Key Takeaways:  

• Hudson Yards remains #1 most expensive NYC neighborhood
• After nine quarters at #2, TriBeCa loses runner-up position to SoHo
• 36 of the city’s 50 priciest neighborhoods post medians of $1 million and above
• Brooklyn logs top 3 drops in sales, led by Gowanus at -78%
• Queens claims top increase in sales as Hollis Hills transactions surge 89% year-over-year
• Manhattan home to 4 of the 5 neighborhoods with medians of $2 million+
• NYC median sale price ticks down 1% year-over-year, closes Q2 at $750,000
• Q2 sales log 24% year-over-year drop, total 7,046 recorded transactions across the 4 boroughs

The New York City real estate market remained on a cooling trend this quarter, especially when it came to sales. But price trends were also negative, coming in 1% below year-ago levels for a citywide median sale price of $750,000. And, although year-over-year sales activity changes between Q2 2023 and Q2 2022 were not quite as sharp as they were during the first quarter of this year, transactions were still down by 24%, with a total of 7,046 recorded sales across the four boroughs.

Explore the interactive map below for at-a-glance price and sales insights for NYC’s neighborhoods in Q2 2023:

11 of NYC’s 50 Most Expensive Neighborhoods See Sales Accelerate

The 51 neighborhoods that made our top 50 (the result of one tie) were comprised of 25 Manhattan neighborhoods, 19 Brooklyn communities and seven locations from Queens. The Bronx’s historic first appearance in our top 50 in Q1 was not repeated this quarter. Similarly, Brooklyn’s first appearance among the three most expensive neighborhoods in the city was also not replicated this time. In fact, Vinegar Hill was absent from our rankings this quarter due to insufficient sales.

Another notable difference between the second quarter and the first quarter of this year was that Queens’ median sale price ticked up 2% year-over-year (Y-o-Y). Conversely, during the first quarter of this year, all borough level price indicators were negative. Likewise, sales also continued to trend down across the four boroughs.

Top 10 Most Expensive NYC Neighborhoods: Medians Rise as Much as 50% in 6 Locations

The city’s most expensive neighborhoods reflected a familiar mix of six Manhattan and four Brooklyn neighborhoods, with Manhattan grabbing the four top spots. Notably, prices trended up in six of the city’s priciest neighborhoods, while sales increased in two.

Specifically, Hudson Yards continued as the #1 most expensive NYC neighborhood with a median sale price of $5,750,000. This was the result of a 12% Y-o-Y increase, paralleled by a 13% decrease in sales. Additionally, Hudson Yards’ Q2 median was also higher than Q1 figures, albeit by only $21,000 (a negligible sum in this ultra-exclusive area).

Next, after reigning as New York City’s second-richest neighborhood for nine quarters, TriBeCa slid to #3 after being overtaken by SoHo. Namely, SoHo closed Q2 with a $3,543,000 median to become the city’s #2 priciest neighborhood, following a 3% Y-o-Y uptick. This was accompanied by an 18% decrease in the number of sales here, which went from 44 sales in Q2 2022 to 36 in Q2 2023.

Meanwhile, at #3, TriBeCa was one of two top 10 neighborhoods where sales heated up, going from 72 deals to 81 for a 13% Y-o-Y increase. Moreover, this was accompanied by a 16% decrease in TriBeCa’s median sale price, which dropped from a nearly $3.5 million median in Q2 2022 to just less than $3 million ($2,925,000 to be precise). At the same time, Hudson Square maintained its position at #4 with a $2,633,000 median sale price — 2% higher than year-ago figures. However, sales here decreased, dropping 14% Y-o-Y.

Then, at #5 and #6, Gowanus and Boerum Hill shook up rankings by overtaking the Flatiron District, Red Hook, and even DUMBO as the latter three saw prices slide and the former two experienced increases. In particular, Gowanus’ median grew 50% Y-o-Y, going from $1.6 million to $2,411,000 — the sharpest price increase among the top 10 richest New York City neighborhoods. That said, it’s worth noting that this was also accompanied by a 78% Y-o-Y decrease in sales in Gowanus — the sharpest slowdown among the NYC’s 50 richest neighborhoods.

These changes in Gowanus’ price and sales metrics were influenced by a complete lack of co-op sales during the second quarter of this year, as well as a significant increase in the average size of properties sold. Specifically, the average property size in Q2 2023 was 1,917 square feet, as opposed to 1,201 square feet in the second quarter of last year.

Not to be outdone, Boerum Hill's median sale price ticked up by 23% Y-o-Y, going from $1.55 million to $1.91 million — all while still closing the same number of sales as last year (53). In this case, Boerum Hill's median price increase was due to a majority of sales (66%) closing at the under-construction 533 Pacific St. with a $1.93 million median sale price.

Next, the Flatiron District dropped to #7 following a 19% contraction in its median sale price that brought it down from $2.1 million to $1,728,000. Not only that, but the number of sales here was almost halved year-over-year: the Flatiron District closed only 100 deals in the second quarter of this year, as opposed to 196 last year.

At #8, stood Brooklyn’s Red Hook, another neighborhood surpassed by Gowanus and Boerum Hill. This came after its median sale price dropped 21% Y-o-Y, going from more than $2 million to $1.65 million. Here, that price drop was the result of a difference in the number of sales at 160 Imlay St.: While only two of the neighborhood’s seven sales closed at that location in Q2 2022, five of the neighborhood’s six sales were located at that address in 2023 — an address where the median sale price was $1.95 million.

