You may recall in early March I shared a list prepared by The Real Deal (“TRD”) of the Most Expensive NYC Neighborhoodsbased on average price in 2022. In summary, the top three Manhattan neighborhoods were Nolita, Times Square North and Tribeca; while Cobble Hill, Carroll Gardens and DUMBO secured the top three spots in Brooklyn. Malba and Hunter’s Point came in as the top two most expensive neighborhoods in Queens.
Fast forward one month, PropertyShark just released a listing of the Top 50 Most Expensive NYC Neighborhoods in Q1 2023 based on median price. While it isn’t an apples-to-apples comparison given the ranking criteria for each, (i.e., full year vs single quarter, and average vs median sales price), it still is interesting to see where the neighborhoods stand between the two.
Hudson Yards was ranked the #1 most expensive NYC neighborhood with a $5,729,000 median sale price. It came in 4th on TRD’s list with an average sales price of $4,709,640.
Tribeca secured the 2nd spot with a reported median sales price of $3.5 million. It ranked 3rd on TRD’s list with an average sales price of $4.7 million.
Vinegar Hill in Brooklyn ranked as the 3rd most expensive NYC neighborhood with a median sales price of $2.6 million. This is the first time ever that a Brooklyn neighborhood has been ranked as one of the top three priciest NYC neighborhoods. As such, it didn’t even register on TRD’s list for 2022.
Soho registered as the 4th most expensive NYC neighborhood with a median sales price of $2.2 million. It ranked 7th on TRD’s list with an average sales price of $3,385,405
Most notable in PropertyShark’s Top 50 Most Expensive Neighborhoods was a historic first for the Bronx. The borough’s neighborhood, Fieldston, ranked #41 with a median sales price of $840,000.
Nolita and Times Square North—ranked as the two most expensive NYC neighborhoods in 2022 on TRD’s list—were not accounted for on PropertyShark’s list. The neighborhood boundaries between the two vary so it isn’t a clear-cut comparison. PropertyShark included NoLita as part of Little Italy and Times Square North as part of the Theatre District-Times Square.