NYC’s Priciest Neighborhood Had a $7.1M Median Home Price in 2024 & Median Home Sales price by neighborhood in 2024

In 2024, 41 neighborhoods in New York City had a median sales price of at least $1 million, with eight of them exceeding $2 million. Hudson Yards ranked as the most expensive neighborhood, with a median sales price surpassing $7.1 million.

A recent PropertyShark report examined residential property sales in New York City in 2024 to highlight real estate market trends and identify the city’s most expensive neighborhoods. While more than three dozen neighborhoods have median home prices exceeding $1 million, the priciest one could cost buyers up to seven times that amount.

The report focused on Manhattan, Queens, Brooklyn, and the Bronx, excluding Staten Island from the analysis.

Manhattan, home to nine of the city’s ten most expensive neighborhoods, recorded the highest median sales price among the boroughs at $1,125,000 in 2024.

Brooklyn, which includes Red Hook—the ninth-most expensive neighborhood—had a median sales price of $815,000, reflecting a 5% increase from the previous year.

Queens and the Bronx reported median sales prices of $565,000 and $340,000, respectively. While ten Queens neighborhoods ranked among the city’s 50 most expensive, none from the Bronx made the list.

Hudson Yards maintained its top position for the sixth consecutive year, reaching a record-high median sale price of $7.13 million in 2024—a 22% year-over-year increase. However, sales volume dropped significantly, with only 24 condo transactions recorded, nearly half of the previous year's total.

TriBeCa secured the #2 spot with a 12% year-over-year price increase, bringing its median sale price to $3.3 million, despite a 17% decline in sales. The neighborhood's price growth was driven by the mix of property types sold. Notably, three single-family homes traded at a median price of $14.5 million, while 199 condos sold for a median of $3.6 million. Meanwhile, the 75 co-op units had a median sale price of $2.31 million.

SoHo slipped to the third spot with a median sale price of $3.1 million after a 15% year-over-year decline, while NoHo held steady at #4 despite downward trends in both price and sales. The number of properties sold in NoHo dropped 32% year-over-year, and its median sale price decreased by 7% to $2.96 million.

Among New York City’s ten most expensive neighborhoods, Central Park South experienced the steepest price drop in 2024, with its median sale price falling 25% year-over-year to $2.61 million, alongside a 23% decline in sales activity. Meanwhile, NoLiTa climbed to #6 despite unchanged sales activity, thanks to a 50% surge in its median sale price to $2.4 million. This increase was driven by a rise in the average size of units sold, from 1,366 square feet to 1,565 square feet.