Repriced, Reshaped, Reconsidered: NYC Neighborhoods Where Home Prices Doubled in the Past Decade

Key Takeaways:

• 24 NYC neighborhoods saw median sale prices double or more throughout the last 10 years, growing by as much as 288% in Two Bridges.
• In eight neighborhoods, sharp price gains were primarily fueled by gentrification, with Carroll Gardens and Cobble Hill approaching $2 million.
• In coastal neighborhoods like Red Hook and Clason Point, recovery from Hurricane Sandy and resiliency investments have brought in climate gentrification.
• Neighborhoods like Parkchester, Clifton, and Richmond Town show signs of pre-gentrification with rising incomes, new developments or increased LLC ownership.
• The rise of hybrid and remote work has increased interest in previously overlooked areas, including Staten Island waterfronts and transit-poor zones.
• Property tax bills more than doubled in many of these neighborhoods, rising as much as 751% in Gowanus, adding another layer of financial pressure for homeowners.
• Most of the featured neighborhoods that were affordable a decade ago have become inaccessible to lower- and even middle-income buyers, while a few resisted or even failed to gentrify.

New Yorkers who bought a home last year paid a median $730,000, nearly half as much as 10 years ago. Looking at city’s staggering home price growth, we zoomed in on NYC at a more granular level, to better understand which parts of the city heated up most.

Specifically, we focused on neighborhoods where the median sale price doubled or more between 2014 and 2024, analyzing pricing, income and tax indicators. Then, diving into the diverging trends of this dynamic and diverse real estate market, we looked for the potential or visible drivers of accelerated price growth.

So, while NYC home prices appreciated 49%, the median sale prices of 24 NYC neighborhoods recorded gains as high as 288%, as was the case in Two Bridges. Notably, median sale prices in these neighborhoods ranged between $96,000 and $900,000 a decade ago, but today they sit between $220,00 and nearly $2 million.

And, although some of the 24 neighborhoods still offer the prospect of affordable homeownership in a notoriously expensive housing market, they also show how quickly that can — and is — changing.

Explore the interactive map below to see how median sale prices changed over the past decade across NYC neighborhoods:

General Overview

A Decade Repriced: Inside NYC’s Fastest-Changing Neighborhoods

Overall, the factors that drove and characterized these price gains were beyond the expected post-crash market recovery and beyond the pandemic buying frenzy.

In neighborhoods like Carroll Gardens and Cobble Hill, gentrification was already underway and the last 10 years saw the two neighborhoods mature into established, high-income areas. For others, that process is more recent and show more discrete signs, like the uptick in LLC ownership in Parkchester. Conversely, in neighborhoods like Brookville, tight zoning laws and the appeal of strong communities drove prices up but kept the community character intact.

Even areas that were considered ungentrifiable (like Staten Island’s Clifton) have shifted into a state of pre-gentrification, with public transit upgrades bringing in higher-income professionals. With commute restrictions eased by the proliferation of hybrid and remote work models, once hidden or ignored pockets of the city have started attracting increased interest, especially on the waterfront.

Explore the interactive table below for quick price insights for all 24 neighborhoods:

Some neighborhoods starting down the road to gentrification, like Wingate, have somewhat expected it as surrounding areas took off. Wingate residents watched neighboring Crown Heights heat up until gentrification spilled over along with priced-out buyers.

In other areas, climate change mitigation and post-Sandy recovery drove prices up: Once considered ungentrifiable, Breezy Point and Red Hook’s gentrification were fueled by the devastation that Hurricane Sandy left behind.

Now, neighborhoods like Midland Beach could potentially follow suit as flood mitigation projects and requirements raise construction costs, while the increased safety raises appeal and prices. With growing property taxes and ballooning flood insurance premiums, working-class communities start being priced out by climate gentrification.

Gentrifying & Gentrified

Displacement by Design? Gentrification, Planning & Growth in NYC’s Fastest-Appreciating Neighborhoods

In eight of the 24 neighborhoods with at least 100% price growth over the past decade, sharp price increases were strongly fueled by gentrification — although each neighborhood had its own specificities. For example, at a $900,000 median sale price, Cobble Hill and Carroll Gardens were already the most expensive of the 24 neighborhoods back in 2014. Today, they’re still among the most expensive, approaching $2 million.

In Cobble Hill, further price growth was driven by maturing gentrification and the growing number of luxury developments and vibrant commercial districts, which more than doubled property taxes. At the same time, the median income shot up 43% to reach $189,000.

