These 2 Brooklyn neighborhoods now rank among the 10 most expensive in NYC
Brooklyn’s luxury market is heating up, and two of its neighborhoods are leading the charge.
A new report from PropertyShark reveals that Red Hook and Carroll Gardens have landed among New York City’s 10 most expensive neighborhoods, with median home prices in each just shy of $2 million.
These two areas outpaced other Brooklyn locales to claim the borough’s highest-ranking spots on the city’s elite real estate list. While Manhattan still reigns supreme — dominating the list with nine of the top 10 most expensive neighborhoods — Brooklyn’s presence is growing.
Red Hook took the No. 9 spot, surging 11% year-over-year to a median sale price of $1.98 million, while Carroll Gardens tied for No. 10 with Manhattan’s NoMad at $1.95 million, thanks to an eye-popping 38% sale price increase in just one year.
The city’s overall real estate market bounced back in 2024, regaining some of the ground lost in 2023. Home prices ticked up 3% year-over-year, bringing the median sale price to $748,000, while sales activity remained relatively stable.
Brooklyn mirrored these trends, with prices rising 5% year-over-year to $815,000, while sales increased by 2%.
Still, luxury real estate saw mixed trends.
Some of the city’s priciest neighborhoods saw sales slow dramatically, while others surged.
Hudson Yards in Manhattan held onto its No. 1 ranking for the sixth year in a row, with a staggering $7.13 million median sale price, thanks to a 22% price jump — even though total transactions were cut nearly in half.
Meanwhile, Tribeca jumped to No. 2 at $3.3 million, fueled by high-end sales of multi-million-dollar single-family homes. Other elite Manhattan neighborhoods experienced declines.
Soho slipped to No. 3 after a 15% drop in median sale price, while Central Park South saw the steepest decline among NYC’s most expensive areas, falling 25% year-over-year to $2.61 million.
Brooklyn’s rising star in the luxury market isn’t just about Red Hook and Carroll Gardens. The borough saw some of the most dramatic shifts in sales volume across the city.
Greenpoint led the pack with a staggering 150% increase in transactions, while Boerum Hill saw one of the sharpest drops, with sales plummeting 46% year-over-year. Meanwhile, Dumbo — once a staple in the top 10 — dropped to No. 13 after its median price fell 18%, and sales slowed 30%.
Other neighborhoods, like the Columbia Street Waterfront District and Gowanus, saw sharp declines in median sale prices, falling 23% year-over-year.
Despite these fluctuations, Brooklyn was the only borough to see both price and transaction volume increase in 2024, further cementing its position as a major player in the city’s luxury market.
While Brooklyn and Manhattan dominated NYC’s most expensive real estate rankings, Queens and The Bronx saw more muted price growth.
Queens’ median sale price rose 3% to $565,000, and the borough added three more neighborhoods to the city’s top 50 most expensive list, bringing its total to 10. Meanwhile, The Bronx saw the biggest percentage price jump in the city — a 6% increase year-over-year, bringing its median sale price to $340,000