Thursday, May 4, 2023
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New York Metropolis’s Most Costly Neighborhoods

New York Metropolis’s notoriously unstable actual property market is cooling — the excessive finish included — in keeping with a brand new report from PropertyShark.

The report confirmed that within the first quarter of 2023, the median sale worth fell in 28 of town’s 50 most-expensive neighborhoods from a yr earlier, whereas the variety of gross sales dropped or was flat in 46 neighborhoods. Solely 4 of the 50 neighborhoods had a median sale worth of $2 million or extra, in contrast with eight within the first quarter of 2022.

In the costliest space, Manhattan’s Hudson Yards, the median sale worth rose about 6 % year-over-year, to $5.729 million; however in TriBeCa, the subsequent costliest, it fell 6 %, to $3.5 million. Vinegar Hill, Brooklyn — a former industrial space now sprouting riverfront high-rises — was the third-most costly neighborhood. However its $2.6 million median sale worth was stage from a yr earlier, so it was worth reductions in different neighborhoods that improved its rating.

Within the first Bronx neighborhood to seem among the many prime 50, Fieldston, the median sale worth soared 149 % year-over-year, to $840,000. The change mirrored the truth that in 2023, 54 % of gross sales there have been of single-family properties (typically dearer), up from simply 7 % a yr earlier. Eight Queens neighborhoods had been among the many 50 costliest, whereas Brooklyn claimed 22 spots and Manhattan 24. (Staten Island was not included within the examine as a result of up-to-date information was unavailable, in keeping with PropertyShark.)

The remainder of us could also be questioning if there are bargains to be discovered exterior of those 50 expensive areas. It’s relative: The town’s total median sale worth dropped $75,000 year-over-year to $695,000, however that’s nonetheless properly over the nationwide median of $400,698.

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