These Are The Most Expensive Neighborhoods In NYC To Buy A Home
If you’re looking to buy a home in NYC without clearing out your entire savings we know where not to look. That’s thanks to a recent report from PropertyShark who found the top 50 most expensive NYC neighborhoods to buy a home.
Let’s just get right into it.
Though NYC’s real estate market seems to have stayed relatively unchanged compared to conditions a year prior–the city’s median sale price only increased 2% year-over-year and sales shifted down 1%–a closer neighborhood-level look is where we see the shifts happening.
The Bronx, for example, made its second appearance on NYC’s 50 most expensive neighborhoods list while Chinatown re-entered the chat after a two-year absence.
But when it comes to NYC’s most expensive neighborhood to buy a home, that title goes to Hudson Yards (for the fifth time), where the median sale price is $7.5 million–nearly one-third higher than its median price of $5.75 million one year ago.
On the flip side, Hudson Yards’ sales (unsurprisingly) decreased 62% year-over-year, accounting for one of the most drastic sales drops among the NYC’s priciest neighborhoods. In fact, Hudson Yards had just five sales during the Q2 of the year.
What’s even crazier: Hudson Yards’ median sale price is more than double the median price of SoHo, NYC’s second most expensive neighborhood. SoHo’s median sale price clocks in at $3.1 million, a 13% year-over-year decline. SoHo saw more sales than Hudson Yards, however: 37.
TriBeCa followed SoHo as the third most expensive neighborhood with a median sale price of $2.9 million, which is relatively unchanged compared to a year ago. Sales, however, slowed down 15%.
As for Brooklyn, the most expensive neighborhood is Cobble Hill (#7 overall) with a median sale price of $1.9 million. Queens’ most expensive is Hunters Point (#27 overall) with a median sale price of $1.1.
The Bronx’s only neighborhood on the list is Fieldston, at #46, with a median sale price of $900K. Staten Island did not make the list.
The top 10 most expensive NYC neighborhoods to buy a home are as follows:
1. Hudson Yards
2. SoHo
3. TriBeCa
4. Hudson Square
5. Little Italy
6. Chinatown
7. Cobble Hill
8. Carroll Gardens
10. West Village
The full report can be found here.
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