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

New York /
May.May 29, 2016 10:00 AM

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:


Related Articles

arrow_forward_ios
176 North 6th Street and 16 South Portland Avenue in Brooklyn (StreetEasy; Google Maps)

Brooklyn luxury market surges with nearly $73M in contracts

Brooklyn luxury market surges with nearly $73M in contracts
A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

Massive Gowanus development will be 100% affordable

Massive Gowanus development will be 100% affordable
17 Polhemus Place and 7A 2nd Place in Brooklyn (Photos via StreetEasy; Google Maps)

Park Slope townhouse sells after just 36 days on the market

Park Slope townhouse sells after just 36 days on the market
Silvercup Studios (Getty)

Outer-borough loan activity fired up in October

Outer-borough loan activity fired up in October
554 Fort Washington Avenue (top) and 235 Gardner Avenue (Google Maps)

East Williamsburg warehouse fetches $28M

East Williamsburg warehouse fetches $28M
(iStock)

Townhouses continue to dominate Brooklyn’s luxury market

Townhouses continue to dominate Brooklyn’s luxury market
Eliot Spitzer and 420 Kent Avenue (Getty)

Spitzer snags $388M loan for Williamsburg complex

Spitzer snags $388M loan for Williamsburg complex
(Getty, iStock)

NYC rents and inventory dipped in October

NYC rents and inventory dipped in October
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...