• Bedford-Stuyvesant’s share of million dollar homes was a low 1.7 percent in 2012 but has grown to over half the neighborhood’s homes in the last four years.
  • Already and expensive neighborhood, Greenpoint's share of million dollar homes has grown 47.1 percent in four years.
  • The priciest neighborhood for one-bedroom rent is Vinegar Hill, where 90.7 percent of rentals cost more than $3,000 per month.
Brooklyn historic brownstone buildings

Brian Goodman / Shutterstock

This is a contributing article from Trulia

With all the celebrities, Wall Street mavens and foreign investors, you’re likely aware of the high-end market in Manhattan. But with Brooklyn getting pricier at a rapid pace, the booming borough could give Manhattan a run for its money someday.

Neighborhoods with million-dollar growth

Just four years ago, Bedford-Stuyvesant’s share of million dollar homes was a low 1.7 percent. Over four years, that small slice has grown to over half the neighborhood’s homes. Up 54.8 percentage points, seven-digit listings in Bedford-Stuyvesant now encompass 56.5 percent of the market.

Greenwood is number two in the million-dollar surge, growing from 8.4 to 56.7 percent since May 2012.

In Crown Heights, just over 50 percent of the homes are worth a million or more. Today’s market is overwhelming compared to four years back, when only 2.6 percent of properties in the neighborhood were that costly.

Greenpoint has held its fair share of costly homes for a while. Nevertheless, the number of million dollar homes has grown 47.1 percentage points in four years – from just under a third (29.2 percent) to over three-quarters (76.3 percent).

At number five, 56.9 percent of Borough Park’s homes are worth over a million. In May 2012, just 9.9 percent were at that mark — a 47 percentage point difference.

Brooklyn rentals

With so many million-dollar properties overtaking Brooklyn’s hottest neighborhoods, signifying massive home value growth, renting might be the only option for some. The share of affordable Brooklyn apartments, from studios to two-bedrooms, dropped 6.6 percentage points since last year.

The priciest neighborhood for one-bedroom rent is Vinegar Hill, where 90.7 percent of rentals cost more than $3,000 per month. Downtown/Dumbo is pricey, too, with 55.6 percent of one-bedrooms at that rate.

At third most expensive, the median rent in Brooklyn Heights for one-bedrooms is $3,000 per month.

Over half of one-bedrooms in Brooklyn are over $2,000 per month, and around 30 percent are over $2,500 per month. Even 15.1 percent of one-bedroom apartments cost a whopping $3,000 per month or more.

Only 2.2 percent of one-bedrooms in Brooklyn are listed over $4,000 per month. In Manhattan, almost 20 percent of one-bedrooms cost that much.

Need more space? The majority of two-bedroom rentals in Brooklyn are over $2,000 per month, while almost half (45.2 percent) are over $2,500. About one-quarter are $3,000 or more per month, while 10 percent cost $4,000 and up.

Jennifer Riner is a reporter for Inman who also writes on assignment for Trulia.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×