NYC housing affordability crisis: Median home prices hit new record high

STATEN ISLAND, N.Y.– Amid an ongoing housing affordability crisis, buying a home in New York City is now more expensive than ever before, according to a new study.

A new report from PropertyShark analyzed residential property sales across New York City during the third quarter of 2025 to identify trends in the city’s real estate market and determine the most expensive neighborhoods to buy a home.

The data focused solely on Manhattan, Queens, Brooklyn and the Bronx, with Staten Island excluded from the publication’s quarterly reports.

Researchers found that the median sale price across New York City reached a record $800,000, the highest total ever reported by the publication.

During the second quarter of the year, there were 33 neighborhoods in New York City that boasted a median sales price of at least $1 million, including five neighborhoods with a median sales price of at least $2 million.

The most expensive neighborhood, Hudson Yards, topped the list at nearly $5 million, according to the data. While still the most expensive in the city, the roughly $5 million price tag represents a roughly 15% decrease from the $5.9 million median sales price in the second quarter of this year.

Manhattan, which is home to six of the 10 most expensive neighborhoods, led all boroughs with a median sales price of $1,150,000 during the third quarter of the year, the same as during the third quarter of 2024.

Brooklyn, which houses the fifth-, sixth-, seventh- and eighth-most expensive neighborhoods, had a median sales price of $916,000, roughly 11% higher than last year.

Queens and the Bronx had median sales prices of $600,000 and $380,000, respectively, with 12 Queens neighborhoods and zero Bronx neighborhoods included in the top-50 most expensive across the city.

Here’s a look at the 10 most expensive neighborhoods in New York City.

1) Hudson Yards, Manhattan

• Median sales price Q3 2025: $4,999,000
• Median sales price Q3 2024: N/A
• Year-over-year change: N/A

2) TriBeCa, Manhattan

• Median sales price Q3 2025: $3,773,000
• Median sales price Q3 2024: $3,898,000
• Year-over-year change: -3%

3) SoHo, Manhattan

• Median sales price Q3 2025: $3,363,000
• Median sales price Q3 2024: $4,250,000
• Year-over-year change: -21%

4) Hudson Square, Manhattan

• Median sales price Q3 2025: $2,650,000
• Median sales price Q3 2024: $1,850,000
• Year-over-year change: +43%

5) Cobble Hill, Brooklyn

• Median sales price Q3 2025: $2,275,000
• Median sales price Q3 2024: $1,840,000
• Year-over-year change: +24%

6) DUMBO, Brooklyn

• Median sales price Q3 2025: $1,925,000
• Median sales price Q3 2024: $1,667,000
• Year-over-year change: +15%

7) Fort Greene, Brooklyn

• Median sales price Q3 2025: $1,895,000
• Median sales price Q3 2024: $1,138,000
• Year-over-year change: +67%

8) Boerum Hill, Brooklyn

• Median sales price Q3 2025: $1,833,000
• Median sales price Q3 2024: $1,596,000
• Year-over-year change: +15%

9) Central Midtown, Manhattan

• Median sales price Q3 2025: $1,723,000
• Median sales price Q3 2024: $970,000
• Year-over-year change: +78%

10) Flatiron District, Manhattan

• Median sales price Q3 2025: $1,713,000
• Median sales price Q3 2024: $1,750,000
• Year-over-year change: -2%