The contest for New York City’s most expensive neighborhood isn’t really a contest anymore. Hudson Yards — as much a luxury development as a neighborhood — had the highest median sale price in the city during the second quarter of 2024, according to a Property Shark report: $7.5 million. That’s more than double the median price in New York’s second most expensive neighborhood — SoHo, at $3.1 million — though it represents just five sales during the quarter. SoHo had 37.
What about the rest of the city? Even with large fluctuations in some neighborhoods — often based on just a handful of sales — New York’s median sale price inched up a mere two percentage points during the year, while the number of sales fell by a single percentage point. But zooming in on specific areas reveals a more complex picture.
In Brooklyn, the median sale price rose from $775,000 to $863,000, up 12 percent, though the number of sales rose by only 2 percent. In Greenpoint, the city’s 21st most expensive neighborhood, sales more than tripled, mostly driven by two new luxury developments: 29 Huron Street and 173 McGuinness Boulevard. Cobble Hill, with a median price of $1.963 million, edged out Carroll Gardens to become Brooklyn’s most expensive neighborhood, though it did it with only 14 sales — down from 27 in Q2 2023.
There were also notable changes in the Bronx, where sale prices rose by 10 percent or more in 21 of the borough’s neighborhoods. For just the second time since Property Shark began compiling this list, Fieldston, tucked in the borough’s northwest corner, appeared among the city’s 50 most expensive neighborhoods, with prices shooting up 257 percent over a year. The change can be attributed to more sales of single-family homes, which accounted for 64 percent of transactions, up from just 17 percent a year earlier.
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