{"id":42679,"date":"2023-10-16T12:35:22","date_gmt":"2023-10-16T09:35:22","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=42679"},"modified":"2025-04-10T14:25:54","modified_gmt":"2025-04-10T11:25:54","slug":"nyc-flood-zones-how-are-they-affecting-home-sales-and-prices","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2023\/10\/16\/nyc-flood-zones-how-are-they-affecting-home-sales-and-prices\/","title":{"rendered":"NYC Flood Zones: As Flooding Events Become More Frequent, How Are They Affecting Home Prices &amp; Sales?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Key Takeaways:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Over the past 11 years, home price growth has been noticeably slower in flood zones than in low-risk areas across NYC<\/strong>,<strong> rising 33% and 53%, respectively<\/strong><\/li>\n\n\n\n<li><strong>Residential sales in the flood zones of Brooklyn, Manhattan and Queens were similarly slower paced, with transactions rising in Staten Island alone<\/strong><\/li>\n\n\n\n<li><strong>Brooklyn led in terms of price gaps, with homes outside flood zones selling at a $190,000 median premium in 2023<\/strong><\/li>\n\n\n\n<li><strong>Manhattan claimed two of the three neighborhoods where flood zone medians contracted since 2012<\/strong><\/li>\n\n\n\n<li><strong>Six of the seven neighborhoods that logged triple-digit surges in flood zone medians were significantly affected by Hurricane Sandy<\/strong><\/li>\n<\/ul>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>The recent record rainfall in New York City that, yet again, flooded subway stations, apartments, storefronts and entire streets was just another instance in an increasingly frequent line of similar weather events affecting the city. Granted, current <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/New-York-City\/Maps\/FEMA-Flood-Zone\" target=\"_blank\" rel=\"noreferrer noopener\">effective FEMA flood zone maps<\/a> already show large swaths of NYC neighborhoods at medium and high risk of flooding. But, as residents outside of these designated areas can increasingly confirm, the risk of floods has spilled over beyond these boundaries \u2014 and <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/New-York-City\/Maps\/?map=nyc2&x=0.6445833333333333&y=0.50875&zoom=0&basemap=femaadvisory&tab=themes&ll=40.7089984253794,-73.8745363100956\" target=\"_blank\" rel=\"noreferrer noopener\">preliminary views of FEMA\u2019s new flood zone maps<\/a> back up their experiences.<\/p>\n\n\n\n<p>However, before we speculate on the impact that future flood zone maps will have on the real estate market, we investigated the effects of the flooding events of the last 10+ years by analyzing residential sales data between January and September 2012 \u2014 before Sandy hit \u2014 and January and September 2023. Specifically, we focused on the differences in pricing and the number of sales between areas that fall within and areas that fall outside current FEMA-designated flood zones, in the 65 neighborhoods that met our minimum sale threshold.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sales_Tick_Down_in_Flood_Zones_in_3_of_5_Boroughs\"><\/span>Sales Tick Down in Flood Zones in 3 of 5 Boroughs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When looking at citywide residential sales data, we immediately noticed a decrease in the number of sales in flood zones compared to areas not designated as at risk. More precisely, across NYC, <strong>sales in flood zones represented 11% of all recorded residential deals in 2012, whereas in 2023, they accounted for only 9%<\/strong>.<\/p>\n\n\n\n<p>That said, not all of <a href=\"https:\/\/www.propertyshark.com\/recently-sold-homes\/ny\/new-york-city\" target=\"_blank\" rel=\"noreferrer noopener\">NYC<\/a> is affected equally: For example, flood zone sales ticked down in three of the city\u2019s five boroughs, with Staten Island and the Bronx bucking that trend. Specifically, sales in Bronx flood zones remained fairly constant, representing 12% of the borough\u2019s sale total both in 2012 and 2023. And in Staten Island, flood zone sales went from accounting for 10% of the borough\u2019s total in 2012, to supplying 11% of all residential sales.