PropertyShark just released its annual list of the Top 50 Most Expensive NYC Neighborhoods for Q1 2024. Notably, two of this year's top three neighborhoods, Hudson Yards and Tribeca, retained their top positions from the previous year's rankings for the same period. Joining them this year is Soho, ascending from its previous 4th spot in 2023 to the 2nd most expensive neighborhood this year, edging out Brooklyn’s Vinegar Hill which ranked as 3rd most expensive NYC neighborhood last year. The rankings are determined by median sales prices, as opposed to average sales prices utilized by some other firms, focusing on closed residential sales recorded during Q1 2024.
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There was only a marginal increase in the overall median sales price, rising by a mere 1 percent compared to the previous year for the same period. Similarly, the total number of residential sales saw a modest uptick of 3 percent. These figures reflect the subdued level of activity observed throughout the past quarter, which comes as little surprise given the prevailing market conditions.
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Breaking down the top 10 boroughs, Manhattan dominated with six of the most expensive neighborhoods and Brooklyn claimed the remaining four. Among these neighborhoods, prices saw an upward trend in seven, while sales experienced growth in only three.
Hudson Yards maintained its stronghold as the #1 ranked neighborhood with a median sales price of $6 million, marking a 5 percent increase from the previous year. This uptick is attributed to the sale of larger properties compared to the previous year.
Soho claimed the #2 position, with a notable surge in median sales price to $3.54 million—a 61 percent year-over-year increase, ranking it fifth in price appreciation among the city's wealthiest neighborhoods.
Despite slipping from its previous 2nd place standing, Tribeca secured the coveted #3 spot with a median sales price of $3.45 million. Although it saw a marginal 1 percent decrease in price, Tribeca experienced a noteworthy 44 percent spike in sales from the previous year.
Completing the top 10 neighborhoods in descending order of ranking were Carroll Gardens, Flatiron District, Chelsea, DUMBO, Boerum Hill, Hudson Square, and Cobble Hill, solidifying its position at 10th with a median price of $1.57 million.
Other noteworthy mentions include Fort Greene, which reported an impressive 86 percent price increase, marking the highest among all 50 neighborhoods. Following closely behind were Greenwood Heights and Chelsea, securing the 2nd and 3rd highest price increases, respectively.