This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.

Gravesend Home Prices

The data below shows median sales prices for Gravesend Brooklyn homes, co-ops and condos as determined from New York City property records in December 2010. For the 3 months ending December 2010, the median sales price for all Gravesend homes and apartments was $483,000¹. A history of quarterly median sales prices is below. For a less volatile look at pricing, see the 12 month rolling median price data. Affordability based on income and recorded home sales is also calculated.

Quarterly Rolling Home Price History for Gravesend

Compared to the 3 months ending December 2009, the combined median price for the 3 month period ending December 2010 is 6.21% lower.

The quarterly rolling median price for all homes and apartments in brooklyn reached its most recent peak of $580,000 in December 2005. At $483,000, the current quarterly rolling median price is now 16.72% lower. When the quarterly rolling median price hit its lowest point (to date) of $433,010 in March 2010 it was 25.34% off the most recent peak. It has since climbed 11.54% 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

12 Month Rolling Home Price History for Gravesend

The 12 month rolling median price for all homes and apartments in brooklyn reached its most recent peak of $530,000 in January 2008. At $450,615, the current 12 month rolling median price is now 14.98% lower. This is the lowest value for the 12 month rolling median price since the January 2008 peak.

12 Month Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

History of Rolling Median Sales Prices for the Last Year

Gravesend 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 Gravesend in all of 2007.