The Bronx makes list of the 50 most expensive neighborhoods in NYC for the first time
- Fieldston zooms to No. 41 from No. 140 thanks to more single-family deals
- Hudson Yards and Tribeca remain NYC's priciest nabes per Property Shark report
- Vinegar Hill’s $2.6 million median sales price lands Brooklyn in the top three
The Bronx is in the house: A new ranking of the 50 most expensive New York City neighborhoods lands the northernmost borough on the list for the first time.
The latest edition of PropertyShark.com’s report, which analyzed residential sales by neighborhood in the first quarter of 2023, found that NYC’s median sales price dropped $58,000 year over year as the number of deals fell 35 percent.
But the Bronx neighborhood of Fieldston stands out with a 149 percent surge in median sales price, landing it on the top 50 list for the first time at No. 41. The median sale price jumped from $338,000 in the first quarter of 2022 to $840,000 in the first quarter of 2023. Fieldston—a "private," affluent neighborhood where residents own the streets and pay dues, previously ranked at No. 140.
For another first: Brooklyn clinched a spot among the city’s top three most-expensive neighborhoods with Vinegar Hill’s $2.6 million median sales price, landing it at No. 3.
What put Fieldston over the top?
It was not the result of a particular deal or new development. The 13 Fieldston sales recorded in January through March were spread throughout the neighborhood, according to Eliza Theiss, senior writer at PropertyShark and author of the report.
That’s in contrast to Brooklyn's Vinegar Hill, where three of the five recorded sales were at the upscale boutique condominium project 288 Water St., where current listings start at $2,568,000 for a three bedroom, two and a half bath.
However, she says, the big increase in the Fieldston's median sales price “can be attributed to a substantial shift in the types of properties sold during the first three months of the year” with single-family homes accounting for a much greater proportion of sales.
Co-ops made up 87 percent of sales in the first quarter of 2022, while single-family homes made up only 7 percent. But in the first quarter of this year, single-family homes accounted for 54 percent of transactions while co-ops accounted for 46 percent of deals, she says.
Hudson Yards and Tribeca remain NYC's most expensive neighborhoods
Hudson Yards, the most expensive neighborhood in the city, saw a $5,729,000 median sales price for the first three months, the result of a 6 percent year-over-year increase. Deals dropped 67 percent and the neighborhood only closed eight sales in the first quarter.
The city’s second-priciest neighborhood, Tribeca, had a $3.5 million median sales price in the first quarter, a 6 percent decrease year over year as sales slowed 65 percent, from 111 deals in the first quarter of 2022 to just 39 transactions in the first quarter of 2023.
Other findings from the report
- 31 NYC neighborhoods had median sales prices of $1 million-plus, two fewer than in the first quarter of 2022
- Manhattan's median sales price dropped $94,000 year over year to $1,066,000
- The number of Brooklyn transactions fell 42 percent year over year
- Queens’ Ditmars-Steinway saw the most drastic decrease in neighborhood-level deals, falling 72 percent year over year
PropertyShark’s report compared closed sales of single-family homes, condos and co-ops between the first quarter of 2022 and the first quarter of 2023. Median sales prices were calculated only for neighborhoods that recorded at least five sales.
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