Home prices in this Brooklyn neighborhood dropped almost 50% in one year

New York City is known as one of the most expensive places to buy real estate. Over the past year, home prices have skyrocketed, setting a new record every month. However, in the third quarter of this year, the NYC housing market saw a small decline in the number of sales. The rising borrowing costs and concerns of a recession caused a drop in interest from potential buyers. 

The citywide median sale price remained unchanged compared to last year. The typical apartment in New York City has an asking price of $775,000, according to a recent report from PropertyShark. Although the Big Apple appears among the top three most expensive US cities, some NYC neighborhoods saw a significant decrease in home prices over the past year. 

The median asking price in one of the Brooklyn neighborhoods, known as Fiske Terrace, went down 45 percent in the span of one year. Fiske Terrace is a small neighborhood in Central Brooklyn with some of the highest home prices in the city. Last year, a typical home in Fiske Terrace would have cost you $1.65 million. In 2022, the median sale price in this neighborhood went down to $905,000. 

Meanwhile, another Brooklyn neighborhood, Gowanus, saw the biggest year-over-year jump in home prices. The median asking price in this up-and-coming neighborhood went up 65 percent from $1.088 million in October 2021 to $1.791 million in October 2022. In total, four Brooklyn neighborhoods, including Carroll Gardens, DUMBO, Gowanus, and Cobble Hill, have made the list of the top 10 most expensive places to buy a home in New York City. 

As expected, Manhattan claimed six spots on the list of the top ten most expensive NYC neighborhoods. Manhattan’s Hudson Yards and TriBeCa have the highest home prices in the city. The median asking price for an apartment in Hudson Yards climbed to $5.852 million, according to PropertyShark. Neighborhoods, such as Hudson Square, SoHo, Flatiron District, and Theatre District-Times Square, have also made the list.  

One of the Queens neighborhoods, Belle Harbor, saw the biggest increases in home sales. In just one year, the number of homes sold in Belle Harbor surged 120 percent. This area ranks no.3 among the priciest Queens neighborhoods, with a median sale price of $999,000. Other neighborhoods with a significant increase in the number of home sales include Battery Park City, Clinton Hill, Roosevelt Island, and Fiske Terrace.

Resources:

“Top 50 Most Expensive NYC Neighborhoods in Q3 2022: Sales Slip 4%, Citywide Median Remains Flat for Third Consecutive Quarter,” by Eliza Theiss (PropertyShark, 2022)

“Home Prices Dropped by Nearly 50% in This Brooklyn Neighborhood This Year,” by Serena Tara (thrillist, 2022)

“This Brooklyn Neighborhood Saw Average Home Prices Cut in Half,” (NBC New York, 2022)