New York City has earned itself a place in people’s minds as one of America’s most expensive cities to live in. After a thorough analysis, PropertyShark has shown us the recent prices of some of NYC’s most expensive neighborhoods.
As financial and economic dynamics shift with the change of living in the past two years, the price of buying a home is drastically changing. This year, NYC is seeing both spikes and deceleration in its home ownership and sales prices. This contrasts the city’s 2021 median sales price, which had the largest number of transactions in the past 10 years.
According to PropertyShark’s 2022 data analysis, “at the end of Q2, the NYC median sale price contracted for the first time in two years, ticking down 1% year-over-year (Y-o-Y) from $764,000 to $755,000. Conversely, sales were on the rise, totaling 9,242 unique transactions, up 11% over the same period last year.” Despite sales rising, the sale prices are dropping.
To combat this, 77% of NYC’s most exclusive and expensive neighborhoods have experienced price increases recently— along with smaller neighborhoods Jamaica Estates and Manhattan Beach. Reports say, “the number of neighborhoods with medians of $1 million or more also rose from 31 in Q2 2021 to 38 in Q2 2022 […]” Of these locations, 19 of them were in Manhattan, 16 in Brooklyn and three in Queens.
Hudson Yards experienced staggering price increases despite it being the number 1 most expensive place to live in NYC; this most likely from a 10% Y-o-Y price drop. Alongside it Little Italy, the Lower East Side, Sutton Place and Turtle Bay have shown great price increases.
Hudson Yards, TriBeCa and SoHo consistently retain spots as the top 3 priciest neighborhoods in the city with over $3 million medians. With only 15 sales Hudson Yards takes the number one spot on the list. TriBeCa received a total of 72 sales while SoHo received 44.
Manhattan is NYC’s priciest borough to live in, with most of the top 10 most expensive neighborhoods all falling within its boundaries. Little Italy, Hudson Square, Flatiron District, and Chinatown join the big three in making Manhattan dominate the top 10.
Brooklyn claims the remaining spots in the top 10 with Red Hook, DUMBO and Gowanus. Data reports state that, “[…] Brooklyn’s median ticked down 1% Y-o-Y, dropping from $828,000 to $821,000.” Despite this, Brooklyn neighborhoods hold seven-out-of-10 of the biggest increases in median sale prices, as well as increased sales activity.
Specifically the neighborhood Red Hook “claimed NYC’s #6 priciest neighborhood with a $2,096,000 median that followed a 69% Y-o-Y price increase[…]” That left DUMBO as the, “#8 priciest NYC neighborhood with a $2,033,000 median after a 36% Y-o-Y increase.” Despite this DUMBO’s sales sharply increased with a 229% Y-o-Y gain. Lastly for Brooklyn, Gowanus is number 10 on the list with a $1,582,000 median.
Queens sales went up 20% Y-o-Y, which is the sharpest uptick of the four boroughs. The median sales price remained constant for Queens with a flat $550,000. The sales activity, however, shot up as “20% more deals closed in Q2 2022 than the same period last year.”
The most expensive neighborhood in Queens is number 28 on the list, Belle Harbour, with a median of $1.1 million. Only two other neighborhoods in Queens reached medians over $1 million, that being Hunters Point with a median of $1,077,000 and Hollis Hills with a flat $1 million median sale price.
For more information and to view New York City’s 50 most expensive neighborhoods in Q2 2022 please visit: www.propertyshark.com/Real-Estate-Reports/priciest-NYC-neighborhoods.