This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.
Brooklyn Home Prices
The data below shows median sales prices for Brooklyn homes, co-ops and condos as determined from New York City property records in December 2010. For the month, the median price for all homes and apartments sold in Brooklyn was $476,9751. Pricing by housing type is broken out in the table below and a history of monthly median sales prices are shown further down. For a less volatile look at pricing, see the quarterly and 12 month rolling median price data. Affordability based on income and recorded home sales is also calculated.
Brooklyn Median Home Prices for December 2010
| Brooklyn Housing Type |
December 2010 Median Price |
Month/Month | Year/Year |
|---|---|---|---|
| Houses | $550,000 | +3.04% | +3.77% |
| CO-OPs | $240,000 | -9.43% | -7.69% |
| Condos | $465,000 | -5.45% | +3.25% |
| Combined | $476,975 | +1.58% | +7.19% |
§ — Small sample for the period. Changes not calculated and data point not shown in charts.
Monthly Home Price History for Brooklyn
The median price for all homes and apartments in brooklyn reached its most recent peak of $570,110 in August 2007. At $476,975, the current median price is now 16.34% lower. When the median price hit its lowest point (to date) of $434,116 in November 2009 it was 23.85% off the most recent peak. It has since climbed 9.87% from that post peak low.
Monthly Median Sales Prices: Houses, CO-OPs, Condos, Combined
History of Monthly Median Sales Prices for the Last Year
| Month | Houses | CO-OPs | Condos | Combined |
|---|---|---|---|---|
| December 2010 | $550,000 | $240,000 | $465,000 | $476,975 |
| November 2010 | $533,750 | $265,000 | $491,790 | $469,534 |
| October 2010 | $511,000 | $260,000 | $485,000 | $471,000 |
| September 2010 | $510,000 | $305,000 | $492,804 | $480,825 |
| August 2010 | $529,702 | $318,000 | $492,500 | $490,000 |
| July 2010 | $510,000 | $252,600 | $499,000 | $468,800 |
| June 2010 | $531,750 | $275,750 | $460,000 | $446,000 |
| May 2010 | $514,800 | $265,000 | $481,650 | $461,250 |
| April 2010 | $525,000 | $255,000 | $480,000 | $463,500 |
| March 2010 | $532,118 | $275,000 | $495,974 | $480,000 |
| February 2010 | $500,000 | $280,000 | $460,000 | $455,000 |
| January 2010 | $534,500 | $258,000 | $467,000 | $462,500 |
| December 2009 | $530,000 | $260,000 | $450,346 | $445,000 |
Quarterly Rolling Home Price History for Brooklyn
For the 3 month period ending December 2010, the combined median price for all Brooklyn homes was $472,250. This is 6.09% above the median price for the 3 month period ending one year ago in December 2009.
The quarterly rolling median price for all homes and apartments in brooklyn reached its most recent peak of $560,000 in August 2007. At $472,250, the current quarterly rolling median price is now 15.67% lower. When the quarterly rolling median price hit its lowest point (to date) of $445,146 in December 2009 it was 20.51% off the most recent peak. It has since climbed 6.09% from that post peak low.
Quarterly Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined
History of Quarterly Rolling Median Sales Prices for the Last Year
| Quarter Ending | Houses | CO-OPs | Condos | Combined |
|---|---|---|---|---|
| December 2010 | $530,000 | $260,000 | $486,720 | $472,250 |
| November 2010 | $518,000 | $273,500 | $491,790 | $475,000 |
| October 2010 | $520,000 | $297,438 | $490,186 | $480,766 |
| September 2010 | $519,307 | $299,000 | $495,846 | $481,650 |
| August 2010 | $526,538 | $282,000 | $480,000 | $464,426 |
| July 2010 | $520,000 | $271,000 | $476,580 | $455,000 |
| June 2010 | $525,000 | $270,000 | $466,440 | $455,000 |
| May 2010 | $525,000 | $265,000 | $486,720 | $469,000 |
| April 2010 | $520,000 | $275,000 | $485,000 | $466,000 |
| March 2010 | $525,000 | $271,500 | $483,338 | $466,000 |
| February 2010 | $523,000 | $265,000 | $458,773 | $450,000 |
| January 2010 | $525,000 | $260,000 | $445,653 | $449,000 |
| December 2009 | $525,000 | $260,000 | $450,000 | $445,146 |
12 Month Rolling Home Price History for Brooklyn
The 12 month rolling median price for all homes and apartments in brooklyn reached its most recent peak of $550,000 in October 2007. At $466,440, the current 12 month rolling median price is now 15.19% lower. When the 12 month rolling median price hit its lowest point (to date) of $456,000 in February 2010 it was 17.09% off the most recent peak. It has since climbed 2.29% from that post peak low.
12 Month Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined
History of 12 Month Rolling Median Sales Prices for the Last Year
| Year Ending | Houses | CO-OPs | Condos | Combined |
|---|---|---|---|---|
| December 2010 | $523,000 | $274,966 | $483,676 | $466,440 |
| November 2010 | — § | — § | — § | — § |
| October 2010 | $520,000 | $270,000 | $476,580 | $460,000 |
| September 2010 | $523,500 | $270,000 | $475,210 | $460,000 |
| August 2010 | $525,000 | $270,000 | $475,000 | $460,000 |
| July 2010 | $525,000 | $269,000 | $475,000 | $460,000 |
| June 2010 | $525,000 | $269,000 | $472,965 | $460,000 |
| May 2010 | $525,000 | $265,000 | $476,580 | $460,000 |
| April 2010 | $524,100 | $265,000 | $475,000 | $460,000 |
| March 2010 | $520,500 | $265,000 | $475,000 | $456,688 |
| February 2010 | $520,000 | $260,000 | $471,510 | $456,000 |
| January 2010 | $525,000 | $255,000 | $471,510 | $456,300 |
| December 2009 | $527,250 | $250,000 | $471,510 | $457,574 |
Brooklyn Home Affordability
In 2007, the median household income in Brooklyn was $40,9422. Home affordability guidelines suggest that no more than 30% of household income be spent servicing a home loan. For the median Brooklyn household, this would have meant that a monthly mortgage payment should not have exceeded $1,024 using the 2007 average mortgage rate of 6.34%3. Combining this with 2007 property sales records, we can calculate that the median income household could have potentially afforded approximately 7.91% of the homes and apartments sold in Brooklyn in all of 2007.
1. All sales metrics are calculated from NYC Rolling and NYC Annual property sales. Metrics derived from rolling data are preliminary as some sales take months to report. ↩
2. Affordability data, including median income by borough, are calculated from metrics in the NYC Datamine Economic and Housing Profile datasets. ↩
3. Average mortgage rates are from Freddie Mac Primary Mortgage Market Survey Archives and do not include points. ↩
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