In nearby Carroll Gardens, gentrification began earlier but advanced slower and in a more controlled way — still, it lifted the neighborhood median sale price to $1.91 million. Beyond the retail and commercial overhaul typical of gentrification, the number of Carroll Gardens residents holding a bachelor’s degree more than doubled to 44% while the median household income jumped 85%.

Notably, property taxes also more than doubled — and not just in Cobble Hill and Carroll Gardens. Gowanus property taxes surged 751% from under $800 a decade ago, to more than $6,500 today. Education levels rose too and today 31% of residents hold at least a bachelor’s degree, up from one in five just a decade ago.

Two Bridges logged the sharpest price increase of all NYC neighborhoods in the last 10 years, surging 288% to reach $1.64 million, the result of rapid luxury expansion.

Despite strong community resistance, Two Bridges quickly shifted from a relatively affordable neighborhood to one increasingly dominated by large-scale luxury projects like One Manhattan Square and 247 Cherry St. Meanwhile, local businesses were replaced by upscale venues, further widening the economic polarization of the neighborhood.

The rapid changes in assets in Two Bridges is also emphasized by the year properties were built: Units sold a decade ago featured a median year built of 1991, whereas, today, that sits at 2015.

Morningside Heights, the only other Manhattan neighborhood with at least 100% price growth over the past decade also surpassed $1 million — one of six neighborhoods to do so. Meanwhile, property taxes more than tripled to a $21,000 median bill and LLC purchases inched up.

Although Prospect-Lefferts Gardens residents managed to block some projects, the neighborhood nevertheless saw gentrification take a deeper hold.

Consequently, the median sale price jumped 127% since 2014, coming in just under $1 million. The share of residents with at least a bachelor’s degree also rose, from one in five to nearly one in three.

Moreover, while some parts of the neighborhood became deeply gentrified, prices will likely grow further. For example, average rents here range between $2,310 and $3,344 — still below the borough’s $3,715 average.

That said, gentrification is expanding out from Prospect-Lefferts Gardens to nearby areas, including Wingate, now in the earlier stages of the process. So, while still mostly working class, Wingate is drawing increasing numbers of graduates: Bachelor-degree holders now account for more than one-quarter of residents, up from just 11% a decade ago. Additionally, property taxes have nearly doubled and retail is turning over as Wingate also experiences spillover from Crown Heights. Meanwhile, income mismatches continue to widen between locals and new projects, where affordable units can accept an area median income as high as 130%.

Meanwhile in Jamaica — the only Queens neighborhood where gentrification was a major driver of surging home prices — large-scale rezoning and mixed-income mega-projects have already created ample luxury housing, many on abandoned lots.

Specifically, projects like The Monarch have brought to market hundreds of luxury apartments with high-end amenities that target commuters and professionals, while affordable units accept an area median income of up to 130% .

The effects of such mixed-income projects are already visible: The neighborhood median income appreciated 56% in the last 10 years.

Anti-Gentrification Measures

NIMBY to Gentrification: Appreciation Without Displacement

While gentrification has reshaped many New York City neighborhoods, areas like Rochdale and Brookville remained relatively insulated from these changes. Their unique mix of asset types, housing structures, zoning regulations and community compositions have contributed to their resilience, offering insights into how some areas can maintain stability during widespread urban transformation.

In particular, Brookville is virtually impossible to gentrify, with zoning and height limitations were further tightened in 2009. Here, the suburban layout, predominantly single family homes and strong sense of community mean that homes go on the market relatively rarely, inspiring bidding wars when they do.

Somewhat ironically, the anti-gentrification safeguards in place here have tapped into the desires of many homeowners looking to settle down in a stable neighborhood, further increasing Brookville’s appeal. These factors and more drove Brookville home prices up 110% in the last decade, reaching $667,000.

Structural protections safeguarding Rochdale from gentrification remain a significant contributor to price increases.

Originally developed under the Michell-Lama Housing Program to provide affordable housing for low- and middle-income residents, the co-op later converted to become fully-owner occupied.

However, this design and the governance of Rochdale have limited speculative real estate investments, further contributing to its resistance to gentrification. Instead, price growth has been driven by supply scarcity and demand spillover from nearby areas.

The stability of both Brookville and Rochdale is also evidenced by the near-lack of new developments: The median year built for sales recorded in 2024 was 1950 for Brookville and 1930 for Rochdale.

Pre-Gentrification

Emerging Neighborhoods: Still Affordable, but Metrics Are Shifting

The neighborhoods of Clifton, Parkchester, Richmond Town, Park Hill and Hollis each display unique trajectories concerning gentrification, but all five are on the cusp of it, in a state of pre-gentrification. Some — like Parkchester and Clifton — are seeing substantial developments and zoning changes, others (such as Richmond Town and Hollis) are navigating the balance between growth and preservation.

