RELEASED ON April 1, 2016
DUMBO Just Out-Priced Most of Manhattan in Q3 2016
Andra Rus | 2 minute read
Despite rising prices in waterfront Brooklyn, it’s still highly unusual for any outer-borough neighborhood to out-price the notoriously unaffordable Manhattan. Nevertheless, the spectacular evolution of DUMBO commands attention. This small market ranked at number 4 on our Top 50 priciest neighborhoods in NYC list, to reach a jaw-dropping $2.4M median sale price last quarter. Catch more neighborhood highlights below, or skip to the full list of neighborhoods at the end of the article. Market Highlights Overall, NYC transaction levels were significantly lower than a year ago, and the biggest drop was seen in Manhattan. Median sale prices, on the other hand, were up in all four boroughs analyzed. Brooklyn saw a 10% increase Y-o-Y, to see the median reach $630K, while the median sale price in Manhattan stood at $1.05M. The soaring prices seen in DUMBO were the result of a great streak of sales in a new development at 1 John Street. This luxury residence managed to sell 30 units in the past 3 months, where the cheapest unit went for a little over $2.2M. Following in its steps was Forest Hill Gardens, another surprisingly high-ranking neighborhood on the list. At #11, it’s more expensive than Midtown or the Upper West Side, with a median…
Despite rising prices in waterfront Brooklyn, it’s still highly unusual for any outer-borough neighborhood to out-price the notoriously unaffordable Manhattan. Nevertheless, the spectacular evolution of DUMBO commands attention. This small market ranked at number 4 on our Top 50 priciest neighborhoods in NYC list, to reach a jaw-dropping $2.4M median sale price last quarter.
Catch more neighborhood highlights below, or skip to the full list of neighborhoods at the end of the article.
Market Highlights
Overall, NYC transaction levels were significantly lower than a year ago, and the biggest drop was seen in Manhattan. Median sale prices, on the other hand, were up in all four boroughs analyzed. Brooklyn saw a 10% increase Y-o-Y, to see the median reach $630K, while the median sale price in Manhattan stood at $1.05M.
| Median sale price Q3 2016 | Y-o-Y | Transactions Q3 2016 | Y-o-Y | |
|---|---|---|---|---|
| Manhattan | $1,050,000 | 6% | 3,024 | -28% |
| Brooklyn | $628,724 | 10% | 1,852 | -14% |
| Queens | $385,000 | 4% | 2,653 | -19% |
| Bronx | $260,000 | 7% | 510 | -8% |
The soaring prices seen in DUMBO were the result of a great streak of sales in a new development at 1 John Street. This luxury residence managed to sell 30 units in the past 3 months, where the cheapest unit went for a little over $2.2M.
Following in its steps was Forest Hill Gardens, another surprisingly high-ranking neighborhood on the list. At #11, it’s more expensive than Midtown or the Upper West Side, with a median sale price of $1.56M.
Gowanus ranked 20th, following a streak of price bumps that defies expectations. Most of the 10 sales recorded in this small, low-inventory market were condo units in new developments. Despite issues with soil and water toxicity in the area, luxury development seems to be comfortably under way and just costed home buyers more than its equivalents in Boerum and Lenox Hills.
On the flip side, Columbia Street Waterfront District came in last, with a median sale price of $785K, after topping our 10 Most Expensive Neighborhoods in Brooklyn list back in Q1 2016, when the median price was $1.36M.
Transaction numbers in Chelsea were lower than in the previous quarter, from 167 to 123, however, prices were up by a hefty 53% Y-o-Y, and the median sale price in Q3 reached $1.83M.
Similarly, prices went up 61% Y-o-Y in Greenwich Village, and 41% Y-o-Y in Central Midtown, and recorded a median sale price of $1.65M and $1.3M, respectively.
The highest yearly growth, however, was seen in Roosevelt Island, where the median sale price was $1.08M, up 128%. This shocking surge was due to a lower number of transactions, all involving co-op units getting sold in two of the new developments hitting the market for the past couple of years – Island House and Riverwalk Court.
