Brooklyn has been recognized as the borough in New York that has seen the most dramatic increase in property values over the past twenty years. At the center of this change are several neighborhoods.

Brooklyn Heights is a neighborhood located next to Brooklyn Bridge Park, facing the Manhattan skyline, and is lined with brownstone townhouses that have been established since the 19th century. The median home price is reported to exceed $2 million, with condos typically in the high $1 million range.

Park Slope is also consistently mentioned as a representative affluent area of Brooklyn. It is adjacent to Prospect Park and has highly rated elementary schools, making it a long-time favorite for professional families with children. The median price for brownstone single-family homes is around $2.5 million.

Cobble Hill and Dumbo are also worth mentioning. Cobble Hill has a strong character of a quiet low-rise residential area, while Dumbo has seen the redevelopment of old industrial sites under the Manhattan Bridge into upscale lofts, with median condo prices exceeding $2 million.

The background for these areas becoming affluent neighborhoods is intertwined with the unique redevelopment trends of Brooklyn. With good access to Manhattan via subway and ferry, and many historic districts preserving low-rise brownstones, the scarcity of existing buildings continues to increase in value, as new construction is challenging.

The overall median home price in Brooklyn is around $900,000, which is more than double compared to Brooklyn Heights or Park Slope. Within the same borough, areas like East New York or Brownsville often have median prices below $500,000, widening the gap even further.

For Korean households, it is common to choose relatively more accessible areas like Bay Ridge or Ditmas Park over the top-tier brownstone neighborhoods in Brooklyn. However, in recent years, there seems to be a growing trend of young Korean professional families moving into condos near Park Slope.

If you are considering purchasing a brownstone in Brooklyn, it is essential to factor in the costs of plumbing and electrical remodeling based on the age of the building. Older buildings often require significant additional renovation costs beyond the purchase price.