Key Takeaways:

  • Hudson Yards retakes #1 spot in Q3 with $4.5 million median & 17 more sales than Q2
  • TriBeCa slides from 1st to 4th place in Q3 as median falls 13% Q-o-Q & 36% Y-o-Y
  • Theatre District-Times Square lands in 2nd with 223% price surge; condo sold for $100 million
  • Little Italy excluded from study for registering only 3 sales after it was #2 priciest in Q2
  • Sales activity grows in only 12 NYC neighborhoods, led by Arverne’s 80% surge
  • Red Hook overtakes DUMBO as Brooklyn’s priciest with $1.9 million median 
  • Bronx and Manhattan only two boroughs where home prices increased Y-o-Y
  • Overall sales activity falls 45% in 4 boroughs, and Manhattan leads with -50% decrease
  • Manhattan has sharpest median price gains at +8% Y-o-Y, followed by the Bronx’s +5% Y-o-Y

New York entered Phase Two of its reopening on June 22, 2020, and walk-through property viewings were allowed to begin again in July after an 80-day lockdown in the spring. Nonetheless, the effects of these dramatic changes in such a short period of time were bound to ripple into the city’s housing market. Hence, our report of the NYC residential market in Q3 2020 looks at how the changes brought about by the COVID-19 pandemic affected prices and sales activity at the quarterly and annual levels.

Notably, although 197 neighborhoods had at least one sale, 42 neighborhoods were excluded from this report because they had less than our minimum threshold of five transactions. And, of the 155 neighborhoods that were analyzed, four did not meet the minimum five-transaction threshold in Q3 2019. As a result, the year-over-year (Y-o-Y) comparison is for 151 neighborhoods.

That said, Brooklyn had the most neighborhoods among the city’s top 50 priciest, continuing a record set for the first time ever in Q2 2020. Specifically, of the 54 neighborhoods ranked as NYC’s 50 most expensive (due to four ties), 24 were in Brooklyn, 23 were in Manhattan and seven were in Queens.

Read on for a complete picture of the city’s neighborhood evolution in Q3, and make sure to check out the interactive table at the bottom of the page for a snapshot of NYC’s neighborhoods.

Median Prices Increased in Manhattan & the Bronx, While Queens Records Decreases

The city’s overall median sale price decreased by 0.2% annually, settling at $649,000 in Q3. However, a total of 73 neighborhoods saw prices increase Y-o-Y — 14 of which were in Manhattan, 22 in Brooklyn, 25 in Queens and 12 in the Bronx. At the same time, prices held steady in two neighborhoods — Springfield Gardens in Queens and Parkchester in the Bronx. Conversely, 76 neighborhoods saw prices drop — 13 were neighborhoods in Manhattan, 24 in Brooklyn, 30 in Queens and nine in the Bronx.

In Manhattan, prices increased 8% Y-o-Y for a median sale price of $1,075,000 million. At the other end of the spectrum, Queens was the only borough where Y-o-Y median sale prices fell — a slight 2% dip from $503,500 to $495,000. And, in the Bronx, median sale prices recorded a 5% Y-o-Y increase, while in Brooklyn prices remained flat at $700,000.

Sales Drop in All 4 Boroughs, Queens Records Most Sales    

In the entire city, transactional activity fell 45% Y-o-Y — from about 7,600 sales to nearly 4,200. In fact, the number of sales Y-o-Y were slashed between 40% and 50% across the four boroughs. And, after falling 36% between Q1 and Q2, overall sales continued to fall in Q3, albeit by a less drastic 6%.

Of the four boroughs, Manhattan registered the largest decline of 50% Y-o-Y, followed by the Bronx’s 46% decrease in sales activity. In Brooklyn, sales activity plunged 44% as prices kept steady at $700,000. Sales activity also decreased in Queens — down 40% Y-o-Y, the sharpest decrease of the four boroughs.

Queens also recorded the largest number of transactions this quarter with 1,550 sales. It was followed by Manhattan and Brooklyn, which registered 1,332 and 1,006 transactions, respectively. Notably, 99% of sales in Manhattan in Q3 2020 were from condominiums and co-ops. Meanwhile, the Bronx recorded 309 sales in Q3 2020, a decrease of 46% Y-o-Y.

