NYC home prices rise 10% in early 2025, with Manhattan leading and Malba ranking highest in Queens: report – QNS

Manhattan accounted for the top five neighborhoods in New York City with the highest median sale price during the first quarter of 2025, according to a report from PropertyShark.

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The median sale price across New York City rose 10% year-over-year in the first quarter of 2025, from around $698,000 last year to $768,000 this year, according to a report by the real estate database site PropertyShark. Several Manhattan neighborhoods had the most significant increases over this period of time among the boroughs included in the study (Staten Island is not included), from $999,000 in 2024 to $1.15 million in 2025.

Manhattan neighborhoods account for the five most expensive places in New York City during the first quarter of 2025. Hudson Yards is the most expensive place to live, with a median sale price of $5.355 million, followed by Little Italy at $4.593 million, SoHo at $3.85 million, TriBeCa at $3.3 million and Hudson Square at $2.6 million. Hudson Square also had the sharpest percentage jump in median sale price in the borough and the third-highest among the top 50 neighborhoods, with a 61% increase from $1.615 million last year.

Queens had very little growth in its median sale price compared to that of Manhattan. There was just a 6% increase in the World’s Borough, from $549,000 last year to $581,000 this year. There was still a strong presence of neighborhoods in the borough among the top 50 highest median sale prices in New York City, with 11 appearing on the list. Malba ranked the highest, at 11th overall with a median sale price of $1.55 million.

Malba is a quiet, affluent neighborhood in northeastern Queens known for its large custom homes, tree-lined streets, and waterfront views. The neighborhood has been referred to as “the Hamptons of Queens.” It offers a suburban feel within New York City and consistently ranks among the borough’s most expensive areas.

East Flushing went through the biggest percentage boost in median sale price across the borough of Queens, at 51%, from $616,000 last year to $933 this year. This was also the fourth-highest leap among the top 50 neighborhoods across New York City. This drastic change was due in large part to much more houses being sold in the neighborhood, and at higher price points.

Brooklyn ended up having the most neighborhoods ranked among the 50 most expensive areas in New York City, with 22, edging out the 20 in Manhattan. The median sale price in the borough rose drastically, from $763,000 last year to $858,000 this year. Three of its neighborhoods were among the top ten with the highest median sale price. Cobble Hill was sixth, at $1.91 million, followed by DUMBO seventh at $1.878 million and Boerum Hill ninth at $1.695 million.

Brooklyn also had the top two neighborhoods with the most significant percentage increase in the median sale price. Madison led the way, with a 145% jump from $510,000 in 2024 to $1.25 million in 2025, followed by Mill Basin with a 62% increase from $878,000 to $1.425 million. The extreme surge in Madison was thanks in large part to houses accounting for 11 of the 15 transactions during this period, as opposed to less than half in the previous year.

The Bronx had the smallest increase in median sale price, from $315,000 in the first quarter of 2024 to $345,000 in the first quarter of 2025. This minor change is exemplified by the fact that not a single neighborhood in the borough ranked among the top 50 areas in New York City with the highest median sale price.

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