Top 50 Most Expensive NYC Neighborhoods in 2024: Hudson Yards Hits Record Annual Median Sale Price at $7M+

Key Takeaways:

  • Hudson Yards’ domination reaches sixth consecutive year with a record $7.13M annual median sale price
  • Chelsea & NoLita median sale prices jump 50% Y-o-Y
  • Red Hook and Carroll Garden only Brooklyn neighborhoods in top 10
  • Greenpoint sales surge 150% Y-o-Y, Two Bridges transactions nearly halved
  • Queens ranks 10 neighborhoods among NYC’s 50 most expensive, but only Hunters Point surpasses $1M
  • 41 NYC neighborhoods reach median sale prices of at least $1M
  • NYC median sale price nearly recovers 2023 loss, closes 2023 at $748,000

2024 saw NYC real estate prices regain some of the decreases experienced in 2023, inching up 3% Y-o-Y to $748,000 median sale price. At the same time, sales across the city stayed relatively flat, ticking down a near-negligible 1% Y-o-Y.

That overall stability in transactional activity was reflected at the borough level as well, with the 5% decrease in the number of sales logged in the Bronx, the most significant change. Meanwhile, Manhattan saw a 2% downtick in sales, Brooklyn inched up 2% and Queens stayed flat.

On the other hand, borough-level median sale price trends were somewhat more varied, with Manhattan’s median sale price flat year-over-year (Y-o-Y) at $1,125,000, while the Bronx logged a 6% Y-o-Y median sale price increase that lifted it to $340,000. Meanwhile, Queens and Brooklyn price trends closely followed city level trends, both experiencing muted growth. So, while Brooklyn’s median sale price rose 5% Y-o-Y to $815,000 last year, Queens ticked up 3% Y-o-Y to reach $565,000.

Explore the interactive map below for at-a-glance price and sales insights for NYC’s neighborhoods in 2024:

Top 10 Most Expensive NYC Neighborhoods: Hudson Yards Sets Annual Price Record North of $7M

Manhattan continues to lead the top 10 (comprising 11 neighborhoods due to one tie in median sale price) ranking nine neighborhoods among the city’s most expensive, of which eight surpassed $2 million. Meanwhile, Brooklyn grabbed two spots. Price trends were mixed among the city’s 10 most exclusive neighborhoods, but sales decidedly trended down, with just one neighborhood logging a minor uptick in transactional activity.

Hudson Yards reached new pricing height last year and retained its #1 leading position for the sixth consecutive year at staggering $7.13 million median sale price, the result of a 22% Y-o-Y price jump However, Hudson Yards sales were nearly halved, totaling just 24 transactions in 2024, all condos.

TriBeCa took the #2 spot with a 12% Y-o-Y price that pushed it to $3.3 million, even as sales declined 17% Y-o-Y. The neighborhood’s price increase was influenced by the mix of property types sold. Specifically, TriBeCa saw three single family homes sell at a $14.5 million median sale price and 199 condos traded at a $3.6 million median sale price. But the 75 co-op units sold for a median $2.31 million.

While SoHo lost ground, sliding to #3 with a median sale price of $3.1 million after 15% Y-o-Y drop, NoHo held steady at #4 despite price and sales indicators trending down. Specifically, the number of properties sold declined 32% Y-o-Y, while a 7% Y-o-Y downtick brought its median sale price down to $2.96 million.

Among NYC’s 10 most expensive neighborhoods, Central Park South underwent the sharpest decrease in median sale price of 2024, falling 25% Y-o-Y to $2.61 million. This was accompanied by a 23% Y-o-Y drop in sales activity. Interestingly, although sales activity remained unchanged year-over-year in NoLiTa, the neighborhoods nevertheless landed at #6 following a 50% Y-o-Y price surge which lifted its median sale price to $2.4 million. This was the result of an increase in the average size of units sold in NoLiTa from 1,366 square feet to 1,565 square feet.

Hudson Square was bumped down to #7 due to an 8% Y-o-Y decrease in its median sale price, closing 2024 at $2.11 million. Meanwhile, Carnegie Hill moved up to #8 this year as a 1% Y-o-Y uptick lifted its median sale price to $2 million. Notably of the 505 sales closed here last year, 381 were co-op sales, making Carnegie Hill the only neighborhood among NYC’s 10 most expensive where co-op sales outnumbered condo deals.

Brooklyn’s priciest neighborhood in 2024 was Red Hook, taking #9 at $1.98 million, the result of an 11% Y-o-Y increase. Red Hook was followed by Brooklyn’s only other neighborhood to rank among the city’s top 10, Carroll Garden, which tied with Manhattan’s NoMad at $1.95 million. While NoMad reached this price point after a 9% Y-o-Y slide, Carroll Gardens made an impressive 38% Y-o-Y leap.

