Brooklyn Boro

Brooklyn home sale prices up 50 percent in decade

May 10, 2018 By Raanan Geberer Brooklyn Daily Eagle
A beautiful home on Avenue S in Gravesend. Eagle file photo by Lore Croghan
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Housing has long been a solid investment — but in Brooklyn over the last decade, it was a gold mine.

The real estate website PropertyShark compiled a list of every home bought in Brooklyn in 2008 that was sold in 2017 — 230 homes in all. The results? The houses’ original median sale price of $440,000 had swelled to $647,000.

Following a long-term trend, neighborhoods closest to Manhattan, such as Brooklyn Heights, DUMBO, Boerum Hill and Park Slope, saw the steepest increases, the data show.

“One lucky homeowner in Brooklyn Heights saw their investment increase by 81 percent, with their Furman Street home rocketing up in value from an already sky-high $3.1 million in 2008 to $5.6 million last year,” Bklyner wrote in its article on the study. “Not a bad return!”

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The ZIP code with the largest median change — $425,000 — was 11215, which covers Gowanus, Park Slope and the South Slope. 

“Millennials were just entering college in 2008… then Baby Boomers complain that they’re all lazy and still live at home,” said one commenter on the Bklynr report. “Jeez … I wonder why!”

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