The West Village, nestled on the Hudson River in lower Manhattan, is the priciest neighborhood in New York City, writes Jessica Flint for The Wall Street Journal.

According to Realtor.com, the neighborhood’s 10014 ZIP Code has the most expensive residential real estate in the city with a median price per square foot of $2,366.

One of the reasons for these high prices is the limited housing stock available in the approximately 0.57-square-mile neighborhood that sits in a historic district. All applications to demolish existing structures have to go through a review and approval process by the Landmarks Preservation Commission, which keeps supply relatively low.

“A low supply makes what’s available more expensive,” said real estate agent Jared Barnett.

The West Village also boasts a rich cultural history rooted in arts and entertainment and offers some of the city’s most desirable restaurants and shopping.

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For example, New York’s oldest and one of the most storied jazz clubs is Village Vanguard, situated in the West Village. Opened in 1935, the intimate basement space continues to showcase popular jazz acts to this day. Also in this neighborhood is Cherry Lane Theatre, which bills itself as New York City’s oldest continuously running off-Broadway spot.

And for an added dose of history, the neighborhood is home to The Stonewall Inn, the site of the 1969 Stonewall riots, which turned out to be a turning point for the LGBT civil rights movement in the country.

For anyone interested in buying a home here, the West Village offers a variety of distinct architectural styles, ranging from Greek Revival to Art Deco to Italianate.

“Within all of those styles, you have a big mix of housing options, everything from classic doorman co-op buildings to historic townhouses on picturesque streets to modern condominiums,” said Barnett.

Read more about New York City’s priciest neighborhood in The Wall Street Journal.

A home is not just a place to live; it’s also a significant investment. A financial advisor can provide insight on the property’s potential appreciation, the state of the real estate market, and how the purchase fits into your broader investment portfolio.

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