Top 50 Most Expensive Neighborhoods in NYC Q3 2016
| Position | Borough | Neighborhoud | Median Sale Price | Y-o-Y | Transactions |
|---|---|---|---|---|---|
| 1 | Manhattan | TriBeCa | $4,445,767 | 22% | 125 |
| 2 | Manhattan | SoHo | $3,600,000 | 29% | 51 |
| 3 | Manhattan | NoHo | $2,662,500 | -46% | 6 |
| 4 | Brooklyn | DUMBO | $2,404,070 | 54% | 53 |
| 5 | Manhattan | NoMad | $1,960,131 | 33% | 75 |
| 6 | Manhattan | Hudson Square | $1,894,321 | -8% | 8 |
| 7 | Manhattan | Chelsea | $1,830,000 | 53% | 123 |
| 8 | Manhattan | Battery Park City | $1,705,000 | -3% | 45 |
| 9 | Manhattan | Greenwich Village | $1,650,000 | 61% | 144 |
| 10 | Manhattan | Carnegie Hill | $1,595,000 | -17% | 109 |
| 11 | Queens | Forest Hills Gardens | $1,562,500 | -6% | 12 |
| 12 | Manhattan | Theatre District - Times Square | $1,432,919 | 19% | 40 |
| 13 | Brooklyn | Carroll Gardens | $1,430,000 | 2% | 15 |
| 14 | Brooklyn | Cobble Hill | $1,315,000 | 8% | 19 |
| 15 | Manhattan | Central Midtown | $1,300,000 | 41% | 83 |
| 16 | Manhattan | Flatiron District | $1,270,000 | -37% | 45 |
| 17 | Manhattan | Lincoln Square | $1,210,000 | 0% | 165 |
| 18 | Manhattan | Upper West Side | $1,200,000 | 3% | 290 |
| 19 | Manhattan | West Village | $1,192,500 | -6% | 64 |
| 20 | Brooklyn | Gowanus | $1,136,250 | 41% | 10 |
| 21 | Brooklyn | Boerum Hill | $1,100,000 | 11% | 26 |
| 22 | Manhattan | Financial District | $1,089,673 | 9% | 104 |
| 23 | Manhattan | Lenox Hill | $1,086,250 | 9% | 328 |
| 24 | Manhattan | Roosevelt Island | $1,082,107 | 128% | 7 |
| 25 | Brooklyn | Prospect - Lefferts Gardens | $1,074,500 | 57% | 15 |
| 26 | Brooklyn | Brooklyn Heights | $1,024,500 | -4% | 76 |
| 27 | Manhattan | Chinatown | $999,999 | -44% | 7 |
| 28 | Brooklyn | Park Slope | $998,325 | 7% | 120 |
| 29 | Brooklyn | Mill Basin | $992,000 | 42% | 13 |
| 30 | Manhattan | Clinton - Hell's Kitchen | $985,000 | -2% | 117 |
| 31 | Brooklyn | Greenwood Heights | $980,000 | 62% | 11 |
| 32 | Manhattan | East Village | $950,000 | -8% | 71 |
| 33 | Queens | Hunters Point | $946,973 | 18% | 73 |
| 34 | Brooklyn | Greenpoint | $915,000 | -2% | 13 |
| 35 | Manhattan | Sutton Place | $912,000 | -5% | 58 |
| 36 | Brooklyn | Manhattan Beach | $884,859 | -26% | 13 |
| 37 | Manhattan | Gramercy Park | $869,000 | 16% | 75 |
| 38 | Queens | Kissena Park | $865,000 | 5% | 13 |
| 39 | Brooklyn | Williamsburg | $857,500 | 11% | 168 |
| 40 | Manhattan | Murray Hil | $850,000 | 6% | 104 |
| 40 | Manhattan | Yorkville | $850,000 | 12% | 171 |
| 41 | Brooklyn | Bedford-Stuyvesant | $847,574 | 23% | 40 |
| 42 | Queens | Broadway - Flushing | $847,500 | -6% | 8 |
| 43 | Queens | Queensboro Hill | $843,500 | 19% | 8 |
| 44 | Brooklyn | Windsor Terrace | $840,000 | 33% | 21 |
| 45 | Queens | Malba | $838,500 | -67% | 6 |
| 46 | Queens | Ditmars - Steinway | $820,000 | 1% | 7 |
| 47 | Manhattan | Manhattan Valley | $811,236 | -28% | 38 |
| 48 | Manhattan | Turtle Bay | $809,000 | -23% | 88 |
| 49 | Queens | Belle Harbor | $805,000 | 15% | 8 |
| 50 | Brooklyn | Columbia Street Waterfront District | $785,000 | -35% | 11 |
| 50 | Brooklyn | Dyker Heights | $785,000 | 5% | 19 |
Methodology:
The median sale prices were calculated based on residential property sales closed between July 1, 2016 and September 30, 2016. The residential properties included in the stats are single-family houses, condos and co-ops.
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POSTED IN: Market Studies, Priciest Neighborhoods
With 10+ years of experience at PropertyShark, Andra covers the latest product updates and market reports for our blog. Her work has been featured in The Real Deal, Curbed, TimeOut, The Daily Mail, Business Insider, Crain’s New York.
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