Key Takeaways:  

• Hudson Yards remains most expensive NYC neighborhoods at $6M  
• SoHo continues to claim #2 priciest location as its median sale price rises 61% year-over-year 
• Brooklyn’s Carroll Gardens rises to #4 with its median sale price increasing by more than $1 million Y-o-Y 
• Brooklyn’s Fort Greene sees sharpest increase in the median sale price, climbing 86% Y-o-Y 
• Hunters Point retains status as most expensive neighborhood in Queens with $1.17 million median 
• Manhattan median sale price ticks down 6% Y-O-Y, while Queens sees 6% uptick 

The New York City real estate market showed stability in the first quarter of 2024 with both sales volume and median sale prices rising compared to the previous year. Specifically, the median sale price in NYC reached $700,000 by the end of March, indicating a modest increase of $5,000 (or 1%) compared to the same period in 2023. And, during the first three months of the year, the city saw a total of 6,482 home sales, marking an increase of 159 transactions compared to the first quarter of 2023 for a 3% rise year-over-year (Y-o-Y). 

Manhattan Experiences NYC’s Sole Decline in Home Prices, Falling 6% Y-o-Y

The largest increase in median sale price was logged in Queens, which saw a 6% Y-o-Y rise. Conversely, Manhattan was the only borough that witnessed a decrease in median prices, dropping by 6% in the same period and falling under the $1 million mark for the first time since Q2 2020. 

At the same time, despite sales increasing by 7% in Brooklyn, the borough registered a modest 2% increase in median sale prices. Similarly, Manhattan and Queens also saw upticks in their numbers of sales, rising by 1% and 3%, respectively. In contrast, transaction activity declined by 8% in the Bronx with 33 fewer deals inked in Q1 2024 compared to the same period last year. 

Of the 52 neighborhoods that comprised our top 50 list (due to a couple of ties), Manhattan contributed 21 neighborhoods, Brooklyn ranked 21 communities and Queens secured 11 locations. Although the Bronx made its first appearance in our top 50 during the first quarter of 2023, none of its neighborhoods secured a spot this year. Even so, the borough experienced a 3% increase in its median sale price year-over-year, rising from $306,000 in Q1 2023 to $315,000 in Q1 2024. 

Explore the interactive map below for at-a-glance price and sales insights for NYC’s neighborhoods in Q1 2024: 

Top 10 Most Expensive NYC Neighborhoods: Hudson Yards, SoHo & TriBeCa Continue to Reign   

Manhattan remained home to some of the priciest neighborhoods in New York City by grabbing six of the top 10 spots. And, although Brooklyn didn’t make the top three this year, the borough still claimed four spots among the top 10. Notably, prices trended up in seven of the city’s 10 priciest neighborhoods, while sales increased in just three.  

Hudson Yards remained the unchallenged price leader in NYC with a median of $6 million to show a 5% increase from $5.73 million in the first quarter of 2023. The surge in the median sale price can be credited to the larger average property size sold in Q1 2024 (3,190 square feet), as opposed to Q1 2023’s average of 2,730 square feet. 

Next, SoHo secured the #2 position with a median sale price of $3,538,000 by coming in 41% (or $2.5 million) below the figures logged in Hudson Yards. It’s worth mentioning here that, in the first quarter of 2023, SoHo ranked only fourth with a median sale price of $2.2 million — 61% below the Q1 2024 median. This was also the fifth-largest increase in median sale prices across the city’s richest neighborhoods.  

Coming in slightly below SoHo, TriBeCa claimed the #3 spot as the most expensive neighborhood in Q1 2024 after boasting a median sale price of $3.45 million. Despite experiencing a slight 1% decrease in median prices compared to the previous year and falling $41,000 below last year’s figures, the neighborhood witnessed a significant 44% increase in sales. Accordingly, transactions rose from 39 in Q1 2023 to 55 in Q1 2024. 

Meanwhile, at #4 in Brooklyn’s Carroll Gardens, median sale prices heated up, going from $1.71 million to $2.79 million for a 63% Y-o-Y increase. Here, the more than $1 million rise in the median sale price can be attributed to an increase in the average square footage of the properties sold. More precisely, the average property size in Q1 2023 was 1,882 square feet, compared to 2,679 square feet in the first quarter of this year. 

Moving along, Manhattan’s Flatiron District held its ground to retain its position from the previous year and claim the #5 spot. In this case, the neighborhood saw a 4% uptick in its median sale price to rise from $1.95 million in Q1 2023 to $2.02 million in Q1 2024, thereby making it the last NYC neighborhood to hit the $2 million mark.  

Then, an interesting addition to the city’s top 10 priciest neighborhoods was Manhattan’s Chelsea community, which rose from the #24 position last year to the #6 spot in Q1 2024. This rise was fueled by a notable 76% increase in prices, which elevated its median to $1,998,000.  

In Chelsea, the increase in median sale prices was largely influenced by changes in the types of properties sold: The neighborhood recorded 78 condo sales in the first quarter of this year, versus just 52 condo sales during the same period last year. Moreover, the average size of homes sold also saw an uptick year-over-year, increasing from 1,409 square feet in Q1 2023 to 1,580 square feet in Q1 2024. Chelsea also had the third-largest increase in pricing among the richest NYC neighborhoods.  

Next up, Brooklyn’s DUMBO secured the #7 position by posting a median sale price of $1.76 million, which was 2% below last year’s figure. The number of sales also decreased in this neighborhood, going from 36 in 2023 to 25 this year. Not far behind in the #8 spot stood Boerum Hill, another Brooklyn neighborhood, which rose from the #20 position last year. The neighborhood posted a median sale price of $1.71 million, which reflected a 39% increase from the previous year’s $1.22 million.  

