According to new data released this week by Redfin, Prospect Heights and Clinton Hill are the hottest neighborhoods in the nation. Residents and visitors alike are flooding to these new, lively spaces! Brooklyn, NY — the Brooklyn area has experienced a stunning 105% growth in home sales during the last year. This unprecedented boom is a testament to its growing attractiveness to homebuyers. With a median sale price of $1,397,000, which reflects a 3.9% increase year over year, this neighborhood continues to attract attention.
Prospect Heights and Clinton Hill lie sandwiched in the core of Brooklyn. These neighborhoods combine the warmth of small-town traditions and connections with a bustling new urban environment. The neighborhood features a unique mix of contemporary development and long-standing, well-maintained brownstones. To build on this unique architectural character, the city has attracted a diverse range of residents. Its proximity to Prospect Park, the second-largest park in Brooklyn, enhances its appeal as a tranquil oasis in an urban setting.
Real estate professionals have touted their newest favorite neighborhood’s increasing desirability. They claim credit for it being close to a hot labor market, particularly in NYC. As workers return to the office, they are increasingly searching for homes that provide both employment and community. At the same time, they are demanding larger living spaces. Life in Brooklyn is definitely appealing, including the short commute into Manhattan. All this combined has made Prospect Heights and Clinton Hill especially attractive.
Daryl Fairweather, chief economist at Redfin, commented in recognition of the importance of Prospect Heights’ ranking.
“Prospect Heights being No. 1 speaks to how desirable it now is to be in proximity to a strong labor market like in New York, but it’s still Brooklyn,” – Daryl Fairweather.
Despite the boom, the area is still very much rooted in its Brooklyn sensibilities. Fairweather added that the current housing market dynamics are just one aspect of a phenomenon that mirrors strong demand.
“It reflects strong demand. When there are more buyers, and there are sellers, homes sell quicker,” – Fairweather.
The neighborhood’s charm immediately increases due to its cultural gems. The famous Brooklyn Museum further serves as a cultural magnet for both residents and tourists. That unique combination of artistic and recreational opportunities is what makes Prospect Heights and Clinton Hill so desirable to homebuyers now. Equally important, it supports a rich civic culture.
With home prices skyrocketing all over the city, Fairweather points out that this slice of Brooklyn has remained remarkably stable.
“The South has been the desirable place in previous years because it’s more affordable on the coast, but insurance costs and property taxes have gone up. The Midwest, however, has stable insurance costs, stable property taxes and a stable housing market,” – Fairweather.
The area’s continued financial health draws national attention and accolades. Its laid-back, suburban charm has a magnetic attraction for people who crave elbow room.
“It’s a bit more suburban than Manhattan. I think people are looking for that balance of having job opportunities, especially with return to the office, but still wanting more space,” – Fairweather.
Leave a Reply