It’s no secret that Manhattan is a pricey borough for real estate, but just how expensive is the Big Apple compared to other boroughs?
PropertyShark recently released its annual report chronicling the 50 most expensive neighborhoods across New York City. According to their findings, real estate prices in 2024 regained some traction compared to 2023, with a median sale price of $748,000, a 3% year-over-year increase. The number of sales saw a 1% dip with 30,115 sales in 2024 compared to 2023’s 30,298.
The median sale price for Manhattan stayed relatively flat year-over-year, clocking in at $1,125,000. Manhattan also saw slightly fewer sales this past year, with 11,541 sales in 2024 compared to 11,784 in 2023.
Manhattan’s priciest neighborhoods
According to PropertyShark’s report, Manhattan continues to lead the city with the most expensive neighborhoods, with nine out of the top ten communities being from Manhattan. Of the top 50 neighborhoods — which ultimately was 58 due to ties — 27 were from Manhattan.
Hudson Yards clocked in as the city’s most expensive neighborhood for the sixth year in a row. The locality set a new record with a median sale price of $7.13 million, a 22% increase year-over-year. However, Hudson Yards saw the number of real estate sales plummet from 45 total sales in 2023 to 24 in 2024.
Tribeca is priced in as the second most expensive community in Manhattan, with a 2024 median sales price of $3,295,000 from the 277 sales made that year. Soho snagged the number three spot with a median sales price of $3.1 million.
The top ten priciest Manhattan neighborhoods are as follows, with the median sales price for 2024:
- Hudson Yards – $7.13 million
- Tribeca – $3.295 million
- Soho – $3.1 million
- Noho – $2.963 million
- Central Park South – $2.613
- Nolita – $2.4 million
- Hudson Square – $2.111 million
- Carnegie Hill – $2 million
- NoMad – $1.95 million
- Chelsea – $1.885 million
Of these neighborhoods, PropertyShark noted that Chelsea and Nolita had sharp increases in their median sales price year-over-year, with a 52% and 50% increase, respectively, in 2024.
Of the top ten Manhattan neighborhoods, Central Park South saw the steepest decline in its median sales price year-over-year, dropping 25% in 2024.
Selling the outer boroughs
Brooklyn was recorded as the second most expensive borough in the city, with 21 total neighborhoods in the top 50 neighborhoods. Only one Brooklyn neighborhood cracked the top ten priciest areas, with Carroll Gardens tying with NoMad at number nine with a median sales price of $1.95 million, technically making the top ten list a list of eleven neighborhoods.
In Queens, only 10 neighborhoods made it into the top 50, none of them making it to the top ten. The most expensive neighborhood was Hunters Point with a median sale price of $1.167 million. The neighborhood was also notably the only Queens community to have a median sale price of over $1 million. The Bronx and Staten Island did not appear in this list, however PropertyShark noted that the Bronx saw a 5% decrease in total sales.
The city was pretty evenly split in terms of total sales, with 26 communities increasing and 30 decreasing in 2024. The top five sales increases were seen in Greenpoint (305 in 2024 compared to 126 in 2023), Theatre District-Times Square (135 in 2024 vs. 79 in 2023), Columbia Street Waterfront District (29 in 2024 vs. 18 in 2023), Rockwood Park (77 in 2024 vs. 50 in 2023), and Gowanus (69 in 2024 vs. 47 in 2023). The neighborhoods with the biggest decreases, aside from Hudson Yards, include Two Bridges (47 in 2024 vs. 90 in 2023), Boerum Hill (67 in 2024 vs. 124 in 2023), Red Hook (16 in 2024 vs. 28 in 2023) and NoHo (30 in 2024 vs. 44 in 2023).
To read the full report, visit propertyshark.com.
