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.
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