In many locations in the United States, real estate dropped in price throughout 2020, and the coronavirus pandemic was one of the major reasons for the downturn in the market.
New York City has seen a significant decrease in the median listing price of properties since the beginning of 2020, although there were differences in the city's five boroughs. Brooklyn seems to have broken the trend. In Brooklyn, there has been a slight increase in property prices, and 19 of Brooklyn's neighborhoods are now listed in the top 50 most expensive neighborhoods in which to live in New York City.
When a neighborhood has expensive properties, it attracts more people who have a high median household income, as this demographic can afford to live in the most expensive and desirable areas. Here is an overview of the 10 richest neighborhoods in Brooklyn.
10. Prospect Heights
The tenth richest neighborhood in Brooklyn is Prospect Heights, and the median price of houses in this neighborhood is $1.2 million, says Time Out. It is an attractive neighborhood that is bordered on one side by the famous Atlantic Avenue. Both the community and the housing options are diverse, with brownstones, rowhouses, condos, and renovated buildings.
9. Manhattan Beach
In Manhattan Beach, the median home price is $1.21 million, which is the 29th highest property price in New York City. This neighborhood is a fantastic option for those who want to live in a waterfront location.
It also attracts families as there are decent public schools in the area and lots of activities for people of all ages to enjoy. Although the cost of living in this neighborhood is high, there are employment opportunities in many sectors, and the median household income is high.
8. Red Hook
The average sale price of houses in Red Hook is $1.28 million. It is a waterfront neighborhood and the only neighborhood in New York that has unimpeded frontal views of the Statue of Liberty. The area is known for its many parks, so it appeals to people who want to live in an urban environment buy enjoy spending time outdoors.
7. Park Slope
Not only is Park Slope the seventh richest neighborhood in Brooklyn, but it is also the 26th richest neighborhood in New York City overall. The median house price for properties in Park Slope is $1.29 million.
Like many Brooklyn neighborhoods, there are many brownstones in Park Slope. However, it is more famous for its Victorian mansions. The area attracts affluent families as there are outstanding schools and plenty for families to enjoy in the neighborhood.
Buying a property in Dumbo will set you back $1.39 million. While the name of the neighborhood may make you think of the Disney film, it is actually an acronym for 'Down Under Manhattan Bridge Overpass.'
Some parts of this neighborhood are commercial, and it houses the headquarters of some big businesses, such as Etsy and West Elm. The residential part of the neighborhood has luxurious loft apartments that were originally industrial buildings. Dumbo attracts wealthy families, tech professionals, and artists.
5. South Slope
Just making it onto the top half of the list is South Slope, where the median home price is $1.4 million. South Slope is home to 21,675 people, and it is considered one of the most desirable locations in New York City.
It will appeal to those who enjoy urban living, and there are plenty of shops, bars, and restaurants in the area. Other appealing features of South Slope are the above-average public schools, community diversity, excellent transport links, and job opportunities in various industries.
The cost of living in this area is high, as you would expect from such a desirable location. However, those who live in South Slope have a median household income that is significantly higher than the state average.
4. Fort Greene
To reap the rewards of living in a prestigious area such as Fort Greene, buyers will need to fork out approximately $1.43 million. The Culture Trip describes this neighborhood as having tree-lined streets and a creative vibe.
It is an area that offers residents a good lifestyle due to the diverse range of activities and attractions there are to enjoy in their free time.
3. Boerum Hill
To live in Boerum Hill, property buyers can expect to pay around $1.54 million for their new home, as this is the median sales price of a property in this neighborhood. Many of the properties in this neighborhood are brownstones, some of which are divided into apartments.
The area is known for its boutique shops and fantastic food scene, says Apartment Living. Although it is an expensive area, it appeals to young professionals on high incomes and affluent families who want to live in an area with a strong community and plenty of things to do.
2. Carroll Gardens
Only slightly more affordable than the richest neighborhood in Brooklyn is Carroll Gardens, where the median home price is $1.61 million. It is one of the most desirable locations in Brooklyn due to its proximity to Downtown Brooklyn and Manhattan.
The housing options in this neighborhood are diverse, as there are examples of architecture from multiple eras. The neighborhood has a small park and lots of places to eat out. Carroll Gardens has a population of 22,345 people.
1. Cobble Hill
According to BK Mag, the richest neighborhood in Brooklyn is Cobble Hill. However, it is only the 16th most expensive neighborhood in New York City overall, and the 15 neighborhoods that rank higher are all within Manhattan.
The median home price in Cobble Hill is $1.624 million. Cobble Hill has a small-town vibe, and it is home to Restaurant Row, which has upscale restaurants.
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Written by Dana Hanson
Read more posts by Dana Hanson