Real Estate

Where Are New York City Home Prices Changing the Most?

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The pandemic boosted home prices to record highs in 2021, and for the most part they’ve remained there, with rising interest rates putting home purchases even further out of reach for many buyers.

But there have been signs of a thaw in New York City this year: The median sale price hit a wall early on and held steady at $755,000 through the first three fiscal quarters of 2022, according to a new report by PropertyShark. Additionally, the third quarter closed with a 4 percent year-over-year dip in sales volume, another indicator of a slowing market.

Nevertheless, the report showed, the city still had some of the most expensive areas in the country. Researchers isolated the 50 New York neighborhoods with the highest median sale prices in Q3 2022, and tracked how those prices have changed. Hudson Yards, the luxury neighborhood that recently sprouted on Manhattan’s west side, came out on top with a sky-high median sale price of $5.852 million. And in 30 of the 50 neighborhoods, the median was over $1 million, still unattainable to most.

But price changes among the neighborhoods have been anything but consistent. Depending on the subway stop, home prices have spiked, plummeted or stayed relatively stable.

In Gowanus, Brooklyn, where development has been rampant in recent years, the median sale price climbed 65 percent to $1.791 million, from $1.088 million in the third quarter of 2021. But farther south in the Fiske Terrace neighborhood, where stately homes built at dawn of the 20th century predominate, the median price fell 45 percent from $1.65 million a year ago to $905,000.

This week’s chart, based on PropertyShark’s data, shows the neighborhoods among the 50 most expensive that saw the greatest year-over-year price increases and decreases in the third quarter of 2022.

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Sahred From Source link Real Estate

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