August 04, 2025
As a NYC realtor, I’m always tracking trends that affect buyers, sellers, and investors alike — and this latest data from PropertyShark is a big one. Over the past decade, home prices in 24 neighborhoods across New York City have more than doubled. In some pockets, they’ve nearly quadrupled.
Let’s talk about Two Bridges in Manhattan. In 2014, the median sale price was around $423,000. Fast forward to 2024, and it’s now $1.64 million — that’s a 288% increase. This surge has a lot to do with luxury developments like One Manhattan Square, which changed the game in that area. Despite community resistance to new development, construction marched on, and with it came price escalation.
Then there’s the growing trend of climate gentrification — something most people haven’t even heard of, but it’s happening right in our city. After Hurricane Sandy, areas like Breezy Point and Hamilton Beach in Queens, and Red Hook in Brooklyn, all saw major damage.
As the city and developers poured money into repairing and “resiliency-proofing” these waterfront zones, new (and pricier) homes replaced old ones. That, plus higher insurance premiums and construction costs, ended up pushing out long-time residents and bringing in wealthier buyers.
The numbers speak for themselves:
Let’s not forget Gowanus, Brooklyn — once an industrial wasteland, now a high-demand residential hot spot. With a major rezoning and new developments, the area’s property taxes jumped from $800/year in 2014 to $6,500/year in 2024. That’s a 751% increase. For homeowners who’ve lived there for decades, that kind of spike is hard to absorb.
NYC real estate isn’t just about what’s hot — it’s also about understanding why neighborhoods change and what forces are shaping their future. Whether you’re looking to invest, sell, or buy, tracking these shifts can help you make smarter moves in this ever-evolving market.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
