Surprise Neighborhood Tops Most Expensive Brooklyn List in Q1 2016

The first quarter of 2016 brought forward new front-running neighborhoods across the East River, revealing shifts in preference and budget among Brooklyn home buyers. Columbia Street Waterfront District topped the market in terms of median prices, due in part to upscale condo sales at 84 Congress Street. The lesser known Prospect – Lefferts Garden came second, with the median transaction cashing in $1.32M.

Prices remain high in all neighborhoods on our list and the threshold for entering the top ten moved upwards from 2015, reflecting the 11% Y-o-Y increase in median home price in Brooklyn seen this last quarter. Nevertheless, none of the neighborhoods reached the $1.4 million mark for the average sale set by DUMBO in 2015.

In terms of transactions, it was Park Slope that sold by far the largest number of units (89), the other nine entries having recorded just 21 sales or less. Further down the most expensive list, Williamsburg (12th place) deserves a mention for most closed deals (127), but saw no evolution in median home prices over the past year.

Below you will find a countdown of the ten priciest neighborhoods in Brooklyn this past quarter. Scroll down to the end of the article for the full list of 25.

#10. Manhattan Beach

Median sale price: $873,486

Although a little remote and hard to access by public transportation, Manhattan Beach makes up for its relative isolation with a plethora of places to eat, shop and have fun. Home sales in this area have been the lowest on our list and the median price also went down 17% over the span of a year. Still, this quiet residential neighborhood is a recurring presence among the highest sellers across all New York City.

#9. Park Slope

Median sale price: $918,000

Going by Park Slope‘s reputation, the only surprise about the presence of this neighborhood among the top ten priciest is that it’s not further up the rankings. Prices have barely seen any growth over the past year, making one of the most desirable places to live in Brooklyn a surprisingly affordable alternative.

#8. Gowanus

Median sale price: $992,000

The industrial-looking Gowanus might just get a makeover as a plan to clean up the canal running through the middle of the neighborhood is finally under way. For the time being, though, Gowanus manages to showcase plenty positive aspects to prospective home buyers – so much so that the median price soared a jaw-dropping 51% since the first quarter of last year.

#7. Cobble Hill

Median sale price: $999,999

Also in our top ten Brooklyn neighborhoods list in 2015, Cobble Hill is a popular and hip place for those appreciating a picturesque setting. Nevertheless, the median home price went down by 20% over the past 12 months to just under $1M, the most significant drop in prices recorded anywhere in our current top 25.

#6. Fort Greene

Median sale price: $1,040,000

Elegant row houses are slowly giving way to several mixed-use tower developments on the western border with Downtown Brooklyn, yet the strong historical character remains. Culturally and ethnically diverse, Fort Greene gives residents and visitors a great community vibe, embellished by greenery and the multitude of coffee shops, wine bars, bookstores and markets. No wonder the median home price just jumped the $1M mark, up 9% Y-o-Y.

#5. Carroll Gardens

Median sale price: $1,112,500

An abundance of European-style churches, beautiful brownstones fronted by luscious gardens and the smell of Italian food in the air – it must be Carroll Gardens. The neighborhood has been one of Brooklyn’s most popular for a while now, so it’s no surprise prices here continue to grow year on year by double-digit rates (18% since Q1 2015).

#4. Mill Basin

Median sale price: $1,145,531

Handsome homes and a great number of waterfront modern constructions give this neighborhood an air of affluence, sometimes spiked with excess – as several mansions that look as if they just got shipped in from South Beach can attest. Though only 11 deals were recorded in Q1, the median sale price in Mill Basin was a whopping 82% higher than in the first quarter of 2015, signaling prices are catching up with what the neighborhood has to offer.

#3. DUMBO

Median sale price: $1,212,000

A startup haven for the tech inclined, this former industrial dock area was number one on our priciest in Brooklyn list in 2015. DUMBO is 3% up in terms of median home price from Q1 2015, and still at a level that manages to accommodate both budding artists and luxury amenities.

#2. Prospect – Lefferts Gardens

Median sale price: $1,320,000

Blending Caribbean culture and brownstone charm, this neighborhood recorded just under 10 sales, with no change in median home price since last year. However, this should not fool home buyers – analysts are starting to compare the virtually unknown Lefferts Garden to Park Slope.

#1. Columbia Street Waterfront District

Median sale price: $1,362,319

A distinctive, if quirky, neighborhood, Columbia Street was by-passed as a residential area of interest in the not so distant past. However, home sales have been picking up in the last few years, and so have prices (by a shocking 48% between Q1 2015 and this last quarter). Nowadays, interested buyers are more willing to turn a blind eye to the B.Q.E. cutting this small neighborhood off from most of Brooklyn, in return for low-rise brick housing, a relaxed atmosphere and the high-performing Public School 29.

* The median sale prices were calculated based on residential property sales closed between January 1, 2016 and March 31, 2016. The residential properties included in the stats are single-family homes, condos and coops.