Every time PropertyShark releases its quarterly findings, we're not surprised to see certain neighborhoods listed as the priciest—it's always the increasing home prices in other neighborhoods that cause us to pause.
In quarter 2, PropertyShark reports that while Hudson Yards, TriBeCa and Soho were still the top three priciest neighborhoods in the city with a median sale price of over $3 million, 38 NYC neighborhoods surpassed the $1 million median, even as the overall NYC median decreased to $755,000.
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The report states that the NYC median sale price decreased for the first time in two years by 1% year-over-year from $764,000 to $755,000, but that also the number of neighborhoods with medians of $1 million or more also rose from 31 in Q2 2021 to 38 in Q2 2022—an increase of 23%. Of these, 19 were located in Manhattan, 16 in Brooklyn and three in Queens.
It's not surprising that Manhattan and Brooklyn have over a dozen neighborhoods with prices over $1 million as that's been the case for years, but Queens is newer to this distinction. Hunters Point in LIC, Hollis Hills and Belle Harbor hit the $1 million sales median in Q2.
We won't go into every neighborhood in Manhattan and Brooklyn that had a $1 million-plus sales median—there are just too many. Interestingly though, the report says that Brooklyn had seven of the 10 most significant increases in neighborhood median sale prices, in addition to three of the 10 highest gains in sales activity.
Brooklyn’s Manhattan Beach posted a $1,085,000 median sale price in Q2, which is a 147% year-over-year increase and the largest price increase among the 50 most expensive neighborhoods. Last year, the neighborhood just had a $439,000 median.
(As you might've guessed, Red Hook, DUMBO and Gowanus are among the city’s 10 most expensive.)
In terms of the number of sales in Q2, Queens had the biggest jump—20% year-over-year with the median sales price staying relatively flat at $550,000.
Ditmars-Steinway in particular had the fourth sharpest increase in sales activity among NYC’s top neighborhoods. It had a 138% increase from just eight transactions last year in Q2 to 19 deals this year in Q2. (Ditmars also ranked as the fourth-priciest neighborhood in Queens with a $999,000 median sale price, although at the city level it came in at No. 34.)
You can check out the entire report here.