Real Estate

DUMBO Remains Priciest Neighborhood In Brooklyn

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Real estate blog PropertyShark released its quarterly report of NYC’s 50 priciest neighborhoods yesterday with DUMBO holding firmly to its fifth place ranking.

As it did in the last report in December 2017, Tribeca came in at the #1 spot with a median sale price of more than $3.5M, with Soho coming in a close second at $3.2M.

The West Village took third place with a median sale price of more than $2.3M and Hudson Square came in fourth at over $2.2M.

Washington Street, DUMBO (Photo: Pamela Wong/BKLYNER)
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DUMBO is the only Brooklyn neighborhood to crack the list’s top ten—in at #5 with a median sale price of $1.97M and 15 transactions in Q1 of 2018, a 13% year-over-year decrease for the posh nabe.

Greenpoint made a strong showing, climbing up 39 spots to #12 with a median sale price of more than $1.352M for 32 transactions (an 81% year-over-year increase). Carrol Gardens came in next for Brooklyn at #13 and a $1.314M median sale price for 15 transactions (a 31% increase).

Fort Greene shot up from #27 in December to #14 in Q1 of 2018, with a median sale price of $1.28M for 19 transactions—a 131% year-over-year increase, the highest growth rate out of all 50 neighborhoods on the list. The sale of 59 South Elliot for a whopping $3.2M was the neighborhood’s most expensive transaction so far this year.

Park Slope came in next for the borough at #16 (up from #21 in December) and a median sale price of $1.2M for 102 transactions (a 22% increase), while Gowanus ranked #17 (down from #13 in December) at $1.19M for 14 transactions (a 17% decrease).

High sales volume at the many new developments rising in Boerum Hill and Red Hook put the two neighborhoods in as new entries in December’s top ten, with Boerum Hill at #8 and Red Hook at #9, but both areas slipped this quarter with Boerum Hill coming in at number 19 (-28%) with a median sale price of $1.165M for 17 transactions in the first quarter of 2018 and Red Hook not even showing up in the top 50.

Along with a tie for the #36 spot between Mill Basin and Downtown Brooklyn (median sale price $860K), twelve additional Brooklyn neighborhoods help round out the top 50:

23 Brooklyn Heights ($1.1M)
26 Prospect Heights ($1.048M)
30 Manhattan Beach ($953,900)
32 Williamsburg ($947,692)
33 Dyker Heights ($922,000)
37 Clinton Hill ($855,000)
38 Cobble Hill ($840,000)
40 Bed-Stuy ($792,500)
41 Borough Park ($790,000)
45 Madison ($762,500)
46 Greenwood Heights ($760,833)
49 Windsor Terrace ($735,000).

Check out PropertyShark for the full list and more information.

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