Theatre District-Times Square Median Surges 223% as Billionaire’s Row Condos Sell for up to $100 Million

At the neighborhood level, Manhattan’s Theatre District-Times Square had the largest price gain with a 223% Y-o-Y surge. Here, the median increased from $1,055,000 to $3,411,138. The spike was spurred by 18 sales with a $35,615,000 median at 220 Central Park South, as well as by five sales of luxury condominiums at One 57 with a $6 million median sale price. In particular, one noteworthy sale from Q3 2020 was the $99.9 million penthouse at 220 Central Park South on Billionaire’s Row. In contrast, in Q3 of 2019, there were just 10 sales at 220 Central Park South with a considerably lower $23,100,000 median sale price.

Next, the Financial District’s 96% Y-o-Y price increase was the city’s #2 highest. Its median sale price surpassed $1.5 million, going from $860,000 to $1,688,360. Moreover, nearly half of the transactions were at 25 Park Row and the median was $2,267,500. Additionally, condos accounted for 82% of sales in Q3 2020, as opposed to 75% of sales in Q3 2019. Also, in Q3 2020, the median of those condo sales was $1,865,000 versus $872,500 in Q3 2019. 

At 70% Y-o-Y, SoHo had the third-largest price increase. Here, the median grew from $2 million to $3.4 million due to the fact that only two out of 10 sales were less than $2 million in Q3 2020, whereas in Q3 of the previous year, 12 of 25 were less than that amount.

In terms of the greatest declines in medians, Queens’ Douglaston had the largest. It fell 48% Y-o-Y — from $740,000 to $381,500 in Q3 2020. That change was brought on by the fact that the percentage of single-family homes decreased from 45% of all sales in Q3 2019 to 27% in Q3 2020, while the percentage of co-ops sold increased from 35% in Q3 2019 to 50% in Q3 2020.

The second-largest decrease in median sale prices was in Queens, where Hollis Hills’ median sale price dropped 45% Y-o-Y from $700,000 to $387,500. Additionally, while 10 single-family homes sold in Q3 2019 for an $881,000 median, only four sold in Q3 2020 for a $797,000 median. The remaining properties sold were co-ops, of which four sold in Q3 2020 with a $297,500 median compared to the nine sold in Q3 2019 with a $300,000 median.

Queens’ Neighborhood Arverne Claims Sharpest Increase in Sales Activity at 80%

Only 12 of the 155 NYC neighborhoods included in this report registered Y-o-Y increases in transactional activity, while 79 neighborhoods registered quarter-over-quarter (Q-o-Q) sales activity growth. Specifically, Queens’ Arverne witnessed the sharpest growth in sales activity at 80% Y-o-Y. However, the actual number of sales increased from just 5 sales to 9. The Bronx’s Eastchester and Brooklyn’s Gowanus had the second-sharpest increases in sales. Both recorded 40% more sales in Q3 2020 than in Q3 2019.

On the lower end of the pricing spectrum was Brooklyn’s Flatbush. Here, its 84% Y-o-Y drop was the sharpest decrease in sales activity among all neighborhoods, with only six deals closed in Flatbush in Q3 2020. That’s compared to 37 in the same timeframe last year, which included seven condominiums at Brooklyn Flats, six at 153 Martense St. and nine properties on Lenox Road, including a $3.15 million home. The neighborhood’s median sale price grew 7% Y-o-Y despite the fact that, in Q3 2019, five home sales were above $1 million, while no transactions exceeded that threshold in Q3 2020.

Hudson Yards Overtakes TriBeCa as Most Expensive Neighborhood with $4.5 Million Median Home Price

After being excluded from our Q2 2020 analysis due to insufficient sales activity, Hudson Yards reclaimed its status as NYC’s most expensive neighborhood in Q3 with a $4,458,750 median. Notably, this is an 11% price drop from Q3 2019, when Hudson Yards first took TriBeCa’s long-standing position as the city’s priciest neighborhood. The two most notable sales were a penthouse that sold for $17,189,587 at Fifteen Hudson Yards and a condo that went for $6,978,750 at 35 Hudson Yards. Incidentally, among the city’s top 10 most expensive neighborhoods, Hudson Yards was the only one where prices decreased Y-o-Y. Specifically, transactions fell by 65% compared to last year — from 26 sales in 2019 to only nine this year.

