Last leading NYC’s most expensive neighborhoods in 2016, SoHo claimed the top spot with a $4.25M median sale price, while Hudson Yards had only 4 sales.
City-level trends may have been muted, but significant shifts occurred among its exclusive neighborhood.
Manhattan remained home to some of the priciest neighborhoods in New York City, with Hudson Yards, SoHo and TriBeCa on the top.
The median sale price slipped to $728,000 in 2023, a 3% fall compared to 2022, marking the first year-over-year decline in over a decade.
While more than half of the zip codes record drops in median sale prices, Atherton and Sagaponack reach $8 million for the first time.
DUMBO came in as the third-priciest neighborhood in NYC with its median sale price climbing 60% year-over-year.
Since 2012, buyer interest has cooled somewhat in NYC’s flood zones, with medians here rising only 33% compared to 53% in low-risk zones.
Sales rose in 11 of the city’s 50 most expensive neighborhoods in Q2, including in TriBeCa, Boerum Hill and Red Hook.
As Q2 comes in just 12 cases below Q1, it remains to be seen if the change is part of a wider trend of stabilization or just a seasonal glitch.
193 NYC neighborhoods logged clear drops in sales, and only 22 experienced increases in transactional activity as market slowdown continues.
The NYC real estate market continued to cool in the first three months of the year with both sales and medians trending decidedly down.
2023 began with both the number of sales and the volume of sales in NYC’s multifamily sector more in line with the first quarter of 2020.
Hudson Yards & TriBeCa remain priciest NYC neighborhoods for 4th consecutive year, while sales fell in 34 of the city’s top neighborhoods.
As sales ticked down 4% Y-o-Y across NYC, 27 of the city’s 50 priciest neighborhoods also logged slowdowns in transactional activity in Q3.
11 NYC buildings have closed more than $1 billion in sales, with the #2 and #3 best-sellers going over $2 billion and #1 hitting $3 billion so far.
38 neighborhoods closed Q2 with medians over $1 million, with SoHo and TriBeCa north of $3 million & Hudson Yards in the lead at over $5 million.
35 neighborhoods surpass $1 million median as NYC logs record sales activity and new pricing peaks as pent-up demand drives buying frenzy.
Sales activity skyrocketed in Q3 2021, while prices, too, were more spread out, but they continued to rise among NYC’s 50 priciest neighborhoods.
For the NYC multifamily sector, the downturn brought on by the pandemic was just another hit to an already cooled-down market.
In 2020, Hudson Yards was NYC’s most expensive neighborhood with a $4.5 million median. TriBeCa was next with $3.2 million median sale price – a 3% decrease Y-o-Y.