New York home prices are on the rise as a steep housing demand keeps the market competitive, according to a recent report from New York State Association of Realtors.
In October 2020, the median cost of a home in the Empire State was $340,000. Data from the Association of Realtors show that’s a 24.5% rise from last year. On average, the cost of a home in New York jumped from $362,572 last October to $441,020 at the same time this year.
But then there are those pricey outliers of multimillion-dollar homes – particularly in the Hamptons and some affluent parts of New York City, according to a breakdown of recent real estate transactions by location.
Here are five areas you can find the most expensive property in the Empire State.
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Manhattan’s Upper West Side
Living in the Big Apple comes with a big price tag, especially in Manhattan’s Upper West Side. It’s home to the Metropolitan Opera and New York City Ballet, so there’s always something new to explore outside of the decadent apartment buildings lining Central Park.
Median home prices are a little more than $2.7 million in the area, based on sales completed in the first half of the year.
East Hampton
Top-dollar real estate is tucked away in the small, historic Town of East Hampton, about 150 miles from the bustle of Manhattan. The town gained popularity as an artists’ colony with Jackson Pollock, Lee Krasner and Andy Warhol all owning property there at one point.
Median home prices are sitting around $2.8 million, according to data.
Tribeca
Manhattan boasts some of New York City’s highest real estate prices, but the cool Tribeca neighborhood within Manhattan is the most expensive part of the city to purchase property.
Median home prices are around $3.2 million, according to data from recent sales – though homes still on the market are as high as $29 million due in part to new high-end residential developments coming online.
And it seems that people living in the area have little problem affording it. The average annual income for Tribeca residents was $879,000, according to an article by Bloomberg citing 2016 tax return data.
Southampton
The Town of Southampton – also part of The Hamptons – includes several small villages and hamlets packed with valuable real estate. It’s about 80 miles from New York City on the South Fork of Long Island.
Median home prices in the area were around $3.3 million. With about 56,000 residents, Southampton is a popular destination for weekend beach getaways and special events.
Sagaponack
The little seaside village of Sagaponack within the Town of Southampton is home to less than 500 full-time residents, but it’s the east coast’s most expensive place to live.
Median home prices there have been around $3.9 million.
Residents have the pleasure of strolling along picturesque beaches, spending afternoons at elegant vineyards or enjoying lush gardens. Celebrities including movie star Drew Barrymore, Goldman Sachs CEO Lloyd Blankfein and singer Billy Joel have all called Sagaponack home.
