Cobble Hill

This is where NYC home prices jumped the highest over the last decade

Surprise (or not): It's Cobble Hill.

January 17, 2020 Mary Frost
This is the Cobble Hill street where celeb couple Rachel Weisz and Daniel Craig reportedly bought a home. Eagle photo by Lore Croghan

The New York City neighborhood with the largest price increase over the last decade is Cobble Hill, Brooklyn, according to the Property Club, an online real estate portal.

While there are other neighborhoods in the city with more expensive homes, Cobble Hill is a virtual hotbed of real estate activity. Home prices have more than doubled (117 percent) in the area over the past 10 years, appreciating percentage-wise more than swanky neighborhoods like Tribeca and the Upper East Side of Manhattan.

Cobble Hill homes with eye-popping price tags are hitting the listings, like one being advertised by musician Norah Jones for $8 million or a penthouse at River Park for $4.9 million.

DAILY TOP BROOKLYN NEWS
News for those who live, work and play in Brooklyn and beyond

Not only has Cobble Hill experienced the largest price increase, but 19 out of the top 30 neighborhoods in the city with the highest appreciation are in Brooklyn.

Only one neighborhood in Queens, Ridgewood, hit the top 30 list. The other 10 neighborhoods showing explosive price increases are in Manhattan.

The Property Club real estate website says they wanted to see which NYC neighborhoods developed the most from 2010 to 2020 by looking at how much home sale prices increased during this period. In order to do that, they compared home prices using data from the NYC Department of Finance. Property Club extracted the top 30 neighborhoods and ranked them by price increase.

Homes in Cobble Hill went from a median sale price of $1,150,000 in 2010 to $2,500,000 at the end of 2019. This made it the sixth-priciest neighborhood in New York City in 2019, and the most expensive in Brooklyn.

There was a time when Brooklyn’s neighborhoods offered a much more affordable alternative to Manhattan, Property Club said. Those days are over.

-->

Leave a Comment


Leave a Comment

1 Comment

  1. I spoke to this trend on my weekly How’s The Market? video blog last week. Instagram @donaldbrennan.trustedadvisor and Twitter @DonaldTrusted. Specifically how Cobble Hill 1- to 2-family townhouses have recently surpassed Brooklyn Heights 1- to 2-family townhouses when comparing the closed average sales data (both on a gross price and on a dollar per square foot basis) over the trailing 4 quarters.