Top 50 Most Expensive NYC Neighborhoods in 2023: Sales Activity, Prices Down Compared to Last Year  

Key Takeaways:  

  • NYC median sale prices fall 3% year-over-year, sales drop 28% over the same period 
  • Hudson Yards remains priciest NYC neighborhood for 5th consecutive year, with its median approaching $6 million 
  • Brooklyn claims only 2 spots in top 10 with DUMBO at #8 & Gowanus at #10 
  • Brooklyn’s Gowanus sees sharpest drop in number of sales, dipping 77% Y-o-Y 
  • Malba maintains its status as most expensive neighborhood in Queens with its $1.45 million median 

The annual median sale price in NYC slipped to $728,000, a 3% decrease from the previous year’s median of $750,000, marking the first year-over-year decline since 2009, when prices contracted by 13%. And, the decrease in sales was even more pronounced: The city witnessed a 28% drop compared to the previous year, resulting in approximately 10,200 fewer home deals in 2023. 

All boroughs recorded a substantial deceleration in home sales. Brooklyn witnessed a 33% decrease compared to 2022, followed by a 28% drop in Manhattan. Similarly, Queens and the Bronx also experienced a slowdown in sales activity throughout 2023 with 24% and 22% fewer sales, respectively, inked compared to 2022. 

Median sale prices also trended down across the boroughs: The Bronx experienced the most significant drop in prices after falling 10% from $360,000 in 2022 to $325,000 in 2023. At the same time, Manhattan, Brooklyn and Queens each saw 4% decreases in their median prices. 

Sales Activity Trends Down in Nearly All of NYC’s Most Expensive Neighborhoods, Medians Rise in Just 22 Locations 

The 59 neighborhoods that made our top 50 (the result of a number of ties) comprised 30 Manhattan neighborhoods, 22 Brooklyn communities and seven locations from Queens — closely mirroring the neighborhood distribution by borough that was observed in 2022. However, none of the Bronx neighborhoods secured a spot among the city’s priciest.  

Notably, the slowdown in sales and median prices became apparent among the city’s 50 most expensive neighborhoods. Specifically, of the 59 neighborhoods included in our ranking, 32 experienced declines in median sale prices, whereas only 22 recorded increases. The fluctuations ranged from a 42% increase in Manhattan’s Central Midtown to a 49% decrease in the borough’s NoLita

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

Meanwhile, 53 neighborhoods reported slowdowns in transactions this year compared to 2022 figures with variations ranging from -77% in Brooklyn’s Gowanus to -7% in Mill Basin. Conversely, only five neighborhoods saw increased sales: The most significant upticks were noted in Brooklyn’s Vinegar Hill (up 33%) and Manhattan’s Garment District (up 25%), followed by a 14% rise in Red Hook in Brooklyn. Additionally, there were minor increases of 5% in Battery Park City in Manhattan and 2% in Brooklyn’s Manhattan Beach. 

Furthermore, the number of neighborhoods with medians below $1 million increased from 12 in 2022 to 16 this year. Consequently, there was a 33% year-over-year (Y-o-Y) growth in the number of NYC neighborhoods with medians falling below the $1 million threshold. Of these, seven are in Brooklyn, five in Manhattan and four in Queens. Moreover, the neighborhood securing the #50 spot last year had a median of $950,000, which was 8% higher than the recorded $870,000 for the current year.  

Top 10 Most Expensive NYC Neighborhoods: Hudson Yards’ Median Sale Price Finishes 55% Above Next-Priciest Neighborhood 

Manhattan retained its status as the home of some of the most expensive neighborhoods in New York City by claiming eight of the top 10 spots. In contrast, Brooklyn had a reduced representation this year, contributing only two neighborhoods compared to the four spots it held in 2022. Also, within the top 10, the median sale price increased in four of the 10 neighborhoods, while sales activity trended down in each location. 

In this case, Hudson Yards retained its position as the #1 most expensive neighborhood in NYC with a median sale price of $5.75 million for a 13% increase from the $5.1 million median recorded in 2022. Plus, this uptick was despite a substantial 36% Y-o-Y decline in the number of sales. Namely, in 2022, 64 properties were sold, whereas 41 transactions were recorded this year, all of which were condos. 

