Rising home prices seem to be a law of nature, and in New York City they have at least doubled in 24 neighborhoods over a decade, according to a study by PropertyShark.
Looking at median sale prices between 2014 and 2024, the study found that in Manhattan’s Two Bridges neighborhood, sale prices rose 288 percent, from $423,000 to $1.64 million. It was the steepest increase of all neighborhoods, driven by an influx of luxury apartments, many in the shiny residential tower One Manhattan Square. Although construction in Two Bridges has faced NIMBY opposition, development has ultimately prevailed.
A phenomenon referred to as “climate gentrification” raised prices in coastal areas hit hard by Hurricane Sandy in 2012, with costly repairs and rising insurance premiums pushing out longtime residents and luring wealthier buyers. With their investments came fancier, more expensive homes and higher-priced goods and services in the neighborhood. Publicly funded resiliency investments into infrastructure, designed to protect neighborhoods from future climate events, can attract high-end developments that further displace current households and their occupants, while also raising median sale prices.
After Two Bridges, the next three greatest increases in sale prices were precisely in such neighborhoods: Breezy Point, Queens, where prices rose 192 percent, from $248,000 to $725,000; Hamilton Beach, Queens, where prices rose 172 percent, from $170,000 to $426,000; and Red Hook, Brooklyn, where the increase was 150 percent, from $790,000 to $1.975 million.
Rising property taxes go hand-in-hand with higher sale prices. Gowanus, Brooklyn, once known for its industry and pollution, has developed into an expensive residential area. Property taxes there went from about $800 a year in 2014 to $6,500 in 2024, a 751 percent increase. Footing that kind of increase is impossible for some original residents, hastening gentrification and producing more expensive sales.
The post The N.Y.C. Neighborhoods Where Home Prices Have Soared appeared first on New York Times.
