Home Price Rise
As cost of living is always increasing based on the fluctuation of increase of prices on
everything on top of inflation. Property and owning is the most desired thing right now
in New York City. To most, Manhattan will always be a hot spot but currently Brooklyn
continues to spike up slowly under the radar.
In 2024, media house prices started around 990,000 but after a year it climbed the
ladder of 0.5% now around 995,000. At the same time the average sales price went up
5.1% which is $1,323,118 with the same amount of inventory both years according to
Jonathan Miller. Even with the slow but steady spikes Brooklyn remains to be a desired
location to many with the price hassle
The largest price surge was concentrated one to three family houses through the
various boroughs of NYC. Hitting the prices of 1.2 million dollars, being up 9.1% ( the
median price range ). With the price of $829 per square foot rising 10.8% year after year.
These statistics speak volumes especially when it lacks supply and a high demand for
ownership. On the other hand, the co-ops have held steady and condos beginning to
show drop rates of 3.7% in median price and over 4% in price per square foot. ON top of
that new development condos seeing a striking 12% dip
As we discuss Brooklyn, we know there are different sectors of Brooklyn such as East
NY , Bedstuy and even Williamsburg we see different stats from each. For one
northwest Brooklyn, price per square foot for one to a three family home has increased
to $2,218. Where East NY saw a leap in median sales prices, crossing the million-dollar
mark for the first time; started at 925 to now 1.03 million ( gaining up 11.4%). Even
Williamsburg and Greenpoint, once considered up-and-coming neighborhoods, are now
firmly in the luxury tier, with median sales approaching $1.5 million.
With the prices of property going up and the cost of living one thing that doesn't is the
how much people make. In 2025 it was estimated that Brooklyn residents bring it just
around $58,000 a year. With analyzed reports documenting that for someone to get by
in NY they need to be making over $73,000. So not only are people scrapping by in
A
them to afford these houses increased price. Leaving it where no locals can't buy
property in there own community , but outsiders only like investors, banks, companies
and more
All the information given shown the fluctuation of the property on a steady rise on
Brooklyn but nothing talks about people pay checks increasing or affordability. The price
surge wasn't anything significant compared to many places but with it already being
unobtainable to many who work countless hours week after week. It still have
consequences affecting the majority. If you have been affected in any way , fill this out.
With everything that makes Brooklyn what it is from the culture, traditions and diversity.
Developers have to make more affordable units, so that it isn't gentrified with one
specific tax brackets but more of mixed used income community.
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