Two Queens neighborhoods surpassed $1M median sales mark

PropertyShark has published its list of New York City’s most expensive neighborhoods based on median sales price for the second quarter of 2018, and all the usual suspects like Tribeca, Soho, and Dumbo have emerged on top. The biggest development this time around however was the fact that two neighborhoods in Queens crossed the $1 million mark for median sales price namely Belle Harbor and Hunters Point.

Belle Harbor scored a median sales price of $1.18 million in the second quarter of 2018, which placed it in the top 20 most expensive neighborhoods in the city. PropertyShark is hesitant to call this a trend however as this figure is based on just five transactions that closed in the neighborhood.

Hunters Point on the other hand has a more firm footing with 49 transactions recorded in the same time period and a median sales price of $1 million. That’s a two percent increase over the same time last year. In fact, all but one of the Queens neighborhoods PropertyShark surveyed saw median sales prices increases from the same time last year.

Overall, Manhattan continued to dominate the top 10 most expensive neighborhoods list with nine entries though many neighborhoods saw year over year declines in median sales prices like Tribeca, the Flatiron District, and Battery Park City. Dumbo witnessed a major spike from the same time last year landing it in third place in the top 10 list; the median sales price in the neighborhood sits at $2.5 million, based on 16 transactions.

• TriBeCa, SoHo Still Most Expensive Neighborhoods in New York City, but DUMBO Gains Ground With 37% Price Increase [PropertyShark]