Securing the #2 position, SoHo posted a median sale price of $3.72 million, marking a 20% Y-o-Y increase, but still trailing behind Hudson Yards by about $2 million. Despite the rise in the median price, the number of sales in SoHo nearly halved this year, dropping from 165 in 2022 to 94 in 2023. Similar to Hudson Yards, the neighborhood witnessed 49 condo and 45 co-op sales in 2023. 

Claiming the #3 spot for 2023 was Central Park South, with a median sale price of $3.48 million, representing a 13% decrease from the $4 million recorded in the previous year. The number of sales also fell by 15% Y-o-Y. 

Next, NoHo secured the #4 position despite a 24% decrease in its median sale price, which fell from $3.93 million in 2022 to $3 million in 2023. The neighborhood also experienced a substantial 43% decrease in its number of sales compared to 2022. 

Next up was TriBeCa, which fell just below the $3 million mark to $2,938,000 after registering an 18% contraction compared to year-ago figures for a $637,000 decrease in the neighborhood’s median. Here again, sales slowed 13% Y-o-Y, going from 329 deals in 2022 to 287 transactions in 2023. 

Then, Hudson Square held onto its #6 position, maintaining its standing from the previous year even with a slight 1% decrease in its median sale price and a 39% drop in sales. More precisely, in 2023, the neighborhood’s median sale price settled at $2.45 million, just $22,000 below last year’s figure. The small change in the neighborhood’s median price was likely influenced by the fact that 57 properties sold were condos and only 13 were co-ops — a property type usually lower-priced than condo units. 

Not to be outdone, another Manhattan neighborhood — NoMad — secured the #7 spot by posting a median sale price of $2.1 million, down 7% from last year’s figures. Like its peers, the number of sales in this neighborhood also decreased from 389 in 2022 to 211 in the current year. 

Not far behind at #8, Brooklyn’s DUMBO broke Manhattan’s streak with a median sale price of $2,077,000, which was 12% above the $1.85 million median it recorded the previous year. Even with a 50% decrease in the number of sales compared to last year, DUMBO exclusively featured condo sales in 2023, which contributed to the sustained upward trend in the median sale price. 

At #9, Carnegie Hill was the last NYC neighborhood to hit the $2 million mark with its median sale price remaining unchanged year-over-year. That said, the neighborhood witnessed a slowdown in transaction activity, declining 22% compared to the previous year as the total transactions dropped from 605 deals in 2022 to 473 this year. Among these residential transactions were 328 co-op deals, 140 condo sales and five single-family home sales. 

Finally, Brooklyn’s Gowanus claimed the #10 position after posting a median sale price of $1,827,000, which reflected a 19% increase from the previous year’s $1,538,000. While pricing metrics remained on a positive trend, Gowanus recorded the most significant decline in sales among the top 50 priciest neighborhoods. More precisely, sales plummeted by 77% Y-o-Y, dropping from 176 deals the previous year to just 41 in 2023. In this neighborhood, there were 32 condo sales with a median price of $1,814,000, as well as nine single-family home transactions at a median price of $2,195,000.  

Medians Decrease in 18 of Brooklyn’s Top Neighborhoods with Cobble Hill Falling 38% Y-o-Y 

Brooklyn’s median sale price reached $775,000 after falling 4% from last year’s median of $810,000. As a matter of fact, more than half of the 22 Brooklyn neighborhoods recorded a drop in median sale prices, and 19 locations saw a slowdown in transaction activity. 

In Brooklyn, Cobble Hill experienced the most significant decline in the median sale price, dropping 38% compared to the previous year from $1.95 million in 2022 to $1.2 million this year. The steep drop in prices might be attributed to the change in the mix of properties sold: Last year, 70% of the sales were condos, whereas this year, condo sales accounted for 49%. At the same time, co-op sales increased from just 20% last year to 41% in 2023. Among the 50 priciest neighborhoods, only Manhattan’s NoLita recorded a steeper decrease, falling 49% Y-o-Y. The substantial decline in the median sale price placed Cobble Hill at #27 on our list, down from the #8 position last year. 

