Talk about gentrification. Home prices in some of the city’s neighborhoods have not just climbed over the last decade, they’ve blasted off, landed on Mars and found water.
Average prices for condos, co-ops, and single- and two-family homes in Williamsburg climbed from $275 to $1,015 per square foot between 2004 and 2014, which, after adjusting for inflation, amounts to a positively-shocking 269 percent increase, according to a map made by PropertyShark.
Other well-known emerging neighborhoods have grown quickly as well, with many seeing average prices per square foot more than double. Hunter’s Point in Long Island City saw average prices rise from $399 per square foot in 2004 to $924 last year, an increase of 132 percent. Fort Greene prices jumped 126 percent over the period, moving from $409 to $927.
Manhattan saw its share of price jumps too, with Central Harlem rates rising 102 percent, from $351 per square foot to $709.
These extreme gains were, understandably, concentrated in neighborhoods that started out relatively affordable, but pricier nabes experienced major changes as well. Nolita saw average prices rise by 79 percent, from $1,013 on average to $1,813, while prices in nearby Chinatown grew by 75 percent, from $697 to $1,216 per square foot.
Remarkably, a number of popular neighborhoods saw average prices stagnate or fall modestly over the period. Kips Bay, for example, saw average prices falling from $921 per square foot on average to $868, a six percent drop.
The largest price falls, though were concentrated in the outer borough. University Heights in the Bronx saw the most precipitous drop, with prices moving from $170 per square foot to $106, a 38 percent decrease.