While the majority of New York’s priciest neighborhoods have got a little less expensive of late, that’s not the case for the costliest one.
A new report on the 50 most expensive neighborhoods in the city by the real estate database PropertyShark sheds light on the current state of Gotham’s housing market in the first quarter of 2023. And while the median price in 28 of the city’s 50 most-expensive neighborhoods fell, the top area—Hudson Yards—saw a 6 percent year-over-year increase to its current $5.729 million median home price, the the New York Times noted. Although, the median price rose, the sales volume in Hudson Yards dropped 67 percent, closing just eight sales in the first quarter of 2023.
The title of second most expensive went to TriBeCa, which posted a $3.5 million median sale price in the first quarter of 2023. This marks a 6 percent decrease when compared to figures from a year ago. Coming up in third place is Vinegar Hill in Brooklyn, with a median home price of $2.6, which was unchanged year-over-year. However, it was the first time a neighborhood from the borough landed in the top three.
Fieldston, a privately owned affluent neighborhood in The Bronx, was the first part of that borough to ever crack the top 50. It ranked at #41, but it experienced “the sharpest price increase among the city’s leading neighborhoods,” PropertyShark reported. The median sale price escalated year-over-year from $338,000 in 2022 to $840,000 in 2023.
Luxury home sales have slowed in New York as many have chosen to sit out this market as fears of a looming recession, rising interest rates, and a paltry Wall Street bonus season last year all have taken their toll. Hence, the city’s overall median sale price dropped year-over-year by $75,000 to $695,000. However, that remains above the national median: $400,698.