Next, Carroll Gardens registered the second-largest drop in median sale price in Brooklyn, declining by 22% Y-o-Y from $1.75 million to $1,363,000. This was also the fifth-largest decline in medians across NYC’s 50 priciest neighborhoods. 

Regarding sales activity, Gowanus saw the largest decline among the 50 priciest neighborhoods at 77%, followed by Columbia Street Waterfront District at 61%. However, it’s worth noting that the Columbia Street Waterfront District — one of Brooklyn’s smallest neighborhoods with around 22 blocks — typically sees sales fluctuating between 15 and 50 transactions. 

Despite the decline in sales activity, 15 Brooklyn neighborhoods still recorded median sale prices above $1 million. Specifically, after DUMBO and Gowanus secured the #8 and #10 positions, respectively, Boerum Hill claimed the #11 spot with a median sale price of $1,769,000, which marked a 20% Y-o-Y uptick, due to an increase in condo sales. Following closely at the #12 position, Red Hook had a median sale price of $1,712,000 to come in $402,000 below last year’s figure. 

Finally, Vinegar Hill secured the #16 position and Caroll Gardens followed at the #18 spot, making them the only other Brooklyn neighborhoods in the top 20. While Caroll Gardens experienced one of the most significant declines in medians, Vinegar Hill witnessed 30% Y-o-Y price growth, increasing from $1.1 million to $1.43 million. The price in Vinegar Hill was likely boosted by three deals at 288 Water St., which recorded a median of $2.6 million. 

Queens’ Top 3 Priciest Neighborhoods Record Price Gains 

Although Queens hasn’t secured a position among the top 10 most expensive neighborhoods in NYC, it did have a presence among the city’s 50 priciest, boasting seven neighborhoods. Notably, Queens’ top three — Malba, Hunters Point and Neponsit — all showcased median prices exceeding $1 million. What’s more, all three neighborhoods experienced price gains. 

First, Malba maintained its status as the most expensive neighborhood in Queens for the second consecutive year, reclaiming its position after briefly losing it to Neponsit in 2021: This year, Malba secured the #15 spot overall among the top 50 priciest neighborhoods by boasting a median sale price of $1.45 million — up 22% Y-o-Y for the highest median registered in the last seven years. 

Hunters Point was Queens’ #2 most expensive neighborhood following an 8% Y-o-Y increase and elevating its median sale price from $1,076,000 in 2022 to $1,164,000 this year. Notably, this price surge occurred despite a decline in sales activity with the number of transactions decreasing by 31% from 478 deals last year to 332 in 2023. 

Meanwhile, Neponsit was Queens’ #3 priciest neighborhood with a median of $1.1 million, which was slightly above the $1,095,000 logged last year. Among the 50 most expensive neighborhoods, Neponsit tied with Manhattan’s Financial District at the #33 spot. Following suit, the #4 and #5 wealthiest neighborhoods in the borough in 2023 were Auburndale and Queensboro Hill, which boasted median sale prices of $905,000 and $903,000, respectively. 

Lastly, at the #6 position, Ditmars-Steinway recorded the most significant decline in median sale price in Queens, experiencing an 11% Y-o-Y drop from $998,000 last year to $890,000 this year. The neighborhood also saw the most significant drop in sales in the borough, falling 52% Y-o-Y. This decline translated to a decrease from 85 sales in 2022 to 41 deals in 2023. 

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

Methodology

Median sale prices were calculated based on closed residential property sales recorded in ACRIS between January 3 and November 30, 2022, and January 3 and November 30, 2023. 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

Evelyn Jozsa

Evelyn Jozsa

Evelyn is a creative writer covering commercial real estate trends and insights in the U.S. Evelyn was previously a senior associate editor at Multi-Housing News and Commercial Property Executive. She has an academic background in Journalism and Irish Studies. Evelyn has been covering the CRE industry since 2017. Reach her via email.

Leave a Reply