New York City’s notoriously volatile real estate market is cooling — the high end included — according to a new report from PropertyShark.
The report showed that in the first quarter of 2023, the median sale price fell in 28 of the city’s 50 most-expensive neighborhoods from a year earlier, while the number of sales dropped or was flat in 46 neighborhoods. Only four of the 50 neighborhoods had a median sale price of $2 million or more, compared with eight in the first quarter of 2022.
In the most expensive area, Manhattan’s Hudson Yards, the median sale price rose about 6 percent year-over-year, to $5.729 million; but in TriBeCa, the next most expensive, it fell 6 percent, to $3.5 million. Vinegar Hill, Brooklyn — a former industrial area now sprouting riverfront high-rises — was the third-most expensive neighborhood. But its $2.6 million median sale price was level from a year earlier, so it was price reductions in other neighborhoods that improved its ranking.
In the first Bronx neighborhood to appear among the top 50, Fieldston, the median sale price soared 149 percent year-over-year, to $840,000. The change reflected the fact that in 2023, 54 percent of sales there were of single-family homes (generally more expensive), up from just 7 percent a year earlier. Eight Queens neighborhoods were among the 50 most expensive, while Brooklyn claimed 22 spots and Manhattan 24. (Staten Island was not included in the study because up-to-date data was unavailable, according to PropertyShark.)
The rest of us may be wondering if there are bargains to be found outside of these 50 pricey areas. It’s relative: The city’s overall median sale price dropped $75,000 year-over-year to $695,000, but that’s still well over the national median of $400,698.
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