It's been a decade since the financial crisis of 2008, which officially lasted for 18 months between December 2007 to June 2009, and much has changed in the real estate world. While Downtown has been a popular destination since before the recession, it's grown exponentially - 6 out of the top 10 best performing neighborhoods come from there, including best performers NoLiTa/Little Italy, Flatiron/Union Square, and not surprisingly, Greenwich Village. See our list below to see the full list and their current availabilities.
1. NoLiTa/Little Italy
(+94%)
2007-2008 Aggregate Closed Condo Average: 1,029/ft2 | 2017-2018 Aggregate Closied Condo Average: 1,991/ft2
→ Current Condo Listings from $949,000
Median Listing PPSF: $2,366/ft2 | Median 1-Bed Listing Price: $1,475,000
2. Flatiron/Union Square
(+90%)
2007-2008: 1,297/ft2 | 2017-2018: 2,447/ft2
→ Current Condo Listings from $545,000
Median Listing PPSF: $2,144/ft2 | Median 1-Bed Listing Price: $1,695,000
3. Greenwich Village
(+83%)
2007-2008: 1,360/ft2 | 2017-2018: 2,486/ft2
→ Current Condo Listings from $740,000
Median Listing PPSF: $2,289/ft2 | Median 1-Bed Listing Price: $1,545,000
4. Tribeca
(+78%)
2007-2008: 1,282/ft2 | 2017-2018: 2,286/ft2
→ Current Condo Listings from $949,000
Median Listing PPSF: $2,175/ft2 | Median 1-Bed Listing Price: $1,720,000
5. Lower East Side
(+77.5%)
2007-2008: 1,021/ft2 | 2017-2018: 1,812/ft2
→ Current Condo Listings from $765,000
Median Listing PPSF: $1,996/ft2 | Median 1-Bed Listing Price: $1,445,000
6. Roosevelt Island
(+69%)
2007-2008: 720/ft2 | 2017-2018: 1,268/ft2
→ Current Condo Listings from $1,249,500
Median Listing PPSF: $1,293/ft2 | Median 1-Bed Listing Price: $994,500
7. Hamilton Heights
(+67%)
2007-2008: 518/ft2 | 2017-2018: $866/ft2
→ Current Condo Listings from $430,000
Median Listing PPSF: $818/ft2 | Median 1-Bed Listing Price: $537,000
8. Harlem
(+64%)
2007-2008: 647/ft2 | 2017-2018: 1,062/ft2
→ Current Condo Listings from $395,000
Median Listing PPSF: $1,100/ ft2 | Median 1-Bed Listing Price: $680,000
9. Midtown East
(+62.5%)
2007-2008: 1,393/ft2 | 2017-2018: 2,264/ft2
→ Current Condo Listings from $589,000
Median Listing PPSF: $1,834/ ft2 | Median 1-Bed Listing Price: $1,822,500
10. Chelsea
(+61%)
2007-2008: 1,200/ft2 | 2017-2018: 1,927/ft2
→ Current Condo Listings from $699,000
Median Listing PPSF: $2,023/ ft2 | Median 1-Bed Listing Price: $1,595,000
Best Performing Neighborhoods Since the Recession
Full Neighborhood Breakdown:
| Neighborhood | 2007-2008 Avg PPSF | 2007-2008 Number of Sales | 2017-2018 Avg PPSF | 2017-2018 Number of Sales | PPSF Change |
|---|---|---|---|---|---|
| NoLiTa/Little Italy | $1,028 | 92 | $1,991 | 53 | 93.64% |
| Flatiron/Union Square | $1,291 | 623 | $2,447 | 300 | 89.48% |
| Greenwich Village | $1,360 | 357 | $2,486 | 176 | 82.75% |
| Tribeca | $1,282 | 754 | $2,286 | 663 | 78.26% |
| Lower East Side | $1,021 | 134 | $1,812 | 194 | 77.52% |
| Roosevelt Island | $750 | 77 | $1,268 | 9 | 69.2% |
| Hamilton Heights | $518 | 134 | $866 | 77 | 67.07% |
| Harlem | $647 | 860 | $1,062 | 407 | 64.3% |
| Midtown East | $1,393 | 506 | $2,264 | 343 | 62.55% |
| Chelsea | $1,200 | 914 | $1,927 | 561 | 60.64% |
| West Village | $1,625 | 164 | $2,603 | 225 | 60.12% |
| Broadway Corridor | $1,111 | 590 | $1,756 | 389 | 58.07% |
| Financial District | $1,017 | 1369 | $1,561 | 618 | 53.47% |
| Yorkville | $1,045 | 594 | $1,570 | 556 | 50.28% |
| East Village | $1,219 | 295 | $1,786 | 228 | 46.57% |
| Gramercy Park | $1,258 | 317 | $1,782 | 240 | 41.59% |
| Neighborhood | 2007-2008 Avg PPSF | 2007-2008 Number of Sales | 2017-2018 Avg PPSF | 2017-2018 Number of Sales | PPSF Change |
|---|---|---|---|---|---|
| SoHo | $1,549 | 263 | $2,192 | 213 | 41.49% |
| Lincoln Center | $1,320 | 680 | $1,866 | 388 | 41.36% |
| Washington Heights | $510 | 40 | $715 | 69 | 40.14% |
| East Harlem | $742 | 189 | $1,034 | 162 | 39.34% |
| Turtle Bay/United Nations | $1,100 | 394 | $1,502 | 233 | 36.62% |
| Riverside Dr./West End Ave. | $1,158 | 840 | $1,581 | 321 | 36.51% |
| Battery Park City | $1,017 | 348 | $1,377 | 298 | 35.38% |
| Carnegie Hill | $1,366 | 302 | $1,848 | 186 | 35.29% |
| NoHo | $1,851 | 65 | $2,359 | 36 | 27.43% |
| Murray Hill | $1,097 | 1048 | $1,388 | 531 | 26.53% |
| Inwood | $462 | 14 | $565 | 12 | 22.38% |
| Lenox Hill | $1,331 | 672 | $1,603 | 513 | 20.41% |
| Midtown West | $1,470 | 2110 | $1,751 | 986 | 19.15% |
| Morningside Heights | $971 | 29 | $1,139 | 16 | 17.31% |
| Beekman/Sutton Place | $1,137 | 69 | $1,329 | 54 | 16.91% |
| Park/Fifth Ave. to 79th St. | $2,161 | 106 | $2,441 | 90 | 12.97% |
| Central Park West | $2,006 | 657 | $1,980 | 309 | -1.3% |
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Content Specialist
Sandra Herrera
Sandra Herrera is a writer, editor, and graphic designer based in Brooklyn, NY.
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