New York’s notoriously volatile real estate market is cooling down – including high-end ones, a latest report finds PropertyShark.
The report found that in the primary quarter of 2023, the median selling price decreased in 28 of the town’s 50 most costly neighborhoods in comparison with the previous 12 months, while the variety of sales decreased or remained the identical in 46 districts. Only 4 of the 50 districts had a median sale price of $2 million or more, down from eight in the primary quarter of 2022.
In the costliest area, Hudson Yards in Manhattan, the typical selling price rose about 6 percent year-on-year to $5.729 million; but at TriBeCa, the following most costly, it fell 6 percent to $3.5 million. Brooklyn’s Vinegar Hill – a former industrial area now dotted with riverside skyscrapers – was the third most costly neighborhood. But its $2.6 million average selling price was on the previous 12 months’s level, so it was the value cuts in other districts that boosted its rating.
In the Bronx’s first top 50 neighborhood, Fieldston, the median selling price rose 149 percent year-on-year to $840,000. The change reflected the indisputable fact that in 2023, 54% of single-family homes (generally costlier), in comparison with only 7 percent. a 12 months before. Eight Queens neighborhoods ranked among the many top 50 most costly, while Brooklyn ranked twenty second and Manhattan twenty fourth.
The remainder of us may wonder if there are bargains to be found outside of those 50 expensive areas. It’s relative: the town’s overall median selling price has fallen from $75,000 year-over-year to $695,000, but that is still well above the national median $400,698.
Sign up here for weekly residential property email updates.
