile, Brooklyn’s third neighborhood in the top 10 also shook up the rankings compared to last year: Despite Greenwood Heights ranking #23 last year, the neighborhood was up to #10 this year. Across the top 50 neighborhoods, Greenwood Heights actually experienced the fourth-highest increase in median sale price year-over-year in Q3. The neighborhood also recorded a 6% increase in sales activity. For instance, buyers here closed 17 deals in Q3, including at least five transactions with a price tag above $2 million.  

In addition to these three neighborhoods, nine more posted medians of $1 million and above. That includes Cobble Hill and Gowanus, which came in at #11 and #12 with median sales prices of $1,625,000 and $1,480,000, respectively. Yet, both neighborhoods recorded drops in medians and sales, as well. In a tie with Carroll Gardens, Cobble Hill recorded the second-largest decline in year-over-year sales activity after falling 58%. And, in Gowanus, sales dropped 35% compared to year-ago figures. Moreover, in terms of medians, Cobble Hill recorded a 7% decrease, while Gowanus recorded a more substantial 17% drop.   

That said, the most significant increase in sales activity was recorded in Manhattan Beach, which was up 25% Y-o-Y. Despite the increase in the number of transactions, the median sale price here came in just below $1 million after dropping 5% from $1,046,000 in Q3 2022 to $995,000 in Q3 2023. 

Queens Records Sharpest Increase in Median Sale Price With Little Neck’s 121% Surge 

In Queens, Little Neck recorded an impressive increase in its median sale price, rising 121% Y-o-Y in Q3. In this case, the neighborhood’s median sale price improved from just $370,000 in Q3 2022 to $818,000 in Q3 2023. The sharp increase also secured a spot for Little Neck among NYC’s top 50 priciest neighborhoods — rising from #128 last year to #46 in 2023.   

This was also despite a notable drop in sales activity: The number of sales fell from 42 last year to 20 this year. Accordingly, the increase in median sale price may be due to a change in the mix of the properties sold. Namely, last year, 32 of the 42 properties sold were coops, whereas coops made up only nine sales out of 20 this year. 

Among the 50 most expensive neighborhoods, Queens also recorded the most significant decline in sales activity with the number of transactions falling 61% in Queensboro Hill. The number of deals in the neighborhood also dropped from 18 in Q3 2022 to just seven in Q3 2023.  

Finally, the most expensive neighborhood in Queens was Hunters Point, which is often a price leader in the borough. The location recorded a median of $1,205,000, rising 14% versus year-ago figures. However, sales activity fell 21% compared to this time last year (from 105 transactions to 83). Hunters Point was also the only Queens location with a median above $1 million. Auburndale was the next-priciest with a median sale price of $958,000 — up 9% Y-o-Y. 

For more information, explore New York City’s 50 most expensive neighborhoods in Q3 2023 in the interactive table below:

Methodology

Median sale prices were calculated based on closed residential property sales recorded in ACRIS between July 1 and September 30, 2022, and July 1 and September 30, 2023. Residential asset types included were single family homes, condos and co-ops. Package deals were excluded.

Median sale prices were calculated only for neighborhoods that recorded at least five sales between April 1 and June 30, 2023. Year-over-year changes in median sale prices or the number of sales were calculated only for neighborhoods that also recorded a minimum of five sales between April 1 and June 30, 2023. Additionally, median sale prices were rounded to the nearest $1,000.

The boundaries of some Manhattan neighborhoods may vary as data on several small neighborhoods is included in stats for larger areas. For example, Central Park South is included in the Theatre District-Times Square area; NoLita is included in Little Italy; NoHo is included in Greenwich Village; and Carnegie Hill, Lenox Hill and Yorkville are all included in the Upper East Side.