Brooklyn appreciation rates and housing market information

Brooklyn housing market information

With a population of 2,465,326, 930,866 total housing units (homes and apartments), and a median house value of $529,927, Brooklyn house prices are not only among the most expensive in New York, Brooklyn real estate also is some of the most expensive in all of America.

large apartment complexes or high rise apartments are the single most common housing type in Brooklyn, accounting for 50.93% of the borough's housing units. Other types of housing that are prevalent in Brooklyn include duplexes, homes converted to apartments, or other small apartment buildings (35.26%), row houses and other attached homes (8.66%), and a few single-family detached homes (5.05%). This particular housing mix is relatively uncommon and characteristic of boroughs that are compact and walkable, and which often have a lively downtown.

Brooklyn is dominated by renter-occupied one, two, or no bedroom apartments. 69.01% of Brooklyn's dwellings are rentals.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Brooklyn's housing was primarily built during this period, from the '40s through the '60s. A full 43.69% of the borough's housing hails from this era. Other housing ages represented in Brooklyn include homes built between 1939 and earlier (42.70%), and housing constructed from 1970-1994 (11.93%). There's also some housing in Brooklyn built between 1995 and later (1.68%).

Brooklyn home appreciation rates

In the last 10 years, Brooklyn has experienced some of the highest home appreciation rates of any community in the nation. Brooklyn real estate appreciated 115.75% over the last ten years, which is an average annual home appreciation rate of 11.57%, putting Brooklyn in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Brooklyn definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Brooklyn appreciation rates have trailed the rest of the nation. In the last twelve months, Brooklyn's appreciation rate has been -6.21%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Brooklyn were at -1.19%, which equates to an annual appreciation rate of -4.76%.

Notably, Brooklyn's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New York, our data show that Brooklyn's latest annual appreciation rate is higher than 28% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Brooklyn differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Brooklyn - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Brooklyn real estate investment or home purchase decisions.