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<\/a> *For the most accurate results we have adjusted home prices per square foot from before 2012 with the inflation rate.<\/p>\n<\/span>Top Three Brooklyn Neighborhoods with the Largest Increases in Home Prices per Square Foot (2004 \u2013 2012)
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<\/a><\/span><\/h3>\n#1. Williamsburg<\/a><\/strong><\/p>\nFormerly an industrial district, Williamsburg has undergone extensive redevelopment into a mixed-use neighborhood featuring residential conversions, new construction, and a growing commercial corridor. Between 2004 and 2012, the average home price per square foot rose from $269<\/strong> to $736<\/strong>, a 174% increase<\/strong>. The highest recorded sale during this period was a condominium at 22 North 6th Street<\/strong>, which sold in September 2012 for $2,840,918<\/strong>. The biggest home sale in the neighborhood is a condo unit at 22 North 6th Street<\/a>\u00a0 which sold in September of this year for a whopping $2,840,918.<\/p>\n#2.<\/strong> Prospect Lefferts Garden<\/strong><\/p>\nIts proximity to Prospect Park, the turn-of-the-century homes and the high-quality public school system have made this neighborhood a true attraction for many NYC home buyers<\/a>. As a result, growing crowds of young former Manhattanites wanting more home space for their dollar have called this neighborhood their home in the past decade. The average home price per square foot is up by 63%<\/strong> in 2012 compared to 2004, from $235 to $382. The largest sale recorded in the neighborhood is the single-family home at 20 Midwood St<\/a>., which sold in February 2012 for $1,650,000. The transaction also topped the neighborhood\u2019s home sales in 2005.<\/p>\n#3.<\/strong> Gowanus<\/strong><\/a><\/p>\nGowanus, known for its industrial past and central location near Carroll Gardens, has seen increasing residential development alongside environmental remediation efforts around the canal. Despite fluctuations following the 2008 housing downturn, prices in 2012 were 52% higher<\/strong> than in 2004, averaging $668 per square foot<\/strong>. In April 2012, Sam Dolnik, the grandnephew of Arthur \u201cPunch\u201d Sulzberger (former Times publisher), bought the two-family home at 473 Sackett St. for the record price of $1,825,000, $200,000 more than the original asking price<\/a>.<\/p>\n<\/span>Top Three Brooklyn Neighborhoods with the Largest Decreases in Home Prices per Square Foot (2004 \u2013 2012)<\/span><\/h3>\n#1. Cypress Hills<\/strong><\/p>\nLocated within East New York, Cypress Hills recorded the steepest decline in average home prices since 2004 \u2014 a 30% drop<\/strong>, from $209<\/strong> to $147 per square foot<\/strong>. The neighborhood, home to a large immigrant population primarily from Latin America, continues to offer some of the most affordable housing options in Brooklyn.<\/p>\n#2. & #3. East Flatbush<\/a> and Flatbush <\/strong><\/p>\nThe two neighborhoods are quite similar in terms of demographics and real estate<\/a>. Both of them have seen a decrease in home prices per square foot from around $200 in 2004 to approximately $160 in 2012. Nevertheless, there are signs that Victorian Flatbush is already going through an urban revival<\/a>. Long-term residents have noted ongoing efforts to balance neighborhood growth with housing affordability and community diversity.<\/p>\n<\/span>Neighborhoods with Stable Home Prices<\/span><\/h3>\nHowever, not all Brooklyn neighborhoods experienced sharp gains or declines. Several areas maintained relatively stable pricing between 2004 and 2012, reflecting steady demand and limited volatility.<\/p>\n
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Prospect Heights<\/a> saw a modest 4% decrease<\/strong> in average price per square foot, from $634<\/strong> to $606<\/strong>.<\/p>\n<\/li>\n- \n
Formerly an industrial district, Williamsburg has undergone extensive redevelopment into a mixed-use neighborhood featuring residential conversions, new construction, and a growing commercial corridor. Between 2004 and 2012, the average home price per square foot rose from $269<\/strong> to $736<\/strong>, a 174% increase<\/strong>. The highest recorded sale during this period was a condominium at 22 North 6th Street<\/strong>, which sold in September 2012 for $2,840,918<\/strong>. The biggest home sale in the neighborhood is a condo unit at 22 North 6th Street<\/a>\u00a0 which sold in September of this year for a whopping $2,840,918.<\/p>\n #2.<\/strong> Prospect Lefferts Garden<\/strong><\/p>\n Its proximity to Prospect Park, the turn-of-the-century homes and the high-quality public school system have made this neighborhood a true attraction for many NYC home buyers<\/a>. As a result, growing crowds of young former Manhattanites wanting more home space for their dollar have called this neighborhood their home in the past decade. The average home price per square foot is up by 63%<\/strong> in 2012 compared to 2004, from $235 to $382. The largest sale recorded in the neighborhood is the single-family home at 20 Midwood St<\/a>., which sold in February 2012 for $1,650,000. The transaction also topped the neighborhood\u2019s home sales in 2005.<\/p>\n #3.<\/strong> Gowanus<\/strong><\/a><\/p>\n Gowanus, known for its industrial past and central location near Carroll Gardens, has seen increasing residential development alongside environmental remediation efforts around the canal. Despite fluctuations following the 2008 housing downturn, prices in 2012 were 52% higher<\/strong> than in 2004, averaging $668 per square foot<\/strong>. In April 2012, Sam Dolnik, the grandnephew of Arthur \u201cPunch\u201d Sulzberger (former Times publisher), bought the two-family home at 473 Sackett St. for the record price of $1,825,000, $200,000 more than the original asking price<\/a>.<\/p>\n #1. Cypress Hills<\/strong><\/p>\n Located within East New York, Cypress Hills recorded the steepest decline in average home prices since 2004 \u2014 a 30% drop<\/strong>, from $209<\/strong> to $147 per square foot<\/strong>. The neighborhood, home to a large immigrant population primarily from Latin America, continues to offer some of the most affordable housing options in Brooklyn.<\/p>\n #2. & #3. East Flatbush<\/a> and Flatbush <\/strong><\/p>\n The two neighborhoods are quite similar in terms of demographics and real estate<\/a>. Both of them have seen a decrease in home prices per square foot from around $200 in 2004 to approximately $160 in 2012. Nevertheless, there are signs that Victorian Flatbush is already going through an urban revival<\/a>. Long-term residents have noted ongoing efforts to balance neighborhood growth with housing affordability and community diversity.<\/p>\n However, not all Brooklyn neighborhoods experienced sharp gains or declines. Several areas maintained relatively stable pricing between 2004 and 2012, reflecting steady demand and limited volatility.<\/p>\n Prospect Heights<\/a> saw a modest 4% decrease<\/strong> in average price per square foot, from $634<\/strong> to $606<\/strong>.<\/p>\n<\/li>\n<\/span>Top Three Brooklyn Neighborhoods with the Largest Decreases in Home Prices per Square Foot (2004 \u2013 2012)<\/span><\/h3>\n
<\/span>Neighborhoods with Stable Home Prices<\/span><\/h3>\n
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