With so many dynamic real estate developments popping up in New York City’s five boroughs, you may be surprised at which neighborhoods topped the list of the most expensive of 2018. We pulled data from Property Shark’s top 50 NYC neighborhoods by median sale price and compared them to the previous quarter. Unsurprisingly Manhattan remained the priciest borough, as it is home to 9 out of 10 of the city’s most expensive neighborhoods in the second quarter of 2018.
Sought-after neighborhoods like Tribeca, Soho and the Garment District all made the top ten, despite diminished sales activity in some neighborhoods. Although Manhattan topped the list, Brooklyn was a strong contender with 21 neighborhoods in the top 50. Brooklyn’s Homecrest experienced the highest year-over-year appreciation filed by sales at 1679 E 19th Street and 1769 E 13th Street. Queens on the other hand, had 11 neighborhoods rank in the top 50 with areas like Belle Harbor marking a 40% increase over 2017’s Q2, and Hunters Point reaching the $1 million mark this year. To delve deeper into what made Manhattan’s housing market tick this year, check out the full list of NYC’s most expensive neighborhoods below.
Tribeca takes the cake as the most expensive neighborhood in New York City. The median sale price of homes this year was a whopping $3.8 million. This was actually a 26% price drops from the previous quarter. This was due to a high number of sales in new-to-market luxury and ultra-luxury developments. One such development was 56 Leonard Street, where the median sale price was $7.1 million in the back half of 2017.
Soho, known for its exquisite architecture, shopping destinations and its pricey real estate came in second place with a median sale price of $2.9 million thanks to a 17% year-over-year appreciation and 27 transactions.
The only Brooklyn neighborhood to break the top 10, DUMBO takes the #3 spot with a $2,512,500 median sale price. While it only had 16 registered sales, only two were below $1.5 million. This is not surprising to its residents, as people tend to flock here for the exquisite views, quieter streets and easy commute into Manhattan.
4. Garment District
The Garment District had a median sale price of $2,325,000, marking a 36% appreciation year-over-year. Ten sales at 16 W 40th Street, where the median sale price was $2.8 million, was a huge factor in the $600,000+ price growth and really helped to push this neighborhood higher on the list.
5. Hudson Square
This Lower Manhattan neighborhood had a median sale price of $1.76 million. It actually dropped 19%, which could be due to nearing neighborhoods like Soho and the West Village and their market growth.
6. Flatiron District
Manhattan’s Flatiron District had a median sale price of $1.63 million in 2018. A year ago the Flatiron District was much higher on the list, beating SoHo and landing in the second spot. This was due to lively sales activity in developments like 212 Fifth Avenue where the median stood at $10 million, and 172 Madison Avenue, which featured a $7.5 million median sale price. This past year however, Flatiron dropped down four spots to #6 with a 36% price drop.
7. West Village
The West Village had a 16% price increase for a median sale piece of $1.45 million with 72 transactions.