The New York City real estate market continued to cool throughout the first three months of the year with both sales and medians trending down according to a new report of Property Shark. The number of sales, however, contracted at an even sharper rate: The city saw 35% fewer residential deals than during the same period last year, with nearly 3,500 fewer home sales inked in the first quarter of the year. The neighborhoods that made the top 50 included 22 Brooklyn communities. For the first time ever, Brooklyn grabbed a spot among the city’s top three most expensive neighborhoods with Vinegar Hill’s $2.6 million median. DUMBO ranked #8 and Carroll Gardens #9 in the first quarter of 2023.
Vinegar Hill’s ranking was heavily influenced by three sales at 288 Water Street, an eight-unit, boutique condominium project with high-end amenities. DUMBO and Carroll Gardens were the borough’s two other neighborhoods to rank among the city’s 10 priciest. Brooklyn’s second- and third-most expensive neighborhoods both logged 11% Y-o-Y price gains, pushing DUMBO’s median up by $175,000 to $1,796,000, while Carroll Gardens’ median gained $171,000 to reach $1.71 million.
