Photo: 56 Leonard
A steep annual decline in price still wasn’t enough to knock Tribeca out of the top spot as New York City’s most expensive neighborhood, again.
Home prices in Tribeca settled back down in the first quarter of 2018 after being driven up by a number of high-priced ultra-luxury sales last year, according to a quarterly report published earlier this week by the listing site PropertyShark.
Over the last year, the median home price in Tribeca fell 30 percent to $3.5 million in the first quarter of 2018. The dramatic drop was caused by high-end sales that closed last year at 56 Leonard Street and 30 Park Place and inflated the median sale price.
Manhattan’s SoHo neighborhood remained in the second position with a median price of $3.2 million in the first quarter, a 5 percent decrease from last year. And similarly to Tribeca, PropertyShark says that SoHo is nearly always firmly rooted in the second spot on the list.
The West Village in Manhattan rounded out the top three with a median price of $2.3 million.
Other neighborhoods that made the top 10 included Hudson Square ($2.2 million), DUMBO ($1.9 million), Flatiron District ($1.8 million), Garment District ($1.6 million), Central Park South ($1.5 million), East Village ($1.5 million) and Chelsea ($1.5 million).
DUMBO, which saw a 13 percent year-over year decline in the median price in the first quarter, was the only Brooklyn neighborhood to make the top 10.
One of the most notable price changes was recorded in Manhattan’s West Village, where the median price grew by 88 percent from last year to $2.3 million in the first quarter.
However, Brooklyn’s Fort Greene neighborhood recorded the most impressive price growth citywide. The median price in Fort Greene soared 131 percent annually to nearly $1.3 million, with prices being boosted by sales in the area’s new luxury developments.
And although New York City home prices remain in flux, its housing market tends to find its stability in instability, says PropertyShark.
“Citywide stability is underpinned by median sale prices trending both upwards and downwards in an almost equal number of neighborhoods, so if one area is cooling off, transaction activity and prices are most certainly heating up elsewhere,” writes PropertyShark in the digital release.
Click here to read the entire release.