The #2 most expensive neighborhood, the Theatre District-Times Square, had the largest Y-o-Y price growth in our study at a staggering 223%. Here, homes sold for a median of $3,411,138. Not far behind, SoHo retained its place as the third-most expensive neighborhood with a $3.4 million median — a 70% increase Y-o-Y. Furthermore, only 10 sales closed in Q3 2020, as compared to 25 that were registered in Q3 2019 for a 60% decrease in transactional activity.

However, although TriBeCa fell from first to fourth place Q-o-Q, its Y-o-Y median sale price actually grew by almost $1 million — a 36% increase from $2,408,255 in 2019 to $3,265,000 in 2020. What’s more, this is despite TriBeCa’s recent history of falling medians — prices slid 18% in 2018 and 15% in 2019. In particular, this growth was spurred by the fact that while, in Q2, only 8% of sales exceeded $5 million, 31% exceeded that amount in Q3 2020, including a penthouse at the Tribeca Summit for $16.35 million and an ultra-luxury condo for $10.85 million at the celebrity-studded 443 Greenwich Street.

Among NYC’s Priciest Neighborhoods, Brooklyn Tops Manhattan for 2nd Quarter in a Row

Among the 50 most expensive neighborhoods, Brooklyn had 24 neighborhoods versus Manhattan’s 23 — like the historic first in Q2 2020 when Brooklyn had 23 neighborhoods in the top 50 versus Manhattan’s 21. This quarter Queens was represented by 7 versus 8 last quarter.

Narrowing down to the city’s top 10 priciest neighborhoods, seven were in Manhattan and three were in Brooklyn. In Manhattan, Little Italy and the Upper West Side dropped off the list in Q3 2020 due to insufficient sales, whereas Hudson Yards, the Financial District and the Theatre District-Times Square made it back among the top 10. In Brooklyn, Prospect Place dropped off the top 10 list this quarter and Red Hook replaced DUMBO for first place. 

Additionally, of the top 10 priciest, eight experienced Y-o-Y price growth, as only Hudson Yards saw prices drop by 11%. (Red Hook’s Y-o-Y price change is unaccounted for due to insufficient sales in Q3 2019 in order to be included in our study.) Besides the 223% price growth in the Theatre District-Times Square, the greatest price increases were in the Financial District and SoHo at 96% and 70%, respectively.

Manhattan Snapshot: Hudson Yards Again #1 as Little Italy Sees Less Than 5 Sales

Manhattan’s five priciest neighborhoods were also the top five most-expensive in the city as a whole: Hudson Yards, the Theater District-Times Square, SoHo, TriBeCa and Hudson Square. In Q2 2020, only three of the top most expensive neighborhoods were in Manhattan, while two were in Brooklyn.

Tudor City was Manhattan’s #1 most affordable neighborhood, with a $317,500 median and a 25% Y-o-Y price drop. Inwood was the borough’s second-most affordable neighborhood and, notably, among the top five most affordable, it had the largest decline in sales — down 62%.  Also, among Manhattan’s lowest-priced neighborhoods, Kips Bay — the #4 most affordable — posted a median sale price of $687,500, following a 10% Y-o-Y hike for the only year-over-year price gain. Meanwhile, Clinton-Hell’s Kitchen — the borough’s #5 most affordable neighborhood — had the lowest decrease in sales activity, down 48%.

Brooklyn Snapshot: Red Hook Ousts DUMBO as #1 Most Expensive

Brooklyn’s median sale price remained steady at $700,000 Y-o-Y, while sales activity decreased by 44%. To that end, three of Brooklyn’s priciest neighborhoods were among the city’s top 10 most expensive: Red Hook, DUMBO and Carroll Gardens. Red Hook replaced DUMBO in the top spot and landed at #6 among NYC’s priciest with a $1,946,816 median. This came about largely due to five sales ranging from $978,480 to $2.65 million in the redeveloped historic New York Dock Building at 160 Imlay.