<\/p>\n\n\n\n<p>Meanwhile in <a href=\"https:\/\/www.propertyshark.com\/recently-sold-homes\/ny\/new-york-city\/manhattan\">Manhattan<\/a>, flood zone sales ticked down from 10% of all sales to 8%. In Queens, flood zone home sales went from accounting for 9% of all residential deals in 2012 to 7% in 2023.<\/p>\n\n\n\n<p>Brooklyn, however, saw the most significant changes:<strong> Transactions in areas at risk of flooding accounted for 17% of Brooklyn\u2019s home sales in 2012, but by 2023, that share dropped to 11%<\/strong>. And, with preliminary views of FEMA\u2019s updated flood zone maps showing Brooklyn as the borough with some of the largest increases in at-risk areas, there could be an even more drastic change in the near future.<\/p>\n\n\n\n<p><em><strong>View the expected increase in Brooklyn\u2019s flood zones according to preliminary FEMA projections:<\/strong><\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"730\" height=\"627\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2023\/10\/FEMA-Flood-Zone-BrooklynGIF.gif?w=730\" alt=\"Map of Brooklyn FEMA Flood Zones\" class=\"wp-image-42673\"\/><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brooklyns_Flood_Zones_Log_16_Price_Increase_in_11_Years_Prices_Outside_At-Risk_Areas_Surge_74\"><\/span>Brooklyn\u2019s Flood Zones Log 16% Price Increase in 11 Years, Prices Outside At-Risk Areas Surge 74%<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Notably, it\u2019s not just the number of sales that shows changing market dynamics in areas at risk of flooding: Price growth has also slowed in these areas compared to those outside of flood zones. Price changes were most dramatic in <a href=\"https:\/\/www.propertyshark.com\/recently-sold-homes\/ny\/new-york-city\/brooklyn\" target=\"_blank\" rel=\"noreferrer noopener\">Brooklyn<\/a> and Manhattan, with the latter marking a 25% price gain in floodable areas and a 40% increase outside of flood zones.<\/p>\n\n\n\n<p>Brooklyn, however, showed the starkest differences in terms of pricing: While the median for homes sold outside of flood zones jumped 74%, the median sale price for homes located within at-risk areas gained just 16% \u2014 by far the smallest increase in the city. Queens too, saw slower price growth between 2012 and 2023 in flood prone areas (49%) compared to price gains recorded in areas designated as low risk (72%).<\/p>\n\n\n\n<p><a href=\"https:\/\/www.propertyshark.com\/recently-sold-homes\/ny\/new-york-city\/queens\" target=\"_blank\" rel=\"noreferrer noopener\">Queens<\/a> and Brooklyn showed an additional sign of the influence flood zones have had so far on pricing and buyer preferences: While in 2012, medians in flood zones were higher than in low-risk areas, by 2023, price trends had reversed, resulting in lower median sale prices in at-risk areas. For example, flood-prone zones in Brooklyn had a $64,000 higher median in 2012 than properties in areas with low or no risk. For comparison, <strong>by this year, homes in Brooklyn\u2019s flood-prone areas were selling at a $190,000 lower median than those outside flood zones<\/strong>.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"_\/tQpmK8xHGCNc7Esthm7l\" data-type=\"interactive\" data-title=\"Pricing in NYC and borough Flood Areas\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>While sales in <a href=\"https:\/\/www.propertyshark.com\/recently-sold-homes\/ny\/new-york-city\/staten-island\" target=\"_blank\" rel=\"noreferrer noopener\">Staten Island<\/a>\u2019s flood-prone areas increased at a faster pace than those in low-risk zones, in terms of pricing, the fifth borough also saw price growth in no-flood zones outpace price gains in flood zones. Here, the median sale price for homes in flood-prone areas grew 59% in the last 11 years, whereas the median for sales outside of flood zones jumped 71%.