Real Estate

Brooklyn Home Prices Surged 50% in Last Decade, Study Shows

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A map showing the hotspots for increase in Brooklyn home sale prices (Via PropertyShark)

Buying a home is probably the biggest investments most people will ever make—so it better be a good one. Recently, PropertyShark did a study to analyze the 10-year change in home prices throughout New York City, and found—unsurprisingly—buying a house in 2008 was a pretty good idea.

Most striking, though, is that they found Brooklyn far and away led the other boroughs in rising home prices over the last decade, with average values from the properties in the study surging in value nearly 50%.

PropertyShark tracked the 230 Brooklyn homes that were bought in 2008 and solid in 2018 for their study. While the median sale price was $440,000 ten years ago, the same houses were worth about $207,000 more last year.

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Check out the interactive map below to explore your zip code’s changes:

Neighborhoods like Brooklyn Heights, DUMBO, Boerum Hill and Park Slope saw some of the biggest increases, with property prices in the 11215 zip code changing by about $425,000.

One lucky homeowner in Brooklyn Heights saw their investment increase by 81%, with their Furman Street home rocketing up in value from an already sky-high $3.1 million in 2008 to $5.6 million last year. Not a bad return!

Even with the out of control prices in those neighborhoods, Williamsburg, Greenpoint and parts of Bushwick and Bed-Stuy weren’t far behind, with home prices increasing by roughly $250,000 on average—not to mention the astonishingly high rental prices in the popular North Brooklyn nabes.

What the study doesn’t show is whether or not buying a house in Brooklyn this year will stay a good 10-year investment. Some feel that housing prices surely have to come back down from their current incredible highs, but the continued forces of population growth in Brooklyn, especially at the hands of gentrification, may keep pushing prices to previously unheard of limits.

The entirety of the report can be found online, covering not only more detail on Brooklyn, but also the other four boroughs.

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7 COMMENTS

  1. Painful.

    Millennials were just entering college in 2008… then Baby Boomers complain that they’re all lazy and still live at home. Jee.. I wonder why!

  2. Gee disgruntled. So far as I know, there’s no law that says Millennials are allowed to live only in NYC. There’s a big world out there and it’s rife with both jobs and cheap, often remarkable housing stock.

    Go get ’em, Millennials!

  3. Che,

    You’re also forgetting moving takes resources. If anything, being born in NYC past 1980 seems to have been a curse.

    But easy for you to say, you’re probably not one of the 63k homeless sleeping in the streets of NYC, or one of the ???,??? renting a room or couch surfing.

    Housing prices have skyrocketed across the country. Wages have not.

  4. “While the median sale price was $440,000 ten years ago, the same houses were worth about $207,000 last year.”

    Strike that, reverse it!

  5. “While the median sale price was $440,000 ten years ago, the same houses were worth about $207,000 last year.” Seems like a typo. Shouldn’t it be the other way around?

  6. There is something funny with at least some of those numbers. If I had to guess it is the data set that skews things. Just the shear low number of homes that fit the criteria make it suspect to me. Way too low where I live for example.

  7. Actually the dollar has lost half its value so we’re only back where we started from. Don’t tell anyone.

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