Beacon Hill may have been Boston’s historically elite neighborhood of Brahmin culture and sky-high home prices, but a waterfront competitor is quickly gaining ground.

The market-rate home price average in the Seaport District hit just over $2K per SF in early June, Curbed Boston reports. The record figure is a first for Boston, as no neighborhood in the city has ever crossed the $2K threshold.

The sky-high sales figure comes at a time when the neighborhood is known just as much for its pricey rental offerings as it is for ownership opportunities. Condo developments have been limited to luxury product like The Fallon Co.’s 22 Liberty and 50 Liberty developments at Fan Pier and Tishman Speyer’s residential component at Pier 4. The high average price is also aided by NeighborhoodX, the data firm behind the figures, drawing the neighborhood perimeter to exclude the more economical Fort Point neighborhood.

The news doesn’t mean the neighborhood is without below-average “bargains.” A one-bedroom penthouse at 50 Liberty is listed for $1.475M, or $1,450/SF. The greatest value opportunity in the neighborhood is a one-bedroom condo at 33 Sleeper St. on the market for $915K, or $879/SF.