New York City’s Prime Neighborhoods See Big Jumps in Home Prices

by Oshrat Carmiel

New York City home prices are rising fast in some of its most-prestigious neighborhoods.

In the third quarter, Manhattan’s Greenwich Village and Chelsea—expensive-to-live-in staples of downtown cool—each saw resale prices jump to a median of $1.3 million. The gains from a year earlier were 40% and 24% respectively. The Upper West Side median rose 20% to $1.2 million.

Brooklyn’s prime neighborhoods—all close to Manhattan—are faring the same. Resale prices in the Cobble Hill/Boerum Hill area increased 20% to $1.12 million. In Williamsburg, they climbed 17% to $1.16 million.

Buyers are homing in on well-located properties as the city edges closer to a post-pandemic normal and employees return to their offices. New Yorkers who fled to far-off locales are now putting an emphasis on being close to work and the epicenters of nightlife.

Many prime areas also are well-stocked with newly built and pricey offerings that had been languishing before the pandemic, according to Nancy Wu, an economist with StreetEasy.

“People who had the means and wanted to buy were window shopping for a whole year,” Wu said. “Those with more flexible budgets were able to make that purchase sooner.”

Manhattan, Brooklyn and Queens real estate at a glance for the quarter ended Sept. 30, 2021:

Highest priced sale

Median home price

Change in price from last year

Click or tap on any neighborhood in the map to add it to the comparison charts below. Click or tap on any neighborhood name above to remove it.

Definition of Terms and Methodology

The sales data are based on condo, co-op, townhouse and single-family home transactions during the quarter, according to StreetEasy’s analysis of records from the New York City Department of Finance. Due to a delay between the closing date and when a sale is recorded by the Department of Finance, the data may not include all closings during the quarter.

Highest sale price
The highest sale price for all closed transactions in the quarter.

Median resale price
The middle price for homes with sales that closed in the quarter and had a prior recorded sale since 1995.

Median sale price, all homes
The middle price for all sales that closed in the quarter, including deals in new developments.

Price change
The percentage change in median price from the identical period in the previous year.

Median days on market
The middle value for the number of days from when a home was originally listed on StreetEasy to when it went under contract.

Sales count, all homes
The number of home sales that closed during the quarter.

Sales count, resales
The number of homes that sold in the quarter with a prior recorded sale since 1995.

Median asking rent
The middle advertised monthly price for rental homes listed on StreetEasy during the quarter.

Rental count
The number of properties listed for rent on StreetEasy during the quarter.

Listing discount
The median percentage change between the initial asking price listed on StreetEasy and the recorded sale price.

Share of sales listings with price cuts
The percentage of homes for which the list price on StreetEasy was reduced during the quarter.

Share of rentals discounted
The share of all active rental listings on StreetEasy that had a reduction in asking rent during the quarter.

Metrics with fewer than 10 examples in a neighborhood aren’t reported because more data are needed for an accurate representation. These are indicated as “NA”.