A new blog post from PropertyShark entitled “Top 50 Most Expensive NYC Neighborhoods in Q3 2022: Sales Slip 4%, Citywide Median Remains Flat for Third Consecutive Quarter” analyzes the latest New York City real estate information according to figures from the Automated City Register Information System (ACRIS).
2022 sales within the second quarter (Q2) are up 11 percent compared to the sales figures in 2021 Q2. As for 2022 Q3, sales are down 4 percent year-over-year (Y-o-Y), a likely result of the market readjusting “after the homebuying frenzy of 2020 and 2021 artificially adjusted prices,” according to the report.
Compared to 2022 Q2 numbers, Q3 sales are up by 636 transactions, which also reflects “the seasonality evident in 2021.”
In the Bronx, both sales and the median sale price were on the rise, making it the only borough where that occurs. The median sale price rose by 7 percent and the number of sales rose by 8 percent in the Bronx. Whereas, Brooklyn’s sale price rose 1 percent and number of sales fell by 5 percent. An increase of the median sale price by 4 percent is countered with a fall in sales by 8 percent in Manhattan. In Queens, sale prices fell by 4 percent and sales rose by 2 percent.
The median sale price of NYC is $755,000, which is the same as it was during this period last year and has not shifted from quarter to quarter in 2022. Looking at individual neighborhoods, 32 held medians of $1 million or more, which is three fewer than those measured within the same time last year. “Of these, 16 were from Brooklyn, 14 were from Manhattan and two were from Queens,” said the report.
The figures reflect the list of the top 50 priciest neighborhoods “which consisted of 24 Brooklyn neighborhoods, 22 from Manhattan and seven from Queens,” the report said.
While Brooklyn held four positions in a list of the city’s 10 most expensive neighborhoods, “With a median sale price of $1.14 million and a 4% Y-o-Y increase in the borough’s median, Manhattan remained the priciest of the four boroughs analyzed (as expected). And as is usually the case, Manhattan also claimed most of the city’s 10 most expensive neighborhoods (six), including the five priciest,” according to the report.
Q3 figures show that Hudson Yards remains the most expensive NYC neighborhood with its median sale price rising by 34 percent Y-o-Y to reach $5,852,000. TriBeCa’s $3,515,000 median sale price makes it the number 2 most expensive NYC neighborhood and Hudson Square overtook SoHo as the third most expensive.
However, 18 of the neighborhoods listed as the priciest of NYC have median sale prices that declined. “The sharpest price drop, by far, was Fiske Terrace’s 45% Y-o-Y depreciation,” the report said.
Notable shifts include the $1,791,000 median of Brooklyn’s Gowanus, which holds the sharpest growth rate at 65% Y-o-Y price increase. Manhattan’s Little Italy and Battery Park City were knocked off the top-10 list given the dramatic drops in their medians.
While Q3 figures show that not much has changed in NYC housing trends, “more visible market shifts [are] likely to show up in Q4 figures,” said the PropertyShark report.
Note that PropertyShark calculated Median sale prices “based on closed residential property sales recorded in ACRIS between July 1 and October 7, 2021, and July 1 and October 7, 2022. Residential asset types included single family homes, condos and co-ops. Package deals were excluded.”
To view the report, visit propertyshark.com.