Q3 2021 prices were higher than Q3 2020 in many of New York City’s most expensive neighborhoods.
New York City Housing Market Showed Signs of Recovery in Q3 2021
Both prices and sales volume took off in New York City during Q3 2021. Unlike Q3 2019 and Q3 2020 when prices remained essentially flat, Q3 2021 saw the median sale price jump to $755,000, an increase of +16% y/y. The number of sales skyrocketed to +145% y/y, according to an analysis by Property Shark.
This same Property Shark analysis also isolated NYC’s priciest neighborhoods. Median sale prices rose by double digits in 23 of the 50 most expensive NYC neighborhoods. 42 of the 50 priciest NYC neighborhoods experienced double-digit y/y gains in sales activity…35 neighborhoods more than doubled their sales y/y and 22 neighborhoods closed more than three times as many sales as they did in Q3 2020. Three areas even quadrupled their neighborhood sales volume.
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Overall, neighborhoods in Manhattan saw sales explode up to +221% y/y and neighborhoods in Brooklyn topped +16% y/y.
(Keep in mind when checking out the below lists that Q3 2020 was marked by a COVID-depressed real estate market.)
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What’s Fueling Increase in NYC’s Luxury Real Estate Market?
According to Stan Ponte, a senior global real estate advisor and associate broker with Sotheby’s International Realty – East Side Manhattan Brokerage, “The market is on fire…as reports indicate, more apartments were sold in Q3 2021 than at any other time in the last 32 years.”
Ponte pointed to low interest rates (now in Q4, interest rates are beginning to percolate), potential tax changes in the New Year and the “follow-the-leader” mentality in NYC that buyers buy when they hear or read that others are buying. With Broadway being reopened, restaurants being reopened and people being able to do things indoors, New Yorkers are seeing the pandemic wane and…New Yorkers want “in.”
Ponte also noted that another trend fueling the real estate market is the “return to work led by c-suite NYC homebuyers.” Ponte thinks the next trend to watch out for will be “…international buyers coming back into the NYC market as international travel increases.”
Take a Look at the Most Expensive NYC Neighborhoods in Q3 2021
Borough Neighborhood Med. Price Q3’21 Y/Y Change
Manhattan Hudson Yards $4.354M -2%
Manhattan TriBeCa $3.350M +3%
Manhattan SoHo $2.850M -16%
Manhattan Little Italy $2.50M NA
Manhattan Hudson Square $2.026M -28%
Brooklyn DUMBO $1.818M -1%
Manhattan Flatiron District $1.765M +12%
Manhattan Battery Park $1.750M +134%
Brooklyn Carroll Gardens $1.596M 0%
Brooklyn Vinegar Hill $1.543M NA
Manhattan Theater District $1.525M -55%
Brooklyn Cobble Hill $1.348M -3%
Manhattan Chelsea $1.302M -3%
Manhattan Garment District $1.298M NA
More Neighborhoods of Interest
Brooklyn Boerum Hill $1.230M +32%
Brooklyn Downtown $1.175M +29%
Brooklyn Greenwood Heights $1.160M +55%
Manhattan Financial District $1.138M -33%
Queens Hunters Point $1.064M +19%
Thanks to Property Shark.
