This BK Neighborhood's Home Prices Nearly Doubled In 2021: Study

BROOKLYN, NY — Buyers looking to snatch up a home in Brooklyn's downtown this spring and summer could pay almost double what they would have just one year ago, according to a new study.

A new PropertyShark study of the Top 50 Most Expensive NYC Neighborhoods found that median home prices in Downtown Brooklyn spiked 79 percent between April and June this year from what they were in 2020, the biggest jump of any neighborhood tracked through the list.

The spike means the neighborhood jumped a staggering 31 spots on the Most Expensive ranking, making it as the third most-expensive place to buy a home in the borough.

Buyers will now pay around $1.37 million in Downtown Brooklyn, as opposed to $765,000 during the same time period in 2020.

The soaring prices contributed to Brooklyn's overall year-to-year increase of 18 percent in prices, making it the borough with the largest spike in New York City even though some other neighborhoods saw prices lag.

"Hit hard by the pandemic, New York City’s real estate market is proving its resilience once again," the researchers wrote. "As the vaccine rollout increasingly allows life to approach normal, buyer appetite has returned with a vengeance."

Downtown Brooklyn's price surge was counteracted by declining prices in several other of its to-neighborhoods, the study shows.

Just as it took the cake for the biggest price increase, Brooklyn also saw the largest dip of any of the city's top neighborhoods with Carroll Gardens, where prices fell 35 percent between 2020 and 2021, according to the study.

Only one neighborhood, DUMBO, made the top 10 for the city's most expensive neighborhoods during the 2021 time period. Its prices dropped 28 percent since the second quarter of 2020, the study found.

The second-most expensive spot, Cobble Hill, fell out of the top 10 this year after a 5 percent fall in its median price.

Find a full list of neighborhoods on the top 50 list here.