In Hollis, the median sale price rose 103% and the median property tax bill went up 54% in the last decade. With the neighborhood quietly shifting into a state of pre-gentrification, it has yet to see the typical retail flip, real estate speculation, large-scale or luxury developments, or the identity shift typical of more advanced stages of gentrification.

That said, there are clear signs, like the income mismatches between locals and new projects like Q-188, where affordable rents start at $2,300 per month — well above what the neighborhood’s long-term residents can afford.

Additionally, new-build and recently renovated homes are going to market for as much as $1.5 million and interest is growing in smaller infill developments like 187-11 Hollis Ave.

Although a predominantly single family neighborhood, Hollis still comprises some apartment stock that remains, for now, under the borough average. Specifically, Hollis rents currently range between $1,249 and $2,635 per month, while the average Queens renter spends $3,179, according to RentCafe.

Parkchester is undergoing significant changes due to the Bronx Metro-North Station Area Plan, which will see $500 million in infrastructure upgrades deployed across the East Bronx, along with 7,000 new residential units.

The initiative aims to capitalize on new Metro-North stations in the area and, as is often the case, improved connectivity comes with growing interest from outside buyers. That interest is showed by the growing number of buyers hidden behind LLCs: While 2014 saw only 19 sales registered to an LLC owner, a decade later, that number had risen to 72.

Over in Staten Island, Clifton, Richmond Town and Park Hill have also shifted to pre-gentrification conditions.

In fact, Richmond Town is seemingly on the cusp of gentrification, as signaled by the appearance of new or flipped homes that list for more than $1 million. 

Other typical identifiers of shifting toward gentrification are growing income levels — up 82% — and the increase in the number of bachelor’s degree holders — going from 14% to 23% in a decade.

Additionally, in a bid to attract higher income, non-local buyers, there’s a growing emphasis on the neighborhood’s historic claims on property listings and marketing materials. That emphasis also spills beyond the neighborhood’s boundaries with nearby properties incorporating proximity branding like “near historic Richmond Town”.

Clifton, too, is experiencing transformative developments, touched by the Staten Island North Shore Action Plan and the Bay Street Corridor Neighborhood Plan which are set to bring additional housing and major infrastructure upgrades. Plus, as nearby Stapleton and St. George continue to rapidly gentrify, Clifton is seeing the effects of demand spillover too, another significant factor in its 134% price increase. Notably, Park Hill is also experiencing spillover pressure from the same neighborhoods.

Climate Gentrification

Scars of Sandy: Climate Gentrification Takes Hold in Coastal Neighborhoods

For seven of the neighborhoods with more than 100% price growth over the past decade, climate gentrification poses significant and unique challenges. That’s because resilience investments — essential as they are for protecting communities from climate-related risks — can also lead to increased property values and contribute to the displacement of long-term residents as wealthier buyers move in.

However, these developments also turn up the pressure on long-term lower-income residents, some of whom are now facing rising rents and potential displacement, while others have to consider growing property taxes and insurance premiums, as seen in Red Hook, Breezy Point and Midland Beach.

In Red Hook, some long-term residents sold at severely depressed prices after Sandy and relocated, opening the door for wealthier residents and investors willing to take over after flood protections were upgraded.

At nearly $2 million, Red Hook is now the most expensive of the neighborhoods where prices at least doubled over the past decade, rising 150%. But property taxes grew at an even faster pace, surging 522% to reach a $10,000 median tax bill.

Breezy Point prices appreciated at an ever sharper 192% rate, but having started at a far lower median sale price, only reached $725,000. Meanwhile, Midland Beach is following the same climate-fueled route — although for now it remains in a state of pre-gentrification.

Long Island City (LIC) has also undergone rapid development with residential towers and commercial spaces transforming the area and boosting the local economy. But that also spurred a 132% median sale price increase. This, in turn, increased LIC property taxes nearly ten times over, even as income grew only 80%.

Meanwhile, in Gerritsen Beach, changes were heavily fueled by climate considerations, but with clearer signs of pre-gentrification. Until now, poor transit options and the neighborhood’s overall isolated location kept large-scale gentrification at aby. However, work-from-home and hybrid models mean this is no longer the barrier it used to be, opening the neighborhood to a wealthier demographic of young professionals.