However, DUMBO followed closely on Red Hook’s heels as Brooklyn’s #2 most expensive neighborhood and NYC’s #7 priciest with its median rising 53% Y-o-Y. DUMBO’s median rose 53% Y-o-Y as well, from $1,198,989 to $1,830,000 because this quarter 3 of 7 sales were greater than $2 million, whereas in Q3 2019, only one of 10 sales exceeded that amount. DUMBO also ousted Carroll Gardens from its previous claim to second place, causing the latter to slide to third place in the borough and 9th in the city.

Gerritsen Beach, Flatlands and Homecrest were the borough’s most affordable neighborhoods. Gerritsen Beach remained Brooklyn’s #1 most-affordable neighborhood this quarter at $258,235, following a 32% Y-o-Y decline due to the fact that the percentage of co-ops sold increased from 45% to 57% Y-o-Y. Sales activity also dropped by 30% Y-o-Y, while the other top five most affordable all saw sales activity fall by more than 50%. 

Sheepshead Bay — Brooklyn’s fourth-most affordable neighborhood — was the only one among the five least expensive that saw prices increase with a 6% uptick. Meanwhile, Flatlands’ 41% Y-o-Y drop was the most significant price decrease among the five most affordable. It pulled the median sale price down by nearly $200,000 — from $480,000 to $284,464 Y-o-Y.

Queens Snapshot: Only Borough Where Prices Decreased as Transactions Fell 40%

Queens was the only borough where prices decreased Y-o-Y, falling by 2% from $503,500 to $495,000. Sales activity also fell by 40%, the lowest drop in all four boroughs with more than 1,000 fewer sales Y-o-Y.

Here, Belle Harbor was the borough’s priciest neighborhood with a $942,500 median sale price and a 6% Y-o-Y uptick resulting from a change in property types sold. For example, in Q3 2020, only single-family homes sold and 80% went for more than $800,000. Comparatively, in Q3 2019, two co-ops at Beach Channel Drive that sold for less than $225,000 lowered the median. However, with its almost $1 million median in 2020, Belle Harbor was NYC’s #26 priciest neighborhood with an 11% growth in sales activity Y-o-Y.

Hunters Point was Queens’ #2 priciest neighborhood with an $894,591 median that had remained steady Y-o-Y as sales activity fell 12% in Q3 2020. Similarly, East Flushing was its #3 priciest neighborhood with an $880,000 median and a 1% Y-o-Y price decrease. Conversely, Ditmars-Steinway, had Queens’ highest price decrease with its 22% decline, although the median dropped below $1 million to $835,000, while Rockwood Park had the greatest sales activity decrease at 60%. 

On the flip side, Queens’ lowest-priced neighborhood was Jamaica Hills with a $210,000 median, which was actually up 50% Y-o-Y — the largest price increase among the borough’s five most affordable. Here, 60% of sales exceeded $200,000 in Q3 2020, whereas only 43% surpassed this threshold in Q3 2019. Moreover, both Jamaica Hills and Lindenwood — Queens’ #2 most economical neighborhood — saw sales fall more than 50% Y-o-Y. They were also the only neighborhoods among the five most affordable where prices increased Y-o-Y.

In Queens’ #3 lowest-priced neighborhood, Rockaway Park, the median fell, dropping 35% Y-o-Y to $250,000 after the percentage of co-ops sold here increased from 57% to 78% Y-o-Y.

Bronx Snapshot: Price Increase Second Only to Manhattan

Although no Bronx neighborhoods made it onto the 50 priciest list, the borough did have the second-largest Y-o-Y price increase at 5% — second only to Manhattan’s 8%. Plus, its median sales price climbed to $315,000 as sales activity fell 46% Y-o-Y — again, second only to Manhattan’s 50%.

