These NYC neighborhoods have the highest home prices

The New York City housing market is one of the most expensive and competitive in the world. Some NYC neighborhoods are known to be high-priced, and others have recently surprised buyers with their sudden and significant increase in home prices. The real estate data provider PropertyShark released a report featuring the least affordable places to buy a home citywide. 

Hudson Yards, Tribeca, and SoHo remained the top three priciest neighborhoods in New York City. Hudson Yards topped the list despite a 10 percent decline in home prices. The median asking price in this area went down from $5.71 million in 2021 to $5.13 million in 2022. 

PropertyShark named Tribeca the second least affordable neighborhood in the city, with the median asking price of $3.47 million. The number of homes sold in Tribeca in the second quarter of this year dropped 21 percent to 72 total sales. 

Following Hudson Yards and Tribeca comes SoHo, where the median home price climbed to $3.45 million. This is a 32 percent increase from last year, which according to the report, is mostly attributed to the larger square footage of sold homes. On average, homes that sold in SoHo in the second quarter of this year were 18 percent larger than those sold last year. The sales activity remained relatively stable with 44 registered sales, down less than 5 percent from 2021.  

Although Manhattan claimed 7 out of the top 10 most expensive areas for homebuyers, some of Brooklyn's neighborhoods have also made the list. Red Hook, DUMBO, and Gowanus ranked 6th, 8th, and 10th. The median sale price in these neighborhoods topped $1.5 million. 

Overall, 38 New York City neighborhoods surpassed the $1 million median asking price in Q2 2022. In 2021, this number was 31. Most of these neighborhoods were located in Manhattan and Brooklyn. However, there were also three neighborhoods in Queens – Belle Harbor, Hunters Point, and Hollis Hills, where the median price tag was $1 million or more. 

Resources:

“Top 50 Most Expensive NYC Neighborhoods Q2 2022: Citywide Median Sale Price Ticks Down 1% Y-o-Y But Top Neighborhoods Continue Gains,” by Eliza Theiss (PropertyShark, 2022)

“These Are the Priciest NYC Neighborhoods to Buy Property, Study Says,” (NBC New York, 2022) 

“These are currently the priciest NYC neighborhoods,” by Shaye Weaver (TimeOut, 2022)