Even with significant infrastructure and flood mitigation investment, flood insurance premiums in Gerritsen Beach have recently shot up as the neighborhood’s FEMA risk rating has increased — turning up the pressure on low-income residents. Gerritsen Beach also faces pressure from neighboring areas like Sheepshead Bay and Marine Park, with wealthier buyers spilling over and raising the neighborhood’s median income 71% in a decade.

Over in the Bronx, the North Metro expansion is bringing in new residents and creating the conditions for gentrification in Clason Point too, despite the neighborhood’s low-density zoning. But climate threat mitigation projects are elevating the neighborhood’s appeal, influencing buyer and investor interest.

Moreover, the elevated costs of homes located in the Clason Point’s flood zones are also driving price increases, with homes in the neighborhood’s flood zones selling for 108% more than 10 years ago.

A Look Ahead

Beyond the Boom: Shifting Grounds, Divergent Paths

While most of the 24 neighborhoods featured in our study experienced transformative growth, Mariner’s Harbor, East New York and Hamilton Beach have remained firmly working class and largely untouched by gentrification. While two are quietly shifting in ways that suggest early-stage changes may still come down the line, in one, gentrification, though planned, did not materialize.

In Mariner’s Harbor, the persistence of industrial zoning and lack of residential conversions have kept speculative development mostly away and economic activity centered on industrial real estate. And, although the neighborhood’s median income rose by half over the last decade, that still translated to only $69,000 in 2024, just above low-income by NYC’s cost of living.

Limited transit access has further slowed change, but interest is rising from first-time buyers and young professionals: the share of residents with bachelor’s degrees has grown from 11% to 18% over the past decade. The neighborhood’s waterfront location, remote work trends and growing interest in under-the-radar Staten Island enclaves could eventually lead to repositioning.

In East New York, large scale upzoning, mixed-income mega-projects and infrastructure improvements were supposed to lay the groundwork for a type of managed gentrification. However, that planned gentrification never arrived — a rarity, especially in a high-demand city like NYC.

The initial excitement and speculation that followed the 2016 rezoning quickly spiked and flattened, stalling due to systemic barriers like high crime rates, poverty, community resistance and overall public perception.

The first of Mayor de Blasio’s Mandatory Inclusionary Housing rezonings generated few market-rate new developments. In fact, much of the neighborhood remains characterized by income-restricted housing and new projects over the past decade tended to be similar or at most, mixed-income.

Moreover, uptake has been sluggish even for new units, sustained by an affordability paradox: Area median income ranges for affordable units go as high as 130%, out of reach for long-term neighborhood residents, while the traditional gentrifiers who could afford them have not broken through the perceived risk wall of East New York.

Meanwhile, Hamilton Beach represents a different trajectory, shaped less by underdevelopment and more by environmental constraints and deliberate policy.

The neighborhood was significantly impacted by Hurricane Sandy and has since undergone major climate resilience upgrades, but unlike Red Hook or Breezy Point, where flood mitigation opened the door to climate gentrification, the vulnerabilities of Hamilton Beach continue to suppress demand.

Post-Sandy rezonings limited commercial density here, restricting the types of retail and mixed-use developments that often catalyze gentrification and no large-scale residential or commercial projects have entered the pipeline. Despite this, the area’s waterfront appeal and proximity to JFK, along with hybrid work opening up more remote coastal living options, Hamilton Beach could eventually draw renewed interest — particularly if climate protections continue to improve.

For now, though, all three neighborhoods highlight the limits of gentrification’s reach in NYC.

Explore the interactive table below to see price, property tax and income trends for the 24 NYC neighborhoods where prices doubled or more since 2014:

Methodology

Methodology

Neighborhood median sale prices were calculated based on closed residential property sales recorded in ACRIS between January 1 and December 31, 2024 and January 1 and December 31, 2014. Residential asset types included were single family homes, condos and co-ops. Package deals were excluded. Median sale prices were calculated only for neighborhoods that recorded at least 15 sales in both time frames. The same criteria were applied for determining the 2014 and 2024 NYC median sale prices.

Property tax data and LLC ownership information was sourced from the PropertyShark database.

Median income and education data was was extracted from the U.S. Census Bureau’s 2023 American Community Survey (ACS) 5-Year Estimates by aggregating census tract data at the neighborhood boundary level.

Similarly, the 2014 and 2024 national median sale prices were also sourced from U.S. Census Bureau data.

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PropertyShark is an online real estate database and property research tool that provides building details, ownership information, comparable sales, and foreclosure data. Founded in 2003, PropertyShark serves real estate professionals and consumers in New York and other major U.S. markets.