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.

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