New York City's median home sale price has reached a record high of $800,000 in the third quarter of the year, an increase of 4% compared to the same period last year. The surge was largely driven by remarkable growth in Brooklyn, where the median price climbed to an all-time high, fundamentally reshaping the city's real estate landscape.
While Manhattan still holds the title for the most expensive real estate, Brooklyn now boasts a greater number of the city's priciest neighborhoods. This shift highlights a broader trend of rising values and increased sales activity across the five boroughs.
Key Takeaways
- New York City's overall median sale price reached a new record of $800,000 in the third quarter.
- Brooklyn's median price surged 11% year-over-year to a record $916,000, surpassing the citywide average.
- Brooklyn now has more neighborhoods in the city's top 50 most expensive list (26) than Manhattan (19).
- Manhattan's Hudson Yards remains the city's most expensive neighborhood with a median price of $4.99 million.
- Queens also quietly set a new record, with its median sale price hitting $600,000.
Brooklyn's Market Heats Up, Outpacing Manhattan
The third quarter data reveals a significant power shift in New York City's real estate market, with Brooklyn emerging as the primary engine of growth. The borough's median sale price jumped an impressive 11% from last year to reach $916,000, a new record.
This growth is not isolated to a few areas. Brooklyn now claims 26 of the city’s 50 most expensive neighborhoods, overtaking Manhattan, which holds 19 spots on the list. This demonstrates a widespread and robust appreciation in property values across the borough.
Standout Brooklyn Neighborhoods
Several Brooklyn neighborhoods experienced particularly strong growth. Cobble Hill registered as the borough's most expensive area, with its median price climbing 24% to $2.28 million. It now ranks as the fifth priciest neighborhood in all of New York City.
Other notable areas include Dumbo, with a median price of $1.93 million, and Fort Greene at $1.9 million. One of the most dramatic changes occurred in Boerum Hill, where the number of sales surged by an astonishing 304%, largely attributed to a new condominium project on Bergen Street that fueled transaction volume.
Brooklyn by the Numbers
- Median Sale Price: $916,000 (All-time high)
- Year-over-Year Growth: +11%
- Most Expensive Neighborhood: Cobble Hill ($2.28 million)
- Share of Top 50 Neighborhoods: 26
Manhattan Retains the Luxury Crown
Despite Brooklyn's surge, Manhattan continues to command the highest prices in the city. The borough's median sale price held firm at $1.15 million. More significantly, sales activity in Manhattan saw a healthy 15% increase year-over-year, indicating strong demand for properties.
The very top of the market remains firmly in Manhattan's control. Hudson Yards once again ranked as the most expensive neighborhood in New York City, with a median sale price of $4.99 million. This was bolstered by high-value transactions in prominent buildings like 35 and 15 Hudson Yards.
Tribeca followed as the second most expensive, with a median of $3.77 million. However, not all of Manhattan's elite neighborhoods saw gains. Soho's median price dropped 21% to $3.36 million, a decline linked to a slowdown in condominium deals. In contrast, the adjacent Hudson Square area saw its median price soar 43% to $2.65 million, placing it fourth on the city's list.
NYC's Top 5 Most Expensive Neighborhoods
- Hudson Yards (Manhattan): $4.99 million
- Tribeca (Manhattan): $3.77 million
- Soho (Manhattan): $3.36 million
- Hudson Square (Manhattan): $2.65 million
- Cobble Hill (Brooklyn): $2.28 million
Queens Sets Its Own Record
While the spotlight often falls on Manhattan and Brooklyn, Queens also achieved a significant milestone. The borough's median sale price rose 4% from the previous year to hit a record $600,000.
The most dramatic growth in Queens was seen in Jamaica Estates. Fueled by a wave of single-family home sales, the neighborhood's median price skyrocketed by an incredible 144% to $1.25 million. Despite this surge, Malba remains the most expensive area in Queens, with a median sale price of $1.6 million.
Overall Market Activity Shows Strong Growth
Across all five boroughs, the real estate market showed signs of robust health. More than 8,500 transactions were closed during the third quarter, representing an 8% increase compared to the same time last year.
This uptick in sales volume, combined with rising median prices in every borough analyzed, paints a picture of a competitive and active market. The data suggests that despite economic crosscurrents, demand for New York City property remains strong, with value continuing to grow across a diverse range of neighborhoods.
