Real Estate

Brooklyn: We’re No. 4 When It Comes to Home Prices

It’s no surprise that Brooklyn is one of the most expensive places to buy a home in this country — in fact, it ranks as the fourth most expensive in North America, according to a new analysis by PropertyShark for Point2 Homes. With a median home sale price of $620,000, housing in Brooklyn ranked pricier than in Los Angeles,…

by Hannah Frishberg

03/04/2016 3 minute 0

Brooklyn Housing Market Most Expensive — Photo by lowdown via Flickr

With a median home sale price of $620,000, housing in Brooklyn ranked pricier than in Los Angeles, Seattle and Washington, D.C., among others. The more expensive cities were San Francisco, Manhattan and San Jose, Calif., in that order.

Indeed, the report pitted New York City’s boroughs against one another, and all but Staten Island and the Bronx made it into the top 15.

Kings County’s high ranking is in part due to a weaker Canadian dollar, which keeps Toronto out of the top 10 and sets back Vancouver — otherwise the world’s third most expensive city — to sixth place, according to Point2 Homes.

Per the report, Brooklyn home prices broke records in 2015, which Point2 Homes credits to a peaking luxury market and increasing numbers of foreign investors. (Listings site Point2 Homes and research firm PropertyShark are related, by the way — they have the same parent company.)

The results, which are based on home sale data from December, 2015, are listed below in order of rank with median sale price (USD) noted next to the location.

1. San Francisco, Calif. — $1.085 million
2. Manhattan, N.Y. — $1.059 million
3. San Jose, Calif. — $700,000
4. Brooklyn, N.Y. — $ 620,000
5. Los Angeles, Calif. — $565,000
6. Vancouver, B.C. — $549,783 / $760,900 CAD
7. Seattle, Wash. — $538,500
8. Washington, D.C. — $510,838
9. San Diego, Calif. — $510,000
10. Boston, Mass. — $451,250
11. Toronto, Ont. — $443,064 / $613,200
12. Queens, N.Y. — $369,000
13. Denver, Colo. — $350,000
14. Portland, Ore. — $320,000
15. Dallas, Texas — $298,000

Back in 2012, Washington research group the Council for Community and Economic Research ranked Brooklyn as the second most expensive place to live in the U.S., finding only Manhattan to be pricier. (But that study was about cost of living, not only home-sale prices.)