Brooklyn NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Brooklyn, NY Real Estate Data

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 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Brooklyn Housing Market Information

With 2,582,830 people, 950,856 houses or apartments, and a median cost of homes of $878,476, 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 51.64% 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 ( 34.35%), row houses and other attached homes ( 8.66%), and a few single-family detached homes ( 5.17%). 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. 70.46% of Brooklyn's dwellings are rentals.

The housing in Brooklyn was primarily built before 1939 ( 51.15%), 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 ( 29.85%), followed by between 1970-1999 ( 11.18%). There's also some housing in Brooklyn built between 2000 and later ( 7.81%).

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 63.18% over the last ten years, which is an average annual home appreciation rate of 5.02%, 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 3.28%, 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 1.08%, which equates to an annual appreciation rate of 4.41%.

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:
$878,476

Brooklyn, NY HOME PRICES

Value Range
> $1,232,000 24.3
$924,001 - $1,232,000 17.6
$616,001 - $924,000 26.7
$493,001 - $616,000 11.1
$370,001 - $493,000 8.8
$246,001 - $370,000 5.0
$123,001 - $246,000 3.0
$62,001 - $123,000 1.3
$0 - $62,000 2.2

Very High for NY
Very High for Nation

Value Relative to Nation Value Relative to State
1.77518248175182 5.44444444444444

Number Of Homes And Apartments:
950,856

Brooklyn Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2019 Q3 - 2019 Q4
Last 12 Months:
2018 Q4 - 2019 Q4
Last 2 Years:
2017 Q4 - 2019 Q4
Last 5 Years:
2014 Q4 - 2019 Q4
Last 10 Years:
2009 Q4 - 2019 Q4
Since 2000:
2000 Q1 - 2019 Q4
198.24% 5.62%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,115 / per month

Homeownership Rate

Homeownership
Owners 29.54
Renters 70.46
Vacant 8.20

Housing Market Details

 

Age of Homes

AGE OF Brooklyn HOMES
2000 or Newer 7.8
1970 - 1999 11.2
1940 - 1969 29.9
1939 or Older 51.2

Types of Homes

TYPE OF Brooklyn HOMES
Single-Family 5.2
Townhomes 8.7
Small Apt. Buildings 34.3
Apt. Complexes 51.6
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Brooklyn HOMES
No Bedroom 6.21
1 Bedroom 27.74
2 Bedrooms 34.62
3 Bedrooms 22.34
4 Bedrooms 5.83
5 or more bedrooms 3.26