3 more Brooklyn neighborhoods just joined NYC's million-dollar neighborhood club - and it shows just how rapidly the city is pricing residents out
- A new report by the real-estate listing website StreetEasy revealed that since 2015, three Brooklyn neighborhoods hit a median recorded sales price of $1 million or more.
- The three neighborhoods are Brooklyn Heights, Prospect Heights, and Williamsburg.
- According to the report, there were only four million-dollar neighborhoods in New York in 2010. Now, there are 17.
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The cost of living in many Brooklyn neighborhoods just keeps going up.A new report by the real-estate listing website StreetEasy revealed that, since 2015, the median recorded sales price in three Brooklyn neighborhoods has surged passed the $1 million mark.Advertisement
Since 2015, Brooklyn Heights, Prospect Heights, and Williamsburg have all entered New York City's million-dollar-neighborhood club.Brooklyn Heights has a median recorded sales price of $1,010,000, Prospect Heights has a median recorded sales price of $1,160,000, and Williamsburg has a median recorded sales price of $1,038,863.
In 2010, per StreetEasy's report, there were only four million-dollar neighborhoods in New York. Now, there are 17. To gather the list, StreetEasy looked at neighborhoods where there were 100 or more annual recorded sales between 2015 and 2019. All neighborhoods where the average price per square foot is below $1,000 were eliminated from the study.Before these three newly-crowned neighborhoods made the list, there were only two Brooklyn enclaves on it: Greenpoint and Park Slope. (Currently, the median recorded sales price in Greenpoint is $1,578,287; in Park Slope, it's $1,191,000.)And New York City's skyrocketing housing market shows no signs of slowing down. There are also other neighborhoods steadily creeping towards that million-dollar mark. Just consider Long Island City which, according to StreetEasy, currently has a median recorded sales price of $903,419.Advertisement
Brooklyn's rental market is also getting pricier
As Business Insider previously reported, in June 2019, Brooklyn's median face rent hit a record high of $3,000 a month, according to Douglas Elliman's July report on Manhattan, Brooklyn, and Queens rentals.
Even the more affordable neighborhoods in Brooklyn, such as Flatlands and Gerritsen Beach, have average rents over $1,500 a month.
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