New York’s high-end residential market continues to heat up in the first quarter of this year. According to the latest report “New York City’s 50 Most Expensive Communities” released by the real estate data platform PropertyShark, Hudson Yards maintained its position as the most expensive community in the city with a median residential transaction price of $4.62 million. Meanwhile, Malba in Queens surged to 5th place citywide with a median transaction price of $2.5 million, setting a new high for the area.
The report indicates that the median residential transaction price in New York City for the first quarter of 2026 increased by 4% year-on-year to $800,000. However, the transaction volume decreased by 3% year-on-year, with a total of 6,916 residential transactions recorded. The statistics cover apartments, cooperative units, and single-family homes, excluding package deals.
In the top ten most sought-after communities, Hudson Yards ranks first, followed by Tribeca, SoHo, Hudson Square, Malba, Flatiron District, Carroll Gardens, Little Italy, DUMBO, and the Garment District. Malba in Queens rose to the 5th position citywide with a median price of $2.5 million, achieving the highest historical ranking for a Queens community on the list. Carroll Gardens and DUMBO in Brooklyn also made it to the top ten.
PropertyShark points out that due to multiple price ties in the list, in the first quarter of 2026, a total of 55 communities actually made it to the “top 50” rankings. Manhattan and Brooklyn each have 22 communities on the list, while Queens has 11. A total of 39 high-priced communities citywide have a median transaction price exceeding $1 million.
The standout focus in Queens this year is Malba. With a median transaction price of $2.5 million, the area set a new record for Queens, marking a 61% increase from the previous year. PropertyShark notes that Malba only saw 5 transactions in the first quarter, mostly high-value single-family homes, including multi-million-dollar transactions on Malba Avenue that drove up the overall median price.
In Brooklyn, Carroll Gardens became the priciest community at $2.31 million, ranking 7th citywide; while DUMBO at around $2.24 million secured the 9th spot. The report reveals that a total of 22 communities in Brooklyn made it to the list of the most expensive in the city, with 3 communities having a median transaction price exceeding $2 million, and another 14 communities surpassing $1 million.
In terms of price increases, the Flatiron District showed the most outstanding performance with a median transaction price rising by 74% year-on-year to $2.39 million, reclaiming a spot in the top ten from being 19th last year in the same period. Conversely, Little Italy saw a 50% year-on-year decline in prices, dropping significantly from the previous high to $2.28 million, but still ranking 8th citywide.
PropertyShark clarifies that this ranking is based on residential transaction data registered in the New York City ACRIS system from January 1, 2025, to March 31, 2026, and completed during the same period in 2026. Only communities with at least 5 transactions recorded in the first quarter were included in the statistics. The report covers Manhattan, Brooklyn, Queens, and the Bronx but does not include Staten Island.