SoHo Named Second Most Expensive Neighborhood in NYC

SOHO, NY — The list is out for 2016's most expensive NYC neighborhoods, and it's pretty upsetting as usual. With a 21 percent increase in median sale prices since last year, SoHo came in second, with the median sale price at $3,517,500. Neighboring Little Italy, ranked No. 3, was the only neighborhood that made the top ten but dropped in prices since last year. Though prices dropped by 12 percent, don't worry — the median sale price of a Little Italy property was still $2,545,625.

Tribeca was again the No. 1 most expensive NYC neighborhood, with median sale prices reaching more than $4 million.

The only two non-Manhattan neighborhoods to crack the top ten were DUMBO, Brooklyn's small-but-mightily-expensive waterside spot, which came in at No. 5, and Forest Hills Gardens, sneaking in at No. 10. The Queens neighborhood has seen a 37 percent surge in home prices this year.

See below for the full top ten, and check out the full top 50 list here, via Property Shark.

No. 1: Tribeca. Median sale price: $4,152,412, up 19 percent since 2015.

No. 2: SoHo. Median sale price: $3,517,500, up 21 percent since 2015.

No. 3: Little Italy. Median sale price: $2,545,625, down 12 percent since 2015.

No. 4: Hudson Square. Median sale price: $2,345,030, up 14 percent since 2015.

No. 5: DUMBO. Median sale price: $2,010,000, up 44 percent since 2015.

No. 6: Flatiron District. Median sale price: $1,942,500 up 10 percent since 2015.

No. 7: Greenwich Village. Median sale price: $1,796,906, up 44 percent since 2015.

No. 8: Garment District. Median sale price: $1,767,500, up 47 percent since 2015.

No. 9: Theater District. Median sale price: $1,545,000, up 3 percent since 2015.

No. 10: Forest Hills Gardens. Median sale price: $1,525,000, up 37 percent since 2015.

Image via Creative Commons