Home prices in the Big Apple remain some of the highest in the country, but new figures on the state of the market show a shift in the city's priciest neighborhoods, including one that saw a drop in sale prices by nearly 50 percent.
Tucked away below Prospect Park, Brooklyn's Fiske Terrace might be unfamiliar to even some living in the city, but the enclave boasts some of the highest average home prices in the city. In the span of just one year, the neighborhood sank in median price from $1.65 million to $905,000.
Despite dropping its price by nearly half, Fiske Terrace still managed to make the "Top 50 Most Expensive NYC Neighborhoods," shifting from the No. 9 spot down to 45.
But that's not the only eye-catching news out of Brooklyn in a new report by PropertyShark. The same borough also holds the neighborhood with the largest jump in year-over-year home prices: Gowanus. Home to the infamous canal, Gowanus experienced a 65 percent spike in sale price from $1.088 million last year to $1.791 million this year.
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On the whole, Brooklyn's year-over-year median only ticked up by about 1 percent. But that didn't stop the borough from delivering four of the city's most expensive neighborhoods. Together with Manhattan, the two entirely make up the top 10:
- Hudson Yards: $5.852 million
- TriBeCa: $3.515 million
- Hudson Square: $2.740 million
- SoHo: $2.378 million
- Flatiron District: $1.950 million
- Carroll Gardens: $1.810 million
- Gowanus: $1.791 million
- DUMBO: $1.775 million
- Cobble Hill: $1.755 million
- Theatre District/Times Square: $1.675 million
PropertyShark found a total of 32 city neighborhoods held average home prices at or above $1 million in Q3, a few less than the same period last year. That group is almost evenly split between Manhattan (14) and Brooklyn (16), with only a couple found in Queens.
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Read the full report here.
