Which real estate markets are hottest in Manhattan? Two lead

UWS Leads NYC In Recent Home Sales By Staggering Amount: Study

The UWS and UES each had over 600 more home sales from July 1 to Sept. 30 than the next closest neighborhood in New York City.

Gus Saltonstall,Patch StaffVerified Patch Staff Badge

Posted Tue, Oct 19, 2021 at 10:29 am ET|Updated Tue, Oct 19, 2021 at 10:30 am

An image of a brownstone on the Upper West Side
An image of a brownstone on the Upper West Side (Getty Images/benedek)

UPPER WEST SIDE, NY — The Upper West Side is the unquestioned second hottest real estate neighborhood in New York City during the third quarter of 2021.

The neighborhood outpaced the rest of the five boroughs in the number of home sales by an eye-catching amount, according to a recent study from PropertyShark.

The Upper West Side had 845 home sales from July 1 to Sept. 30. Only the Upper East Side had more home sales during the period with 907.

To understand how staggering this number is, though, you need to contextualize it with the neighborhood with the third most home sales during the period.

Hunters Point in Queens had the third most home sales from July 1 to Sept. 30 of any neighborhood in New York City with 232. It is a difference of 613 sales between the Upper West Side and the next closest neighborhood.

Let’s go!

Q3 Home Sales

  1. Upper East Side: 907
  2. Upper West Side: 845
  3. Hunters Point: 232
  4. Chelsea: 214
  5. Park Slope: 187
  6. Greenwich Village: 186
  7. Williamsburg: 182
  8. Murray Hill: 166
  9. Flatiron District: 148
  10. Financial District: 130

While the high number of sales tells us that the Upper West Side real estate market is hot, it doesn’t actually tell us much else.

The study does not take into consideration newly built units or provide any data on overall net population increases or decreases in the different neighborhoods. The Upper West Side is also one of the biggest residential neighborhoods in the five boroughs, meaning it will always skew to the top of a list counting home sales.

However, the study does tell us that the number of UWS home sales has gone up 221 percent compared to last year.

The jump in home sales matches a citywide pattern that saw transactions up 145 percent from last year during the height of the pandemic and up 35 percent from the same period in 2019.

The median home sale price on the Upper West Side during the third quarter of 2021? $1.02 million.

The median sales price is actually down 17 percent from the same quarter last year.

The study also ranked the most expensive neighborhoods in NYC, which saw the UWS come in 31st.

Here are the overall 15 most expensive neighborhoods in New York City. In total, nine of the 15 most expensive neighborhoods in the five boroughs are in Lower Manhattan.

  1. Hudson Yards — $4.35 million
  2. TriBeCa — $3.35 million
  3. SoHo — $2.85 million
  4. Little Italy — $2.5 million
  5. Hudson Square — $2.03 million
  6. DUMBO — $1.82 million
  7. Flatiron — $1.77 million
  8. Battery Park City — $1.75 million
  9. Fiske Terrace — $1.65 million
  10. Carroll Gardens — $1.60 million
  11. Vinegar Hill — $1.54 million
  12. Times Square — $1.52 million
  13. Cobble Hill — $Chelsea $1.30 million
  14. Garment District — 1.29 million
  15. West Village — 1.29 million

Read the study and see the full list here.Thank (1)ReplyShare

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