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10 Most Expensive Neighborhoods in NYC

December 11, 2024

3 min Read

Written by Brooke Barley

Edited by Rebekah Evans

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New York City’s real estate prices are going up. The median sale price is now $770,000, a 3% increase year over year. Though The Big Apple isn’t known for low prices, some neighborhoods are particularly pricey.

Here are the most expensive neighborhoods in New York City, ranked according to a 2024 report by PropertyShark.

1. SoHo

Without a doubt, the borough to show up the most on this list was Manhattan and SoHo ranks as the most expensive neighborhood in the most expensive borough. The median sale price for a place in SoHo is $4,250,000, a 1% change from last year. This is the first time in eight years that the neighborhood has been the most expensive. SoHo has overtaken Hudson Yards, the city’s previous most expensive neighborhood. Notably, Hudson Yards didn’t even make the list and only had four residential sales during the third quarter.

2. TriBeCa

Another Manhattan borough takes second place, as TriBeCa saw a whopping 55% median sale price increase compared to last year. The current median sale price is $3,898,000 for the neighborhood. In 2020, TriBeCa was the most expensive New York City neighborhood, but has dropped a spot in the past four years.

3. Hudson Square

Despite having a high ranking, Hudson Square actually saw a 31% decrease in median sale price compared to last year. The current median sale price is $1,850,000. Last year, their median sale price was $2.7 million.

4. Cobble Hill

Brooklyn enters the list with the Cobble Hill neighborhood. Cobble Hill saw a 13% increase compared to last year — from $1,625,000 to $1,840,000. Cobble Hill is considered one of New York City’s most exclusive neighborhoods and is home to celebrities like Daniel Craig, according to PropertyClub.

5. Theatre District

We head back to Manhattan for No. 5 where residents can enjoy easy access to Broadway shows. The Theatre District saw a 4% increase compared to last year — from $1,713,000 to $1,780,000.

6. Flatiron District

Not too far south of the Theatre District is the Flatiron District, where median sale prices have actually gone down 19% compared to last year. In 2023, the median sale price was $2,167,000 and now it’s $1,750,000.

7. Chelsea

This Manhattan neighborhood saw a 35% median sale increase, compared to last year. In 2023, the median sale price was $1,242,000 and now it’s $1,680,000. In addition, Chelsea had the most active sales market with 175 transactions in the third quarter.

8. Dumbo

Dumbo had a 41% decrease in median sale price compared to last year. Median prices dropped from $2,833,000 to $1,667,000. Despite the dip, it still ranks as one of the city’s priciest neighborhoods and the second most expensive neighborhood in Brooklyn.

9. Carroll Gardens

Brooklyn’s third most expensive neighborhood saw a 17% median sale increase compared to last year. In 2023, the median sale price was $1,390,000 and now it’s $1,628,000. Carroll Gardens is also known for exclusivity and has seen residents like Jemima Kirke, according to PropertyClub.