<\/p>\n\n\n\n<p>And while <a href=\"https:\/\/www.propertyshark.com\/recently-sold-homes\/ny\/new-york-city\/bronx\" target=\"_blank\" rel=\"noreferrer noopener\">the Bronx<\/a> slightly different trends by logging a marginally sharper price appreciation in flood-prone areas (43%) compared to places not at risk (41%), city-wide numbers still reflected the wider trend of slower price gains in areas at risk of flooding. Specifically, flood-prone sections of the city experienced a 33% increase in the median sale price of homes, while the rest of NYC saw prices climb 53%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Price_Growth_Slower_in_Flood-Prone_Areas_in_38_of_65_Neighborhoods_with_At-Risk_Zones\"><\/span>Price Growth Slower in Flood-Prone Areas in 38 of 65 Neighborhoods with At-Risk Zones<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When zooming in to the neighborhood level, we found that of the 65 neighborhoods with at-risk areas, 38 \u00a0logged sharper price increases in areas outside of flood zones, while 20 experienced sharper price gains in flood zones.<\/p>\n\n\n\n<p>Furthermore, among neighborhoods where prices in flood zones grew at a slower pace than in areas with no risk, <strong>three neighborhoods actually saw prices contract within floodable areas<\/strong>: in Manhattan\u2019s <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/brooklyn\/clinton-hill\" target=\"_blank\" rel=\"noreferrer noopener\">Clinton-Hell\u2019s Kitchen area<\/a>, a 25% drop lowered the median of flood zones to $878,000 in 2023, while the rest of the neighborhood ticked up 18% to $930,000. \u00a0<\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"_\/yWWyUMprs02qVtcsPWAn\" data-type=\"interactive\" data-title=\"Price decreases NYC Flood Areas\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>In the same way, the fellow Manhattan neighborhood of <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/manhattan\/sutton-place\" target=\"_blank\" rel=\"noreferrer noopener\">Sutton Place<\/a> logged a 6% price contraction in floodable areas, while the median of the rest of the neighborhood appreciated 12%. Likewise, Staten Island\u2019s <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/staten-island\/arden-heights\" target=\"_blank\" rel=\"noreferrer noopener\">Arden Heights<\/a> logged a 5% price decrease\u00a0in flood zone prices, dropping $22,000 between 2012 and 2023.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Far Rockaway, Red Hook & Greenpoint Among Neighborhoods Where Flood Zone Price Gains Outpace Low-Risk Areas<\/h3>\n\n\n\n<p>In neighborhoods where at-risk areas underwent sharper price increases in the last 11 years, seven saw triple-digit gains. In particular, Brooklyn\u2019s <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/brooklyn\/red-hook\" target=\"_blank\" rel=\"noreferrer noopener\">Red Hook<\/a> showed a stark difference in price gains: While the median of low-risk areas surged 169% to hit $1.45 million this year, <strong>prices in Red Hook\u2019s flood zones shot up a whopping 279% <\/strong>to rest at $2,488,000.<\/p>\n\n\n\n<p>Red Hook was joined by the fellow Brooklyn neighborhoods of <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/brooklyn\/greenpoint\" target=\"_blank\" rel=\"noreferrer noopener\">Greenpoint<\/a> and Gowanus. In Greenpoint, the median sale price of flood zone sales jumped 188%, yet in low-risk areas, the median rose 81%. In <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/brooklyn\/gowanus\" target=\"_blank\" rel=\"noreferrer noopener\">Gowanus<\/a>, floodable areas surged 172% compared to 169% in no-flood zones.<\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"_\/tKZObqEBEeFGj5refne5\" data-type=\"interactive\" data-title=\"Flood zone Top increases in NYC\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Meanwhile, home prices in Manhattan\u2019s Hudson Square and <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/manhattan\/roosevelt-island\" target=\"_blank\" rel=\"noreferrer noopener\">Roosevelt Island<\/a> also grew at a sharper rate in areas at medium and high risk of flooding. Specifically, flood zone medians in <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/manhattan\/hudson-square\" target=\"_blank\" rel=\"noreferrer noopener\">Hudson Square<\/a> jumped 170% to $reach 3.16 million compared to the 123% increase in no risk areas.