Here, Pelham Gardens was the #1 priciest neighborhood with a $620,000 median as medians grew 16% Y-o-Y and transactions fell 50%. Similarly, Pelham Bay’s $581,000 median was #2 priciest as prices grew 36% Y-o-Y and sales activity decreased 37%. Likewise, Spencer Estates-Country Club came in third as Y-o-Y prices expanded 6% to stabilize at $575,000, while its sales activity held steady.

Bronxdale was most the affordable Bronx neighborhood with a $157,500 median, which actually grew 10% Y-o-Y as sales activity decreased by 40%. And, Kingsbridge Heights-Jerome Park and Parkchester tied at a median sale price of $180,000 as the Bronx’s #2 lowest-priced neighborhoods. In fact, Kingsbridge Heights-Jerome Park’s median had the borough’s sharpest price decrease, down 23% Y-o-Y. In contrast, while Parkchester prices remained steady, it had the greatest decrease in sales activity with a 61% decline.

Fordham, the #4 most affordable, experienced the smallest decrease in sales activity, down 22% Y-o-Y. Conversely, its median had the highest increase at 46% Y-o-Y because only six of the 14 sales in Q3 2020 were less than $200,000, while 12 of 18 were less than that price in Q3 2019.

Explore the interactive table below for our snapshot of New York City’s neighborhoods in Q3 2020:

