Brooklyn, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Brooklyn, NY Housing Market Trends

With a population of 2,736,074, 972,314 total housing units (homes and apartments), and a median house value of $1,088,210, 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 52.58% 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 ( 33.31%), row houses and other attached homes ( 8.83%), and a few single-family detached homes ( 5.12%). 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 bedrooms apartments. 70.14% of Brooklyn's dwellings are rentals.

The housing in Brooklyn was primarily built before 1939 ( 50.20%), making the housing stock in Brooklyn some of the oldest overall in America, although there is a range of ages of homes in Brooklyn. The next most important housing age is between 1940-1969 ( 29.04%), followed by between 1970-1999 ( 11.52%). There's also some housing in Brooklyn built between 2000 and later ( 9.23%).

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 95.16% over the last ten years, which is an average annual home appreciation rate of 6.92%, putting Brooklyn in the top 20% 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 14.66%, 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 5.58%, which equates to an annual appreciation rate of 24.27%.

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 lower than 70% 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 2000, to assist you in making the best Brooklyn real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$1,088,210

Brooklyn, NY HOME PRICES

> $1,304,000
$978,001 - $1,304,000
$652,001 - $978,000
$522,001 - $652,000
$391,001 - $522,000
$261,001 - $391,000
$131,001 - $261,000
$65,001 - $131,000
$0 - $65,000
32.4%
32.4%
18.8%
18.8%
24.8%
24.8%
8.5%
8.5%
6.3%
6.3%
3.8%
3.8%
2.4%
2.4%
1.0%
1.0%
2.0%
2.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NY

Value Relative To Nation

Number Of Homes And Apartments:
972,314

Brooklyn Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
255.39% 5.93%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,388 / per month

Homeownership Rate

Owners
Renters
Vacant
29.9%
29.9%
70.1%
70.1%
7.9%
7.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.2%
9.2%
11.5%
11.5%
29.0%
29.0%
50.2%
50.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
5.1%
5.1%
8.8%
8.8%
33.3%
33.3%
52.6%
52.6%
0.1%
0.1%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
6.1%
6.1%
27.3%
27.3%
34.6%
34.6%
22.6%
22.6%
6.2%
6.2%
3.3%
3.3%
0.0% 100.0%
% OF HOMES