The Bronx makes a first appearance in the “Top 50 Most Expensive NYC Neighborhoods” list

New Yorkers in the market for a new home may have noticed a slowdown over the past several months. High inflation and rising mortgage rates changed the trajectory of the NYC real estate market. Although home sales are down from a year ago, many of New York City’s neighborhoods remain a sought-after destination for buyers.

In its latest report, the real estate company, PropertyShark, named the fifty most expensive neighborhoods to buy a home in New York City based on the sales data from the first quarter of 2023. The list includes 22 neighborhoods in Manhattan, 22 in Brooklyn, 8 in Queens, and, for the time ever, one in the Bronx.

Fieldston, a neighborhood located in the Riverdale section of the Bronx, ranked No. 41 on PropertyShark’s top 50 list. The median sales price in this coveted NYC neighborhood rose a whopping 149 percent in one year, going up from $338,000 to $840,000. This surge in the median price is tied to the increase in the share of single-family home sales. 

For the first time ever, Brooklyn claimed a spot among the city’s top three most expensive neighborhoods. Brooklyn’s Vinegar Hill recorded only five home sales in the first three months of 2023. However, those sales had a median price of $2.6 million, making Vinegar Hill the third-priciest neighborhood in New York City. 

It is not surprising that Manhattan is home to the most expensive NYC neighborhoods. With a median sales price of $5.73 million, Hudson Yards climbed to the top of the ranking. TriBeCa was named the second-priciest neighborhood for homebuyers. However, PropertyShark noted that both citywide median sales price and the number of sales went down in the first three months of this year. 

 “NYC’s cooling residential market was exemplified not only by the downshifts observed within its 50 most expensive neighborhoods but at the borough level as well,” the report reads. “With borough-wide metrics trending down for the fourth consecutive quarter — and at increasingly sharp rates — the NYC real estate market is expected to stall in the near future.”

Image credit:

H.L.I.T. (Flickr)

Resources:

“Top 50 Most Expensive NYC Neighborhoods Q1 2023: The Bronx Marks Historic 1st Entry, Brooklyn Enters Top 3,” by Eliza Theiss (PropertyShark, 2023)

“The Bronx makes list of the 50 most expensive neighborhoods in NYC for the first time,” by Jennifer White Karp (Brick Underground, 2023) 

“The Bronx now has one of New York’s priciest neighborhoods—for the first time,” by  Melissa Kravitz Hoeffner (Time Out, 2023)

“Vinegar Hill Is the First Brooklyn Neighborhood to List in City’s Top Three Most Expensive,” by  Anna Bradley-Smith (Brownstoner, 2023)