Likewise, prices also trended down in DUMBO (#9), dropping 19% Y-o-Y and coming down to $1,645,000 from just more than $2 million. That price decrease was also accompanied by a significant drop in the neighborhood sales activity, which fell 62% Y-o-Y. In fact, DUMBO was the only neighborhood among the city’s 10 most expensive where both sales and prices trended down year-over-year.

As for Central Midtown at #10, its sales dropped 41% Y-o-Y, going from 85 deals to just 50. But Central Midtown’s median also climbed 44% Y-o-Y, gaining almost $500,000. That increase was the result of more properties selling for more than $1 million. To be precise, 64% of Q2 2023’s residential sales closed at $1 million or more, compared to 55% during the same period last year.

Brooklyn Home to #1 Sharpest Price Increase as Prospect-Lefferts Gardens Area Jumps 59%

While Manhattan’s median ticked down 3% to close Q2 at $1,201,000, Brooklyn’s median sale price contracted 6% (or $46,000 Y-o-Y), dropping to $775,000 at the end of Q2. Yet, despite these decreases, the borough still claimed four neighborhoods among the city’s 10 most expensive: Gowanus at #5 with a $2,411,000 median; Boerum Hill at #6 with $1,907,000; Red Hook at #8 with $1.65 million; and DUMBO at #9 with a $1,645,000.

In addition to these four neighborhoods, 10 more posted medians of $1 million and above, including Park Slope — the borough’s fifth-most expensive neighborhood at $1,526,000. Notably, Park Slope climbed four positions in our ranking compared to last year, thanks to a 9% increase in its median sale price. That was also accompanied by a 32% Y-o-Y drop in sales, which went from 133 deals in Q2 2022 to 90 in Q2 2023.

Even so, the borough stood out in terms of median sale price changes in the second quarter of this year: Brooklyn claimed three of the five sharpest price gains, as well as three of the five sharpest price drops. This included the Prospect Heights-Lefferts Gardens area, which logged the sharpest median sale price increase among the city’s priciest neighborhoods at 59%. As a result, the neighborhood surged 27 positions in our ranking, rising from a $628,000 median in Q2 2022 to $998,000 in Q2 2023.

Here, Gowanus — the city’s #5 most expensive neighborhood — had the second-sharpest increase in pricing at 50%, which inflated its median sale price by $805,000 Y-o-Y. Brooklyn also claimed the fourth-largest price gain among the richest neighborhoods in NYC with Clinton Hill’s 43% Y-o-Y increase. This then lifted the Clinton Hill median to $1.25 million from last year’s $875,000.

At the other end of the pricing spectrum, Brooklyn’s Fort Greene depreciated 28% Y-o-Y — the second-largest drop among the city’s priciest neighborhoods. Consequently, Fort Greene closed Q2 with a $1,023,000 median sale price, down $402,000. Similarly, Brooklyn Heights logged the third-sharpest price drop, contracting 26% Y-o-Y to bring the neighborhood’s median sale price down by $370,000 and close Q2 2023 at $1.05 million. In the same way, Prospect Heights prices slid 22% Y-o-Y, going from more than $1.2 million to a median of $985,000.

Queens Claims #1 Increase in Sales Activity as Hollis Hills Closes 89% More Deals

Queens contributed seven neighborhoods to our top 50 ranking in the second quarter of the year. This included Hollis Hills, the setting for the sharpest increase in sales activity at 89% Y-o-Y, going from nine sales in Q2 2022 to 17 in Q2 2023. Meanwhile, with Auburndale, Queens also laid claim to the fourth-fastest acceleration in sales as the neighborhood closed 37% more transactions compared to last year. More precisely, the number of sales in Auburndale rose from 19 a year ago to 26 in Q2 2023.

On the other end of the spectrum, Queens was represented by Queensborough Hill, which tied with Brooklyn’s DUMBO for a 62% Y-o-Y drop in the number of sales. This was also the borough’s fourth-priciest neighborhood, while Auburndale was the fifth and Hollis Hills the second. In fact, Hollis Hills was one of just two Queens neighborhoods to surpass the million-dollar threshold: Hunters Point clocked in at $1,136,000, thanks to a 5% price increase.

In terms of pricing, Queensborough Hill logged the borough’s sharpest gain, rising 23% Y-o-Y for a gain of $170,000. The sharpest drop was logged in Fresh Meadows, which closed Q2 at $855,000, down 12% Y-o-Y.

For more information, explore New York City’s 50 most expensive neighborhoods in Q2 2023 in the interactive table below:

Methodology

Median sale prices were calculated based on closed residential property sales recorded in ACRIS between April 1 and June 30, 2022, and April 1 and June 30, 2023. 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 between April 1 and June 30, 2023. Year-over-year changes in median sale prices or the number of sales were calculated only for neighborhoods that also recorded a minimum of five sales between April 1 and June 30, 2023. Additionally, median sale prices were rounded to the nearest $1,000.

The boundaries of some Manhattan neighborhoods may vary as data on several small neighborhoods is included in stats for larger areas. For example, Central Park South is included in the Theatre District-Times Square area; NoLita is included in Little Italy; NoHo is included in Greenwich Village; and Carnegie Hill, Lenox Hill and Yorkville are all included in the Upper East Side.