NYC Home Prices Skyrocket in These Neighborhoods

Surging real estate values reshape the city landscape.

New Yorkers feeling the pinch of rising rents might be shocked to see which neighborhoods have seen home prices double in just ten years. A recent study reveals dramatic shifts in the city’s real estate market between 2014 and 2024.

Manhattan’s Price Surge

Leading the pack is Two Bridges in Manhattan, experiencing a staggering 288% increase in median home prices. The area jumped from $423,000 to $1.64 million. Experts point to luxury developments like One Manhattan Square as a primary driver, despite some community resistance.

Waterfront Comeback

Once devastated by flooding, areas like Red Hook and Breezy Point witnessed significant gains. Investment in climate resilience played a role, leading to what some call climate gentrification. Breezy Point’s median sale price rose 192% to $725,000, while Red Hook more than doubled to $1.975 million.

Beyond Manhattan

Queens also saw notable increases. Hamilton Beach rose 172% to $462,000, and Long Island City climbed 132% to $667,000, now a popular choice for professionals seeking skyline views and easy commutes. Furthermore, according to a recent report, the median sale price in Queens reached $730,000 in the first quarter of 2024, a 9.9% increase year-over-year (Brownstoner).

Brooklyn’s Transformation

In Brooklyn, Gowanus has transformed from an industrial area to a gentrified neighborhood after rezoning. Property taxes soared, and median sale prices more than doubled.

Signs of Change

Staten Island’s Clifton and Midland Beach, the Bronx’s Parkchester, and Queens neighborhoods like Hollis and Rochdale, also appear on the list. These areas show signs of “pre-gentrification,” spurred by new transit, remote work trends and rezoning initiatives.

Looking Ahead

For those who invested a decade ago: congratulations! For everyone else, saving up or venturing further out on the subway map may be the only path to homeownership in New York City.