Although some market indicators allude to a cooling market, New York City real estate is hardly chilly. Since 2010, the number of million-dollar neighborhoods – meaning those with a median sales price of $1 million or more – jumped from four to 17. The newest additions? Brooklyn neighborhoods, namely Brookly Heights, Prospect Heights, and the newcomer in 2019: Williamsburg.
While Manhattan still has the most million-dollar neighborhoods in the City, prices fell 3.7% last quarter while remaining stable in Brooklyn and actually increasing by 1.5% in Queens.
Still, the list is dominated by Manhattan and Brooklyn–but be on the lookout for Queens. Long Island City is toeing the $1 million line, with a median price of $903,419, up 10% over the past five years.