As construction continues to boom in Manhattan and Brooklyn despite the luxury market cooling off housing prices have continued to soar. As they do for every quarter, the real estate site PropertyShark has finished compiling its Q4 rankings of the most expensive neighborhoods to live in New York City.
Median prices were compared for all closed residential properties sales between July and September 2017, with a few new faces making it to the top ten. Dumbo scored the eighth spot as Brooklyn’s most expensive neighborhood while the top spot when to, surprise, surprise – Tribeca!
Below are the top 10 most expensive neighborhoods in New York City as of this fall.
1. Tribeca, Manhattan – $4,683,950
This prized neighborhood once again holds the top spot despite narrowly falling behind Flatiron in Q3. This year saw 417 transactions carried out, slightly less than it’s 482 the previous year. Regardless, it saw a median price increase of 12% making it the most expansive neighborhood in New York City.
2. SoHo, Manhattan – $2,997,500
Soho comes second with a median sales price of $2,997,500, making for a contraction of 13% compared to the last year. The number of transactions also dropped from 180 to 150
3. Hudson Square, Manhattan – $2,305,245
Hudson Square moved up to third place thanks largely to stagnating price growth in Little Italy and Dumbo. The neighborhood has kept a stable price over the year, winning out against Flatiron by just $5,245.
4. Flatiron District, Manhattan – $2,300,000
Despite scoring the top spot in the third quarter of 2017 Flatiron fell down again to fourth place. This is still an impressive climb from 6th place in the last quarter of 2016, an increase of 19% with 460 transactions carried out.
5. Little Italy, Manhattan – $2,282,031
A median price drop of 6% meant this lovable district fell from its third spot on the list in 2016 with only 26 transactions carried out over the year
6. Dumbo, Brooklyn – $1,980,496
Despite holding a steady median price the neighborhood still maintains its position as Brooklyn’s most expensive neighborhood, losing just one place to the financial district’s impressive 19% price growth.
7. Garment District, Manhattan – $1,657,500
The fashion district experienced a drop of 4% in median prices over the year with only 26 transactions carried out. Nonetheless, this still put it one place above its 2016 spot
8. Boerum Hill, Brooklyn – $1,629, 200
Brooklyn showed impressive performance this year, providing 22 of the city’s most expensive neighborhood’s, just 2 less than Manhattan. Boerum improved its position thanks to increased sales and the launch of new luxury developments making for an impressive increase of 52% in median price.
9. Red Hook, Brooklyn – $1,625,000
Climbing from 16th place last year, Red Hook made a big jump into the top ten with a price increase of 34%, making it Brooklyn’s third most expensive neighborhood. Of its 21 transactions, more than a third took place at a new townhouse development at 74-84 Sullivan Street and 109-125 King Street.
10. Central Midtown, Manhattan – $1,580,00
With a 22% increase on last year, Central midtown raised two spots to put it at number 10 in New York’s most expensive neighborhoods. This increase was largely due to some high-priced properties on 252 East 57 Street which had a median price of $5.4 million.