Sales Trends Evenly Split Among City’s 50 Priciest Neighborhoods, Prices Trend Mostly Up

In 2024, NYC’s top 50 most expensive neighborhoods actually comprised 58 locations as the result of a number of price ties.  Although Brooklyn’s presence has steadily expanded over the years, Manhattan neighborhoods still made up the bulk of the city’s most expensive neighborhoods, claiming 27 compared to the 21 provided by Brooklyn.  

As is usually the case, Queens had a weaker presence among the city’s priciest neighborhoods, but was still represented by 10 neighborhoods, three more than in 2023.

2024 sales trends were nearly evenly split among the city’s most expensive neighborhoods, as the number of sales increased in 26 locations and decreased in 30, with two more neighborhoods flat year-over-year.  Among neighborhoods with slowing sales activity, eight saw their sales decrease at least 25% Y-o-Y.

In fact, sales were nearly halved in three neighborhoods: Two Bridges, Hudson Yards and Boerum Hill logged year-over-year decreases of 48%, 47% and 46% respectively. Conversely, Greenpoint sales surged 150% Y-o-Y, while sales in Theatre District-Times Square area jumped 71%Y-o-Y and 61% Y-o-Y in the Columbia Street Waterfront District.

Price trends were more decided, however, among NYC’s 50 most expensive neighborhoods, with median sale prices on the rise in 41 locations. Of those Chelsea stood out with a 52% Y-o-Y jump that lifted its median sale price from $1.24 million to $1.89 million. NoLiTa logged the next sharpest price increase at 50% Y-o-Y, while the median sale price of Queens’ East Flushing rose 46% Y-o-Y.  

Overall, 41 of the most expensive NYC neighborhoods in 2024 had median sale prices of at least $1 million, eight of which reaching $2 million or more. Moreover, only one neighborhood of the 50 priciest in NYC closed 2024 with a median sale price below $900,000: East Flushing grabbed the last spot in our ranking with an $880,000 median sale price.

Brooklyn Stands Out with 142% Y-o-Y Surge in Greenpoint Sales

Brooklyn was the only borough to see an increase in both the median sale price (up 5% Y-o-Y) and the number of transactions (up 2% Y-o-Y). But the borough especially stood out with Greenpoint, which experienced the sharpest increase in the number of sales, surging 142% Y-o-Y in 2024. Conversely, Boerum Hill saw one of the largest declines in sales activity among the city’s priciest neighborhoods, with sales slowing 46% Y-o-Y.

At the same time, the Columbia Street Waterfront District and Gowanus registered one of the sharpest price contractions among NYC’s richest neighborhoods, with their respective medians dropping 23% Y-o-Y.

The only neighborhood among the city’s most expensive with a more drastic drop was Central Park South which contracted 25% Y-o-Y.  Meanwhile DUMBO, 2023’s #8, dropped out of the top 10 to #13 after undergoing an 18% Y-o-Y decrease in its median sales price and a 30% decline in sales activity.

Queens Claims 10 Neighborhoods in The Top 50, but Only Hunters Point Surpasses $1M

Although Queens had no neighborhoods in the top 10 in 2024, it did rank three additional neighborhoods in the top 50 for a total of 10.  Not only that, but the median sale price rose in all but one Queens neighborhood, with Hunters Point ticking down a just 1% Y-o-Y. Despite this, Hunters Point was the most expensive Queens neighborhood in 2024 and the only neighborhood in Queens with a median sale price above $1 million.

It should be noted that Malba and Neponsit which both broke the $1 million mark in previous years, didn’t make our 2024 list due to insufficient sales, both closing fewer than 15 transactions.  Meanwhile, East Flushing stood out with a remarkable jump from #102 in 2023 to become last year’s #50. This resulted from a 46% Y-o-Y median sales price jump, the sharpest price increase outside of Manhattan, bringing East Flushing to $880,000.

For more information, explore New York City’s 50 most expensive neighborhoods in 2024 in the interactive table below:

Methodology

Median sale prices were calculated based on closed residential property sales recorded in ACRIS January 1 and December 31, 2024, and January 1 and December 31, 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 least15 five sales between January 1 and December 31, 2024. Year-over-year changes in median sale prices or the number of sales were calculated only for neighborhoods that also recorded a minimum of 15 sales betweenJanuary 1 and December 31, 2024. Additionally, median sale prices were rounded to the nearest $1,000.

In this report, NYC is defined as the four boroughs of Brooklyn, the Bronx, Manhattan and Queens. Staten Island was excluded.

Fair Use & Redistribution  

We encourage and freely grant permission to reuse and repost information, analysis, charts, tables, and images included on this page. When doing so, we only ask that you link back to this page or PropertyShark.com as the official source. 

Author

Jordan Mann

Jordan Mann

Jordan is currently an associate writer for Multi-Housing News and Commercial Property Executive. He has also been writing consumer-facing content in the personal finance, mortgage and real estate industries for over 10 years working with clients ranging from small businesses to Fortune 1000 companies. Born and raised in NYC, Jordan is also a licensed mortgage broker.

Leave a Reply