3 more Brooklyn neighbourhoods just joined NYC's million-dollar neighbourhood club — and it shows just how rapidly the city is pricing residents out

ShutterstockHome prices are on the rise in some Brooklyn neighbourhoods — like Brooklyn Heights, pictured above.


The cost of living in many Brooklyn neighbourhoods 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 neighbourhoods has surged passed the $US1 million mark.

Since 2015, Brooklyn Heights, Prospect Heights, and Williamsburg have all entered New York City’s million-dollar-neighbourhood club.

Read more: Apartment prices in Manhattan just hit a 4-year low. Here’s everything you need to know about NYC’s mansion tax – and how it’s affecting the luxury market.

Currently, Brooklyn Heights has a median recorded sales price of $US1,010,000,Prospect Heights has a median recorded sales price of $US1,160,000, and Williamsburg has a median recorded sales price of $US1,038,863.

In 2010, per StreetEasy’s report, there were only four million-dollar neighbourhoods in New York. Now, there are 17. To gather the list, StreetEasy looked at neighbourhoods where there were 100 or more annual recorded sales between 2015 and 2019. All neighbourhoods where the average price per square foot is below $US1,000 were eliminated from the study.

Before these three newly-crowned neighbourhoods made the list, there were only two Brooklyn enclaves on it: Greenpoint and Park Slope. (Currently, the median recorded sales price in Greenpoint is $US1,578,287; in Park Slope, it’s $US1,191,000.)

And New York City’s skyrocketing housing market shows no signs of slowing down. There are also other neighbourhoods steadily creeping towards that million-dollar mark. Just consider Long Island City which, according to StreetEasy, currently has a median recorded sales price of $US903,419.

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 $US3,000 a month, according to Douglas Elliman’s July report on Manhattan, Brooklyn, and Queens rentals.

Even the more affordable neighbourhoods in Brooklyn, such as Flatlands and Gerritsen Beach, have average rents over $US1,500 a month.

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