By Serj Markarian, Licensed Real Estate Salesperson and Manhattan Market Expert

PropertyShark's Q3 2024 report on NYC’s Top 50 Most Expensive Neighborhoods brings some noteworthy shifts. Notably, Hudson Yards, which held the top spot for the past two quarters, is absent from the rankings for the first time since the early pandemic shutdowns due to insufficient sales. This allowed SoHo, previously ranked second with a median sales price of $3.1M, to claim the # 1 spot for the first time in eight years, boasting a median price of $4.25M.

Rounding out the top three were Tribeca, with a median sales price of $3.9M, and Hudson Square (not to be confused with Hudson Yards), reporting a median of $1.85M. Tribeca, although second in rank, saw its median price surge by $1M from last quarter and marking a 55% year-over-year increase. However, both SoHo and Tribeca experienced significant drops in sales transactions compared to last year.

Manhattan maintained its dominance in the top three, yet, for the first time in almost three years, Brooklyn outpaced it, securing 23 neighborhoods in the top 50, compared to Manhattan’s 16. Cobble Hill nearly clinched the third spot with a median sales price of $1.84M, trailing Hudson Square by only $10,000.

The remainder of the top 10 saw a blend of Manhattan and Brooklyn: Manhattan’s Theatre District–Times Square, Flatiron, and Chelsea placed 5th through 7th, with Greenwich Village at # 10, while Brooklyn’s DUMBO and Carroll Gardens took 8th and 9th.

Notably, Fieldston, which brought the Bronx into the top 50 in Q1 2023 and Q2 2024, fell off the list again. Queens rounded out the top 50 with 11 neighborhoods. In a broader trend, only 28 neighborhoods surpassed the $1M median sales price this quarter, down from 33 in Q3 2023. Despite this, the NYC-wide median sales price for all top 50 neighborhoods rose 3% year-over-year, alongside a 6% increase in sales activity.

While comparing these figures with the Manhattan Q3 2024 report is more apples-to-oranges, the trends hint at a potentially strengthening market, perhaps driven by recent drops in mortgage rates this past quarter.

For questions on the Manhattan real estate market, connect with Serj Markarian here. 

Posted by Hannah Minnick, BHS Content Team