As 2018 winds down, it’s time to take a look at this year’s most expensive neighborhoods in New York City. PropertyShark did the leg work of determining the city’s 50 most expensive neighborhoods and to no one’s surprise, nearly half of them were in Manhattan. However, there we a few unexpected additions, as well as two ties that resulted in 52 neighborhoods making the list.
To determine the most expensive neighborhoods, PropertyShark calculated median sales prices, based on residential property sales that closed (excluding package deals) between January 1 and November 23, 2018.
For the umpteenth time, Tribeca is New York City’s most expensive neighborhood, with a median sale price of $3.85 million. Soho retained the second place slot, with a median sale price just under $3 million, while the Garment District snagged third place thanks to its 41 percent year-over-year increase that pushed its median sale price up to $2.33 million; last year, the neighborhood ranked seventh place.
Despite a lack of new developments, prices spiked on Roosevelt Island and the neighborhood saw a 44 percent increase in median sale prices, while the West village saw a 36 percent increase, followed by Chelsea with a 19 percent increase. The Flatiron District, Little Italy, and the Financial District all saw sharp declines in their respective median sales prices.
In Brooklyn, a 37 percent spike in sales prices allowed Greenpoint to move into 14th place, while Dumbo saw a 5 percent dip in prices. And in Queens, East Flushing had the biggest increase (9 percent) in its median sale price.
There were 24 Manhattan neighborhoods, 21 Brooklyn neighborhoods, and seven Queens neighborhoods on the list. There were only 7 new additions to the top 50 list.
Head over to PropertyShark to check out the full list.
- Which are the Most Expensive NYC Neighborhoods of 2018? [PropertyShark]