<\/p>\n\n\n\n<p>At the same time, Roosevelt Island experienced a 145% jump in flood zone prices while the rest of the neighborhood gained only 38%. Although not among the five neighborhoods with the sharpest increases, Queens\u2019 Far Rockaway and Arverne also made waves with gains of 113% and 109%, respectively.<\/p>\n\n\n\n<p>It\u2019s also worth mentioning that of both Gowanus and Greenpoint saw significant impact during the late-September flood event, while Red Hook, <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/queens\/far-rockaway\" target=\"_blank\" rel=\"noreferrer noopener\">Far Rockaway<\/a>, Hudson Square, Roosevelt Island, Gowanus and Greenpoint were all impacted by Hurricane Sandy, only Arverne spaced virtually unscathed.<\/p>\n\n\n\n<p><em><strong>View the expected increase in NYC\u2019 flood zones according to preliminary FEMA projections:<\/strong><\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"730\" height=\"627\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2023\/10\/FEMA-Flood-Zone-NYC-GIF.gif?w=730\" alt=\"Map of NYC FEMA Flood Zones\" class=\"wp-image-42674\"\/><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Next\"><\/span>What Next?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With FEMA\u2019s updated flood maps for NYC expected to be released in 2024, thousands of residents and owners are anticipating increased housing costs in the form of mandatory flood insurance and additional safety measures.<\/p>\n\n\n\n<p>That said<a>, <\/a><a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/New-York-City\/Maps\/?map=nyc2&x=0.6445833333333333&y=0.50875&zoom=0&basemap=femaadvisory&tab=themes&ll=40.7089984253794,-73.8745363100956\" target=\"_blank\" rel=\"noreferrer noopener\">preliminary maps of FEMA\u2019s updated flood zones<\/a> show significant increases in areas at medium and high risk of flooding across the five boroughs, but especially in Brooklyn. As such, it will be interesting to see how home prices and the number of sales will be affected, considering the changes observed throughout the last 11 years.<\/p>\n\n\n\n<p><em><strong>Explore the table below for flood zone price and sales trends in 65 NYC neighborhoods with at-risk areas:<\/strong><\/em><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"_\/gWaXYHI0rZaYgPmcsfW3\" data-type=\"interactive\" data-title=\"Pricing in NYC Flood Areas\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methodology\"><\/span>Methodology<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>To calculate median sales prices and price changes, we took into account all residential sales between January and September of 2012 and 2023, including condo and co-op units as well as single-family home sales. All medians were rounded to the closest $1,000 and package deals were excluded.<\/p>\n\n\n\n<p>Neighborhoods included in this study had to record a minimum of five sales in their respective flood zones in 2023.<\/p>\n\n\n\n<p>We defined flood zones the areas designated by FEMA as code 0.2% PCT moderate risk, and code A and AE high risk. Areas defined as outside of flood zones are the areas designated by FEMA code X moderate to low risk. All designations were based on <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/New-York-City\/Maps\/FEMA-Flood-Zone\" target=\"_blank\" rel=\"noreferrer noopener\">FEMA\u2019s current effective flood zone map<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since 2012, buyer interest has cooled somewhat in NYC&#8217;s flood zones, with medians here rising only 33% compared to 53% in low-risk zones.<\/p>\n","protected":false},"author":49,"featured_media":42666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[389,349,337,89,328,10914,373,390],"tags":[11171,7],"class_list":["post-42679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bronx-real-estate","category-brooklyn-real-estate","category-long-island-real-estate","category-manhattan-real-estate","category-new-york-real-estate","category-price-evolution","category-queens-real-estate","category-staten-island-real-estate","tag-old-study","tag-residential-sales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NYC Flood Zones: How Are They Affecting Home Prices &amp; 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