It is not a secret that both Crown Heights and Bed-Stuy have blown up in recent years, and property values have followed suit. Last spring, an analysis by the Washington Post found that the price for single-family homes in Bed-Stuy’s 11216 zip code had increased more since 2004 than any of the other 300 metropolitan areas analyzed, with the average house going for a full 194 percent of what it would have cost just over a decade ago. The median price for a single-family home in the zip? Just over one million, while the median income hovers around $44,000. That disparity, the Post pointed out, is “a hallmark of rapidly changing neighborhoods: steep price gains, relatively lower incomes.”
Per the Post’s analysis, Crown Heights—going through its own real estate surge—lagged behind, but not by much. While the average single-family home in 11213 (east of Franklin Avenue) had, as of 2015 increased 118 percent, the area west of Franklin, which encompasses the murky border with neighboring Prospect Heights, had shot up 190 percent.
But what, in practical terms, what does that mean? NeighborhoodX took a look at this month’s pricing data from both neighborhoods, calculating the average price per square foot for townhouses, multi-family buildings, and condos in each area. The average asking price per square foot for a Bed-Stuy condo, for example, comes in at $949; in Crown Heights, it’s a somewhat more modest $814. Multi-family houses showed a similar spread ($532 in Bed-Stuy vs. $407 in Crown Heights), but townhouse prices came out with Crown Heights on top at $602, with Bed-Stuy clocking in at $584.
“In all, the markets have pulled very close together, across asset classes,” said NeighborhoodX chief Constantine Valhouli, noting that there “still are some bargains to be found.” (It’s worth noting that the Post data concentrates on just one of Bed-Stuy’s six zip codes.)
Here’s the breakdown for Bed-Stuy this month (hover over the bars to get more info):
And Crown Heights:
- Crown Heights Price Per Square Foot [NeighborhoodX]
- Bed-Stuy Price Per Square Foot [NeighborhoodX]
- The Price For a Single-Family Home in Bed-Stuy Has Tripled Since 2004 [Curbed NY]