Williamsburg residential prices up 174% since 2004

Brooklyn’s gentrified and gentrifying neighborhoods have experienced price-per-square-foot gains, according to PropertyShark’s blog. Between 2004 to 2012, three neighborhoods in particular — Williamsburg, Prospect Lefferts Gardens and Gowanus — have had the most significant growth on a price-per-square-foot basis.

In Williamsburg, residential prices have soared to $736 per square foot from $269 in 2004 — a whopping 174 percent increase. In Prospect Lefferts Gardens, prices increased 63 percent to $382 a square foot, up from $235 eight years earlier. In Gowanus, prices rose 52 percent during the same period to $668 per square foot, up from $439.

Sign Up for the undefined Newsletter

SIGN UP

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Elsewhere in the borough though, prices have fallen. Cypress Hills has seen the greatest percentage decline since 2004: 30 percent. In 2012, prices there averaged $147 per square foot, down from $290 square foot. East Flatbush and Flatbush also posted declines.

Between 2004 and 2012, prices remained relatively stable in neighborhoods such as Red Hook and Windsor Terrace, [PropertyShark] —Zachary Kussin