NYC’s Most Expensive Neighborhoods to Buy Real Estate in 2024

The landscape of NYC’s most expensive neighborhoods is changing. While traditional luxury hubs remain strong, new developments and shifting buyer preferences are reshaping the city’s high-end market. Let’s dive into the numbers.

Downtown continues to dominate the condo market, even as the price per square foot dips slightly. Greenwich Village has experienced the most dramatic surge, with prices soaring over 21%, fueled by new developments like 64 University Place. NoHo and Chelsea saw minor fluctuations, while the Upper East Side’s Gold Coast declined due to limited new condo inventory.

For co-ops, the Upper East Side’s Gold Coast remains the most expensive, though Tribeca recorded a slight drop in average sale prices. Meanwhile, NoLiTa/Little Italy saw an astonishing 158% price increase, though this is mainly due to the neighborhood’s limited number of transactions.

Notably, no Brooklyn neighborhood ranked among the city’s ten most expensive for either condos or co-ops. However, increased sales activity in select areas suggests renewed buyer confidence, with new developments continuing to shape demand.

Current price trends show a change among high-net-worth buyers, as the luxury market in the city shifts from the Upper East Side to the West Side waterfront in Downtown. This shift highlights the continuous evolution of NYC’s luxury market, driven by new developments and the changing preferences of buyers in the city’s most sought-after neighborhoods.

Here’s a breakdown of NYC’s most expensive neighborhoods in 2024, based on average prices and sales volume:

Most Expensive Neighborhoods for Condos:

1. West Village – $2,652 PPSF (-6%) | $4,614,426 (-16%) | 96 sales (+19%)
2. Greenwich Village – $2,629 PPSF (+22%) | $4,842,262 (+71%) | 92 sales (+15%)
3. NoHo – $2,263 PPSF (-1%) | $4,641,200 (+1%) | 25 sales (0%)
4. Chelsea – $2,240 PPSF (+6%) | $4,455,025 (+49%) | 438 sales (+9%)
5. Park/Fifth Ave. to 79th St. – $2,138 PPSF (-7%) | $5,094,758 (-1%) | 54 sales (+8%)
6. NoLiTa/Little Italy – $2,133 PPSF (+13%) | $3,588,653 (+15%) | 32 sales (+23%)
7. SoHo – $2,118 PPSF (-3%) | $4,143,569 (-5%) | 109 sales (-8%)
8. Tribeca – $2,066 PPSF (-4%) | $4,588,822 (-14%) | 235 sales (-6%)
9. Midtown East – $1,925 PPSF (+6%) | $2,536,859 (-11%) | 190 sales (+17%)
10. Central Park West – $1,919 PPSF (0%) | $2,800,440 (-6%) | 176 sales (+22%)

Most Expensive Neighborhoods for Co-ops:

1. Park/Fifth Ave. to 79th St. – $3,608,729 (+2%) | 267 sales (+3%)
2. NoHo – $3,294,167 (+32%) | 6 sales (-60%)
3. Tribeca – $3,185,923 (-4%) | 26 sales (+13%)
4. NoLiTa/Little Italy – $2,737,500 (+158%) | 2 sales (-33%)
5. Carnegie Hill – $2,604,837 (+8%) | 351 sales (-4%)
6. SoHo – $2,345,567 (-23%) | 55 sales (-5%)
7. Central Park West – $2,336,555 (+5%) | 262 sales (+8%)
8. Greenwich Village – $1,493,243 (-1%) | 348 sales (+13%)
9. West Village – $1,475,262 (+2%) | 168 sales (+6%)
10. Riverside Dr./West End Ave. – $1,417,157 (-1%) | 360 sales (-1%)