If in 2011 Dumbo took everyone by surprise, ranking 4th in the top 10 neighborhoods, in 2012 another Brooklyn neighborhood grabbed the spotlight. Boerum Hill climbed to 6th place with a median sale price of $950,000, surpassing well known upper class neighborhoods like the Upper East Side, West Village and ultimately Dumbo.
As our gentrification map shows, Boerum Hill was one of the neighborhoods experiencing a substantial increase in home values over the last few years, with price per SqFt increasing by 30% in 2012 compared to 2004.
Manhattan didn’t see much change in terms of rankings, TriBeCa and SoHo remaining the most expensive areas in the five boroughs, with median sale prices last year of about $2.2 million and $2.13 million respectively. Midtown came in at $1.02 million.
Analyzed were single and two family homes, condos and co-ops.