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The New York real estate market isn’t known for its bargains. And in this city of dozens of neighborhoods, finding a deal in any zip code can be a major challenge. Of course, some neighborhoods are known to be more significantly more expensive than others, but for the first time The Bronx has made of list of priciest residential neighborhoods within the five boroughs.
A new report by real estate company Property Shark ranks the 50 most expensive neighborhoods to live in across the city, looking at sales data from the first quarter of 2023. 53 neighborhoods made the top 50 list (due to ties) including 22 Manhattan neighborhoods, 22 Brooklyn communities, eight locations from Queens and the very first Bronx neighborhood to surface in this annual study.
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In the Bronx, Fieldston landed at number 41 on the list. Sales data showed neighborhood’s median home sale price surged 149% in the past year, increasing from $338,000 in Q1 2022 to $840,000 in Q1 2023. Consequently, this Bronx neighborhood near Riverdale left its spot as #140 on the city's priciest neighborhoods list, moving to 41. It's important to note that New York City is still very much a city of renters, with the lowest rate of homeownership in the country. And at these prices, one can see why.
As of 2022, The Bronx had an extremely low homeownership rate of 20%. This data doesn't account for landlords, developers and investors, purchasing property to rent to New Yorkers.
Still, the most expensive neighborhoods at the top of the list track more with what longtimers may expect. At number one is Hudson Yards, with a $5.7 million median sale price in New York’s so-called newest neighborhood, the largest real estate development in the history of the U.S. Tribeca ranked at number two, with Brooklyn's Vinegar Hill (a tiny slice of very expensive land adjacent to Dumbo and Brooklyn Heights) ranking at number three. SoHo, Flatiron, Hudson Square, Times Square, Dumbo, Carroll Gardens and Central Midtown all took spots in the top 10.