The Real Deal New York

This map shows the insane growth of million-dollar homes in NYC

May 29, 2016 10:00AM
By Business Insider

Brooklyn, one of New York City's five boroughs, has seen an explosion in million-dollar homes over the past four years. (credit: Brian Goodman/ Shutterstock)

Brooklyn, one of New York City’s five boroughs, has seen an explosion in million-dollar homes over the past four years. (credit: Brian Goodman/ Shutterstock)

In some US cities, million-dollar homes are becoming the norm. Take San Francisco, where 57 percent of homes have a value of $1 million or more — or San Jose, where 46 percent are seven-figure homes.

That’s according to real-estate site Trulia, which looked at the share of million-dollar homes in the 100 largest US metro areas and how it’s grown over the past four years. It defined a million-dollar home as any home — regardless of whether it’s listed for sale — with a value of $1 million or more.

While New York City has a small share of seven-figure homes compared to San Francisco and San Jose — it moved from 7 percent in May 2012 to 12 percent in May 2016 — certain neighborhoods, particularly in Brooklyn, have seen an explosion in million-dollar homes over the past four years.

Bedford Stuyvesant, a neighborhood in the north central part of Brooklyn, moved from 1.7 percent of homes valued at $1 million or more in 2012 to 56.5 percent in 2016. That’s more than a 3,000% increase. Another Brooklyn neighborhood, Greenpoint, saw an increase from 8.4 percent in 2012 to 56.7 percent in 2016.

You can get a better idea of the insane growth of million-dollar homes in the New York metro area over the past four years by looking at this heat map:

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