A new list of the Top 50 Most Expensive Neighborhoods in New York City for Q2 2024 was released by PropertyShark. The coveted top three spots saw no change from Q1: Hudson Yards held the lead with a median sales price of $7.5M, followed by SoHo at $3.1M, and Tribeca at $2.9M. Notably, Hudson Yards' median price, more than double that of SoHo, was based on just five sales, whereas SoHo's figure encompassed 37 sales.
Fieldston made a notable return with a 257 percent price surge, marking the Bronx's second historic appearance on the list since its debut in Q1 2023. Manhattan dominated the Top 10, with Brooklyn securing the #7 and #8 spots through Cobble Hill ($1.96M) and Carroll Gardens ($1.95M). In the previous quarter, Brooklyn claimed four of the top ten spots. High prices may be causing inventory to move slower than normal.
Chinatown re-entered the top 10 list after two years, experiencing a 79 percent year-over-year price jump that elevated its median sales price to $2.03M. The Flatiron and West Village neighborhoods rounded off the top 10 with median prices of $1.73M and $1.7M, respectively. Flatiron recorded the highest number of sales among the top 10, with 101 transactions. This year, 35 neighborhoods posted median prices of at least $1M, two less than the previous year.
Similar to the previous quarter, the median sale price and sales activity remained relatively flat overall, rising by only 2 percent year-over-year. Brooklyn stood out with a 12 percent increase in median sales price, from $775K to $863K, even though the number of sales increased by just 2 percent.
As Brown Harris Stevens CEO Bess Freedman remarked upon the request of the Q2 Manhattan Residential Report in April, she’s hopeful for improvement in the second half of the year. We should also consider that the potential rate cut in September is expected to further stimulate the market.
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