BoroughNeighborhoodMedian Sale Price Q3 2020Y-o-Y ChangeNumber of Sales Q3 2020Y-o-Y Change
ManhattanHudson Yards$4,458,750-11%9-65%
ManhattanTheatre District - Times Square$3,411,138223%395%
ManhattanHudson Square$2,800,00019%9-55%
BrooklynRed Hook$1,946,816-6-
ManhattanFinancial District$1,688,36096%622%
BrooklynCarroll Gardens$1,595,00011%7-76%
ManhattanFlatiron District$1,575,0009%30-64%
BrooklynCobble Hill$1,400,000-22%7-61%
ManhattanWest Village$1,325,00023%31-44%
BrooklynFort Greene$1,270,00029%12-57%
ManhattanUpper West Side$1,225,00023%263-49%
ManhattanUpper East Side$1,200,0002%305-43%
BrooklynBrooklyn Heights$1,200,00021%23-58%
BrooklynProspect Heights$1,165,31528%38-28%
BrooklynPark Slope$1,150,000-5%56-52%
ManhattanEast Village$1,142,40020%24-60%
ManhattanGreenwich Village$1,100,000-14%63-45%
ManhattanCentral Midtown$1,067,50020%42-25%
BrooklynManhattan Beach$1,055,00026%5-29%
BrooklynDitmas Park$945,11545%10-47%
QueensBelle Harbor$942,5006%1011%
BrooklynBoerum Hill$929,845-18%10-29%
BrooklynDowntown Brooklyn$907,5004%36-5%
ManhattanGramercy Park$895,000-31%31-62%
QueensHunters Point$894,5910%90-12%
QueensEast Flushing$880,000-1%13-32%
ManhattanSutton Place$869,500-11%22-59%
ManhattanLower East Side$840,000-44%23-81%
QueensDitmars - Steinway$835,000-22%5-29%
QueensFresh Meadows$828,000-3%25-26%
ManhattanEast Harlem$800,00014%11-74%
BrooklynWindsor Terrace$792,5007%12-40%
ManhattanTurtle Bay$792,500-1%46-53%
BrooklynDyker Heights$780,00011%14-18%
QueensRockwood Park$772,0001%8-60%
BrooklynBorough Park$757,5613%39-9%
BrooklynClinton Hill$753,125-10%16-65%
BrooklynGreenwood Heights$750,000-6%9-10%
ManhattanBattery Park City$749,000-25%13-52%
ManhattanMurray Hill - M$743,979-10%32-62%
BrooklynBergen Beach$740,000-1%5-50%
ManhattanClinton - Hell's Kitchen$722,500-17%40-48%
BrooklynCrown Heights$715,000-3%23-26%
QueensSouth Astoria$705,00029%6-57%
QueensCollege Point$695,0009%10-55%
ManhattanKips Bay$687,50010%24-56%
QueensFloral Park$679,0002%9-31%
QueensMiddle Village$673,000-2%21-42%
QueensQueensboro Hill$664,745-25%1011%
QueensOld Astoria$659,5009%12-37%
BrooklynMarine Park$656,091-4%20-43%
QueensEast Elmhurst$650,000-4%21-25%
BrooklynBath Beach$635,000-8%8-50%
QueensRichmond Hill$635,00019%13-55%
BronxPelham Gardens$620,00016%7-50%
BrooklynProspect - Lefferts Gardens$590,000-8%7-70%
BronxPelham Bay$581,00036%12-37%
BrooklynOld Mill Basin$580,000-1%9-25%
BronxSpencer Estates - Country Club$575,0006%110%
BronxQueens Village$562,500-1%38-54%
BrooklynProspect Park South$550,000-6%8-38%
QueensSouth Ozone Park$550,00014%35-49%
QueensOzone Park$542,8000%18-54%
QueensCambria Heights$530,000-3%33-8%
QueensSaint Albans$525,0006%44-41%
BronxCity Island$517,50066%10-50%
QueensDowntown Flushing$516,8200%90-9%
QueensBreezy Point$512,5002%10-33%
QueensSpringfield Gardens$492,5000%20-29%
QueensFar Rockaway$490,00031%18-31%
ManhattanWashington Heights$477,000-8%29-61%
BrooklynEast Flatbush$472,000-14%19-60%
BrooklynSunset Park$460,755-6%10-57%
BrooklynEast New York$457,50014%28-45%
BrooklynBay Ridge$455,000-33%50-46%
BrooklynBrighton Beach$439,683-18%20-52%
BronxClason Point$435,0005%10-29%
QueensMurray Hill - Q$432,725-28%60-24%
QueensForest Hills$430,000-3%110-38%
BronxThroggs Neck$427,500-10%30-38%
QueensJackson Heights$420,0006%39-60%
QueensHollis Hills$387,500-45%8-58%
QueensLittle Neck$380,0006%16-53%
BrooklynConey Island$377,5006%20-29%
BronxSpuyten Duyvil$352,50025%14-48%
QueensRego Park$347,5000%46-45%
BrooklynSheepshead Bay$344,0006%42-52%
QueensGlen Oaks$326,000-3%26-53%
QueensOakland Gardens$321,0002%37-45%
ManhattanTudor City$317,500-25%10-50%
QueensKew Gardens Hills$301,600-2%40-31%
QueensJamaica Estates$275,00032%19-21%
QueensKew Gardens$274,000-6%34-33%
BronxNorth Riverdale$260,000-12%23-30%
BrooklynGerritsen Beach$258,235-32%14-30%
QueensRockaway Park$250,000-35%9-36%
BronxBedford Park$240,500-5%6-25%
QueensJamaica Hills$210,00050%5-64%
BronxKingsbridge Heights - Jerome Park$180,000-23%7-36%


Median sale prices were calculated based on residential property sales closed between July 1 and September 30, 2019, and July 1 and September 30, 2020. 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 in Q3 2020. A total of 197 neighborhoods had at least one sale, but 42 were excluded due to having fewer than five transactions in Q3 2020, leaving 155 to be analyzed Q-o-Q. Of the 155, four neighborhoods had fewer than five transactions in the previous year, which left 151 neighborhoods for the Y-o-Y comparison.

The boundaries of some Manhattan neighborhoods vary, so data on several small neighborhoods is included in stats for larger areas. For example, NoLita is included in Little Italy; Central Park South is included in the Theatre District-Times Square area; and NoHo is included in Greenwich Village.

Andreea Popescu

Andreea Popescu

Andreea Popescu is a copywriter with ten years of legal experience, including real estate and marketing. She is an ABA-certified paralegal and has an MBA with a concentration in Marketing from California State University, Northridge. She worked as a legal manager at a marketing firm and as a legal writer. Currently, Andreea brings her combined knowledge of the fields to report on real estate developments for CommercialEdge and PropertyShark. Reach her at [email protected].