L
uxury real estate in Brooklyn is on the rise, with two neighborhoods taking center stage. According to a recent report from PropertyShark, Red Hook and Carroll Gardens have catapulted into New York City's top 10 most expensive neighborhoods, boasting median home prices just shy of $2 million.

    While Manhattan still reigns supreme, Brooklyn's presence in the luxury market is growing rapidly. Red Hook took the No. 9 spot with a 11% year-over-year surge to a median sale price of $1.98 million, while Carroll Gardens tied for No. 10 with Manhattan's NoMad at $1.95 million, thanks to a staggering 38% sale price increase in just one year.

    The city's overall real estate market bounced back in 2024, with home prices ticking up 3% year-over-year and sales activity remaining relatively stable. Brooklyn mirrored these trends, with prices rising 5% year-over-year to $815,000, while sales increased by 2%.

    Red Hook's prime Statue of Liberty views are a major draw for luxury buyers, but it's not the only neighborhood driving Brooklyn's growth in high-end real estate. Other areas like Greenpoint saw a staggering 150% increase in transactions, while Boerum Hill experienced a sharp decline.

    Despite fluctuations in sales volume across the city, Brooklyn was the only borough to see both price and transaction volume increase in 2024. Queens and The Bronx saw more muted price growth, with Queens adding three new neighborhoods to its top 50 most expensive list and The Bronx experiencing a 6% price jump year-over-year.

    The luxury market is marked by mixed trends, with some of the city's priciest neighborhoods seeing sales slow dramatically while others surged. Hudson Yards in Manhattan held onto its No. 1 ranking for the sixth year in a row, but total transactions were cut nearly in half. Meanwhile, Tribeca jumped to No. 2 at $3.3 million, fueled by high-end sales of multi-million-dollar single-family homes.