Robert Demeter Key takeaways:
- With a median exceeding $3.4M, TriBeCa reigns as the most expensive NYC neighborhood
- Garment District Skyrockets to #2 With 61% Y-o-Y Increase
- With a median of almost $3.1 million, SoHo lands the third spot in Q3 2018
- Flatiron District prices see steepest drop year-over-year: 66% decrease
- With a median of $1.65 million, Brooklyn’s DUMBO secures 5th position
- Having only 8 transactions, Queens’ Hollis Hills sees a 228% price increase
New York City’s top 50 most expensive neighborhoods saw a balanced third quarter in 2018, with prices in almost half of the neighborhoods decreasing, and in the other half, increasing. Overall, there were very few price spikes and steep drops year-over-year. A few volatile exceptions bucked this trend, with the Garment District seeing a 61% increase and the Flatiron District experiencing a 66% drop in Q3.
Manhattan yet again dominated the upper section of the list, as the borough had a total of 24 entries in the top 50 list, closely followed by Brooklyn, with 23 entries. Only 11 Queens neighborhoods made it on the list, and most of them were situated at the bottom portion of the top 50.
Due to several ties, 58 neighborhoods made the list. Scroll all the way down to see the full list and feel free to navigate and share our interactive map.
Garment District Skyrockets to #2 With 61% Y-o-Y Increase
Considering the neighborhood has predominantly commercial buildings, with only 8 residential transactions in Q3 2018, Garment District managed to propel itself to the silver spot of the top 50 list. These transactions had a median sale price of almost $3.1 million, with 5 out of the 8 units being sold at The Bryant, a brand-new development, for a median of roughly $3.4 million. In Q3 2017, the median in the neighborhood was $1.9 million.
TriBeCa holds the top spot for the most expensive NYC neighborhood, with 67 deals closing in the third quarter of 2018, a 16% decrease year-over-year. In the same period last year, TriBeCa was the second-most expensive neighborhood in New York City.
SoHo, with a median of $3.08 million, landed the third spot in Q3 2018.
Plummeting by 66%, Flatiron District Prices See Steepest Drop in Q3 2018
This year in Q3, the median home sale price in the neighborhood had dropped to $1.5 million. In the same period last year, the Flatiron District was the most expensive neighborhood in NYC, with a median sale price of $4.4 million.
The Flatiron District couldn’t compete with Q3 2017’s prices, as in that time-period 47 units out of the total 88 sold were at Madison Square Park Tower, a fairly new development. The median of the 47 units was $6.4 million.
In Q3 2018, only 11 units out of the total 77 traded for a price tag greater than $4.4 million, while 10 units (6 at 159 Madison Ave. and 4 at 4 West 21st St.) traded for a median of $927,000.
Hudson Square saw a 25% dip in prices, but year-over-year holds the same spot – number four – on the top 50 list. At just over $1.2 million, Little Italy median home prices also decreased 46% Y-o-Y. In Hudson Square prices dropped due to Q3 2018 having fewer and less expensive home sales than Q3 2017, while Little Italy had significantly more sales this quarter compared to Q3 2017, although at a lower median price.
With a Median of $1.65M, Brooklyn’s DUMBO Secures 5th Position
Brooklyn’s DUMBO saw a modest 4% increase in median home sale prices year-over-year, positioning itself in the 5th spot of the top 50 most expensive NYC neighborhoods. A total of 25 transactions closed in the third quarter of 2018 in the neighborhood, with a median sale price of $1.65 million.
In Q3, prices in Prospect Heights surged 34%, positioning the neighborhood on the 11th place. The median home sale price in the neighborhood equated to $1.25 million in the third quarter, with a total of 76 sales closing, 48 of which having a median sale price greater than $1 million. At 550 Vanderbilt Ave., 21 units changed hands for a median of $1.6 million
Boerum Hill (15%) and Fort Greene (16%) also saw increases and made it into the top 10.
Queens’ Hollis Hills Jumps into the Top 30 with a Whopping 228% Price Increase
With only 8 transactions taking place in the neighborhood, Hollis Hills almost reached the $1 million mark in the third quarter of 2018. The median home sale price reached $995,000, as 7 of the 8 homes sold were expensive single-family assets, the most expensive of which was a two-story home that traded for $1.5 million.
Additional Queens neighborhoods that made the list include East Flushing ($886,500 median home sale price), Fresh Meadows ($845,000), Hunters Point ($838,000) and Auburndale ($814,000).
Take a look at the full list below.
Methodology:
The median sale prices were calculated based on residential property sales closed between July 1, 2018 and September 30, 2018. The residential properties included in the stats are single-family homes, condos and co-ops.
