Brooklyn is NYC’s fastest-growing borough, alongside Queens and the Bronx. Growth at this rate hasn’t been seen since the 1920’s. In 2017, Brooklyn’s median sales price rose to $770,000, which was a 2.7% increase from the previous year. That number is the third highest price ever recorded in the borough.
1. Dumbo, Brooklyn
The median home sale price in Dumbo is $1.98 million. Growth in Dumbo has stayed consistent from 2015-2016.
2. Boerum Hill, Brooklyn
The average price in Boerum Hill sells for $1.629 million. This neighborhood has experienced exponential growth in the last three years. From 2015-2016, the average price of a home jumped 52%.
This neighborhood currently holds a special place in my heart because ERP and I have an ongoing project at 356 Baltic Street. We are in the process of replacing the one-story industrial building with a 5-story, 5-unit residential condominium. We are excited about this project and can’t wait to see how it impacts the community. The project should be completed by the end of 2018. For more information, see my latest blog, “Project Spotlight: 356 Baltic Street, Brooklyn.”
3. Red Hook, Brooklyn
Red Hook’s median home sale price is $1.625 million, meaning it has increased more than 34% in recent years. Red Hook’s home values are continuing to rise at an impressive rate.
4. Gowanus, Brooklyn
Gowanus’ average home sale price is $1.355 million. While this is only a 4% increase from the previous year, this is still a top neighborhood in the city.
5. Manhattan Beach, Brooklyn
Brooklyn’s Manhattan Beach boasts a 40% average home sale increase in recent years. The median home value is $1.3 million.
The value of homes in Brooklyn are expected to continue this positive trend in coming years. For those of us in the business of investment management and real estate development, it is an exciting time. I look forward to seeing great things from Brooklyn in the coming years.
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