At #9, Hudson Square was the last Manhattan neighborhood in the top 10 after falling from the #6 position in 2023. The drop was due to a 17% decrease in the median sale price and a 50% drop in the number of sales: In Q1 2024, the neighborhood’s median settled at $1,615,000 — $323,000 below last year’s figure.  

Finally, Brooklyn’s Cobble Hill claimed the #10 position — up from the #25 spot last year — after logging a median sale price of $1,565,000 for a 39% increase from the previous year’s $1,128,000. The upward trend in prices can be attributed to changes in the mix of properties sold. More specifically, condo sales have increased by 75% in Q1 2024 compared to Q1 2023. 

Brooklyn Records Sharpest Increase in Median Sale Price With Fort Greene’s 86% Surge  

Brooklyn’s median sale price rose to $763,000 to mark a 2% increase from last year’s median of $750,000. Likewise, the borough inked 1,576 home sales in the first quarter of 2024, which was 106 more than in the first quarter of 2023. Despite the modest uptick in home prices, only five of the 20 Brooklyn neighborhoods that were ranked recorded a drop in median sale prices, while eight saw slowdowns in transaction activity.  

In Brooklyn, Fort Greene witnessed a remarkable 86% increase in its median sale price compared to the previous year, rising from $628,000 in 2023 to $1,168,000 this year. The notable increase in prices could be linked to shifts in the types of properties sold. Last year, condos made up one third of the sales, while this year they comprised two thirds. Additionally, while condos averaged 909 square feet in Q1 2023, this year they averaged 1,037 square feet. As a result of this substantial increase in the median sale price, Fort Greene climbed to the #23 position on our list, up from last year’s #77 spot. 

Next, in Greenwood Heights, there was a significant 78% Y-o-Y increase in the median sale price — the second-largest among the top 50 neighborhoods in Brooklyn. As a result, this increase took the median price from $760,000 to $1.35 million. Accordingly, the area claimed the #15 spot, up from the #52 position last year. Meanwhile, Carroll Gardens experienced 63% growth in its median sale price — the third-highest increase in Brooklyn and fourth among the top 50 neighborhoods. This surge moved Carroll Gardens from the #9 spot last year to #4 this year. 

Overall, a total of 14 Brooklyn neighborhoods recorded median sale prices above the $1 million mark. Besides the four neighborhoods ranked among the top 10, Gowanus followed closely and claimed the #11 spot with a median sale price of $1.55 million. Additionally, Greenpoint experienced a notable price appreciation, climbing 41% Y-o-Y. Consequently, the median price in Greenpoint surged to $1.4 million from last year’s $999,000, thereby elevating its ranking from the #31 spot to #13. 

In addition to Greenpoint at #13 and Greenwood Heights at #15, downtown Brooklyn and Park Slope also ranked among the top 20 priciest neighborhoods by securing the #16 and #20 positions, respectively. Downtown Brooklyn recorded a slight 4% increase in its median sale price to come in at $1.3 million, while Park Slope saw its median lift by 5% to $1.25 million.  

Queens Records Slow & Steady Growth in Median Sale Prices  

Queens made a significant contribution to our top 50 ranking in the first quarter of 2024 with 11 neighborhoods included compared to the seven it ranked last year. The borough also recorded the highest increase in the median sale price across NYC by rising 6% Y-o-Y from $520,000 to $549,000. However, despite this borough-wide increase, individual neighborhood growth rates were more moderate — ranging from 2% in Rockwood Park to 19% in Floral Park — compared to the large increases seen in Brooklyn and Manhattan. 

Of course, Hunters Point retained its status as the #1 most expensive neighborhood in Queens with a median price of $1,165,000 at the end of March, showing a 6% increase from the previous year’s $1,098,000. Concurrently, there was a 12% increase in sales with 10 more transactions closed this year compared to the 84 recorded last year. Among the 50 priciest neighborhoods, Hunters Point secured the #24 position, up three positions from last year’s position at #27.  

Next, Ditmars-Steinway was Queens’ #2 most expensive neighborhood following a 5% Y-o-Y increase that elevated its median sale price from $1,050,000 in Q1 2023 to $1.1 million in Q1 2024. As a result, Ditmars-Steinway ranked #28 among the top 50 richest neighborhoods.  

The #3 priciest neighborhood in Queens was Queensboro Hill with a median sale price of $990,000, just below the $1 million mark. Here, the neighborhood experienced an 8% increase in the median price. 

Auburndale also experienced a notable 16% rise in its median sale price, rising from $783,000 in Q1 2023 to $908,000 in Q1 2024. This marked the third-most substantial increase, coming behind Floral Park’s 19% and Hollis Hills’ 17% uptick in median prices. 

For more information, explore New York City’s 50 most expensive neighborhoods in Q1 2024 in the interactive table below:  

Methodology

Median sale prices were calculated based on closed residential property sales recorded in ACRIS between January 1 and March 31, 2022, and January 1 and March 31, 2024. Residential asset types included single family homes, condos and co-ops. Package deals were excluded. Median sale prices were rounded to the nearest $1,000.  

Additionally, in previous years, data on several small neighborhoods was included in stats for larger areas. For example, Central Park South was included in the Theatre District-Times Square area; NoLita was included in Little Italy; NoHo was included in Greenwich Village; and Carnegie Hill, Lenox Hill and Yorkville were all included in the Upper East Side. Now, each neighborhood stands alone and appears according to the PropertyShark maps.