Cobble Hill Home Prices Nearly Doubled In 4 Years, Data Shows

COBBLE HILL, BROOKLYN — Cobble Hill is quickly climbing the list of the city's most expensive places to live.

A new report from StreetEasy has found that home prices nearly doubled in the neighborhood in just the last four years, catapulting it from 12th to the fourth most expensive spot in the city.

The median sale price in the neighborhood was $1.33 million in 2015 and has now grown to a whopping $2.55 million, the report found.

That increase means Cobble Hill saw one of the steepest jumps on the list of the city's most expensive neighborhoods. It is now the priciest in Brooklyn, surpassing Dumbo, which took a dive in home prices since 2015.

The real estate researchers said Cobble Hill's growing prices could be because it's a popular spot for wealthy buyers that want more room.

"Homes in Cobble Hill tend to spend a short time on the market and continue to serve as an attractive option for high-budget buyers looking for more space and convenient transportation," the report said.

StreetEasy's report shouldn't come as too much of a surprise for those who have been following Cobble Hill's rising ranks on the city's real estate scene.

Just last month, Cobble Hill was crowned Brooklyn's most expensive neighborhood for the first half of 2019, according to a report from PropertyShark.

In that report, researchers said one luxury development seemed to be driving up the median sale price this year. More than half of the 29 home sales through June are from The Cobble Hill House on Amity Street.

Cobble Hill wasn't the only neighborhood to see a jump in prices since 2015.

The steepest price spikes were also found in Ditmas Park, and Gramercy Park, Roosevelt Island and the Lower East Side in Manhattan.

Other neighborhoods did not budge from their spots, including the top three most expensive in the city, Tribeca, Nolita, and Soho. Those neighborhoods are still seeing prices rise, most steeply in Tribeca.

Prices went down for the most part only in Manhattan neighborhoods, except for Dumbo.

In Dumbo, sale prices dropped by 8 percent from $1.35 million in 2015 to $1.24 this year. The researchers thought this might be because buyers are choosing to rent there instead. Dumbo saw one of the highest surges in renter demand in 2018, they said.

See where your neighborhood stands on the StreetEasy analysis here.