Staten Island Home Prices Rose 43% In Recent Years While Manhattan Median Sale Price Under $1 Million For First Time Since Pandemic

Manhattan median sale price under $1M for the first-time since the start of the pandemic

Editor’s note: For Staten Island, between the First Quarter of 2022 and the same period in 2023, there was a 43% decrease in the number of home sales on Staten Island.  Between 2021 and 2022, there was also a 13% increase in home sale prices,  which then decreased by 2% the following year, rising again by 6% until the first quarter of 2024. 

The New York City real estate market saw both the number of sales and median prices rise year-over-year, our report ranking the Top 50 Most Expensive NYC Neighborhoods shows. Meanwhile, Manhattan was the only NYC borough where home prices trended down, dropping below the $1 million mark for the first time since Q2 2020. In fact, of the 21 Manhattan neighborhoods in our Q1 top, only 7 experienced price increases. Meanwhile, some neighborhoods, such as the Theatre District – Times Square area, underwent price contractions as sharp as 35% Y-o-Y.  

Key highlights from our report:   

·         Hudson Yards remains the most expensive NYC neighborhood, now at $6M  

·         SoHo continues as #2 priciest location thanks to 61% year-over-year pricing surge 

·         $1M price increase lifts Carroll Gardens to #4 among NYC’s 50 most expensive neighborhoods 

·         At $1.17 million, Hunters Point continues as most expensive neighborhood in Queens  

·         Queens’ median sale price logs sharpest borough-level increase at 6% Y-o-Y 

·         NYC’s median sale price ticks up 1% to $700,000, up 1% from Q1 2023, with the number of sales rising 3% Y-o-Y 

You can find more information on the evolution of the city’s 50 priciest neighborhoods in our full report: https://www.propertyshark.com/Real-Estate-Reports/priciest-nyc-neighborhoods/   

Banner Image: Rising prices. Image Credit – Creatorish