While prices were up overall in the third quarter compared to a year ago, they fell in many of the priciest areas.
New York City’s real estate market was rich with signs of recovery in the third quarter of 2021. The city’s median sale price was up 16 percent from Q3 2020, to $755,000, and the number of sales increased 145 percent, according to an analysis by Property Shark. (By contrast, the report notes that prices were essentially flat from Q3 2019 to Q3 2020.)
The study also isolated the city’s most expensive neighborhoods, the subject of this week’s chart. In Manhattan, which experienced a greater pandemic slump than the other boroughs, the number of sales surged to a three-decade high, according to the most recent Elliman Report, and seven Manhattan neighborhoods landed among the 10 most expensive in the city, according to Property Shark’s analysis.
The analysis makes clear that increased sales activity doesn’t translate to higher prices everywhere. In fact, the opposite was often true in the most expensive areas. While median sale prices rose in 26 neighborhoods among those with the 50 highest median prices in the quarter (actually a list of 57 neighborhoods because of several ties), prices fell or were flat in 19. The rest didn’t have enough sales to accurately gauge price growth.
Battery Park City’s 134 percent increase in median price was by far the largest in the city. In Hudson Yards, the most expensive neighborhood, prices fell 2 percent, and in SoHo, which finished third, they were down 16 percent. The Theater District/Times Square neighborhood saw the steepest price drop, 55 percent.
This week’s chart shows New York City’s 10 most expensive neighborhoods as of Q3 2021, and the 10 that saw the largest year-over-year price decreases.
Where Are the Priciest Homes
In New York City?
MEDIAN SALE
PRICE
Q3 2021
YEAR-OVER-YEAR
PRICE CHANGE
NEIGHBORHOOD
Hudson Yards
TriBeCa
SoHo
Little Italy
Hudson Square
Dumbo
Flatiron District
Battery Park City
Fiske Terrace
Carroll Gardens
–2%
+3%
–16%
-
–28%
–1%
+12%
+134%
-
0%
$4,354,000
$3,350,000
$2,850,000
$2,500,000
$2,026,000
$1,818,000
$1,765,000
$1,750,000
$1,650,000
$1,596,000
Where Did Prices Fall Most Among the
Most Expensive Areas?
MEDIAN
SALE PRICE
Q3 2021
YEAR-OVER-YEAR
PRICE CHANGE
NEIGHBORHOOD
–55%
–46%
–33%
–28%
–25%
–20%
–19%
–17%
–16%
–6%
Theater District/Times Square
Red Hook
Financial District
Hudson Square
Fort Greene
Central Midtown
Prospect Heights
Upper West Side
SoHo
East Village
$1,525,000
$1,050,000
$1,138,000
$2,026,000
$950,000
$852,000
$945,000
$1,021,000
$2,850,000
$1,075,000
Where Are the Priciest Homes
In New York City?
Where Did Prices Fall Most Among the
Most Expensive Areas?
MEDIAN SALE
PRICE
Q3 2021
MEDIAN
SALE PRICE
Q3 2021
YEAR-OVER-YEAR
PRICE
CHANGE
YEAR-OVER-YEAR
PRICE CHANGE
NEIGHBORHOOD
NEIGHBORHOOD
–55%
–46%
–33%
–28%
–25%
–20%
–19%
–17%
–16%
–6%
Hudson Yards
TriBeCa
SoHo
Little Italy
Hudson Square
Dumbo
Flatiron District
Battery Park City
Fiske Terrace
Carroll Gardens
–2%
+3%
–16%
-
–28%
–1%
+12%
+134%
-
0%
$4,354,000
$3,350,000
$2,850,000
$2,500,000
$2,026,000
$1,818,000
$1,765,000
$1,750,000
$1,650,000
$1,596,000
Theater District/Times Square
Red Hook
Financial District
Hudson Square
Fort Greene
Central Midtown
Prospect Heights
Upper West Side
SoHo
East Village
$1,525,000
$1,050,000
$1,138,000
$2,026,000
$950,000
$852,000
$945,000
$1,021,000
$2,850,000
$1,075,000
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