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Expensive neighborhoods see price drops

View of lower Manhattan with World Trade Center

With a small footprint in terms of square miles, New York City is the most densely populated city in the country with hundreds of neighborhoods spread across five boroughs. In Manhattan alone the latest count is more than 50 neighborhoods, which most likely will continue to grow. That makes finding the right neighborhood to live in a job within itself.

Your real estate broker should be able to help you find a neighborhood that checks off all the boxes on your list. Each neighborhood has its own history, culture and personality, which makes our great city attractive to so many—there’s a neighborhood for everyone. However, the other factor and probably the most important one that separates them from one another is affordability. As with any city, prices vary by neighborhood.

The more popular neighborhoods in Manhattan, e.g., the West Village, Greenwich Village, Chelsea, Soho and Gramercy Park, have ranked in the top 10 as “most searched” for many years. Because they’re in high demand, you can expect higher prices in these neighborhoods. Currently Chelsea is the most costly with the median asking rent at $4,500 and the median asking selling price at $1,595,000. Williamsburg is the top ranked neighborhood in Brooklyn with a median asking price of a little under $1.5 million and Long Island City ranks highest in Queens with a median asking price right under $800,000.

Before deciding to rule out a neighborhood because it may be too expensive, keep in mind that prices change. For example, Soho saw a 17 percent year-over-year decrease as did Brooklyn Heights, the 3rd ranking neighborhood in Brooklyn. Your broker should be able to provide you with neighborhood stats and prices to help you narrow down your search and find a neighborhood that appeals to you and that fits within your budget.

There are other things to consider when combing through neighborhoods, which I will share with you in the next week or so. I just filmed a video that is currently being edited that I think may be helpful to you. Meanwhile, if you have any questions regarding a neighborhood or property in particular, please reach out.


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