Department of Numbers

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Home Prices in the 11231 zip code of Brooklyn

The data below shows median sales prices for Brooklyn homes, co-ops and condos in the 11231 zip code as determined from New York City property records in December 2010. For the 3 months ending December 2010, the median sales price for all homes and apartments in the 11231 zip code was $840,0001. A history of quarterly median sales prices is below. For a less volatile look at pricing, see the 12 month rolling median price data. Affordability based on income and recorded home sales is also calculated.

Quarterly Rolling Home Price History for the 11231 zip code

Compared to the 3 months ending December 2009, the combined median price for the 3 month period ending December 2010 is 21.73% higher.

The quarterly rolling median price for all homes and apartments in 11231 reached its most recent peak of $1,065,000 in September 2010. At $840,000, the current quarterly rolling median price is now 21.13% lower. This is the lowest value for the quarterly rolling median price since the September 2010 peak.

Quarterly Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

quarterly median sales prices in 11231 for houses, co-ops, condos and combined properties

History of Quarterly Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $1,475,000 $1,141,500 § $636,000 § $840,000
November 2010 $1,400,000 $840,000 § $636,406 $985,000
October 2010 $1,375,000 $750,766 § $690,703 $992,500
September 2010 $1,442,000 $741,531 § $770,000 $1,065,000
August 2010 $1,300,000 $642,500 § $585,493 $887,619
July 2010 $1,363,000 $600,000 § $651,680 $941,608
June 2010 $999,000 $600,000 § $600,000 $685,000
May 2010 $1,068,820 $600,000 § $905,000 $950,500
April 2010 $1,217,300 $600,000 § $731,114 $995,000
March 2010 $1,322,500 $460,000 § $591,500 $814,600
February 2010 $1,225,300 $460,000 § $547,500 $764,706
January 2010 $962,500 $450,000 § $527,154 $665,000
December 2009 $955,000 $425,000 § $636,406 $690,055

12 Month Rolling Home Price History for the 11231 zip code

At $916,425, the current combined median price is now at a new all time high for the series.

12 Month Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

12 month rolling median sales prices in 11231 for houses, co-ops, condos and combined properties

History of Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $1,325,000 $600,000 § $643,203 $916,425
November 2010 § § § §
October 2010 $1,260,000 $600,000 § $636,406 $842,500
September 2010 $1,222,000 $597,500 § $657,590 $800,000
August 2010 $1,210,000 $588,250 § $611,500 $772,500
July 2010 $1,210,000 $597,500 § $592,746 $740,776
June 2010 $1,100,000 $591,250 § $577,100 $696,205
May 2010 $1,125,000 $515,000 § $623,000 $710,000
April 2010 $1,194,000 $515,000 § $575,201 $710,000
March 2010 $1,200,000 $497,500 § $607,500 $710,000
February 2010 $1,216,000 $497,500 § $570,110 $686,160
January 2010 $1,210,000 $497,500 § $572,710 $682,500
December 2009 $1,200,000 $515,000 § $600,000 $685,000

Home Affordability in the 11231 zip code

In 2007, the median household income in Brooklyn was $40,9422. Home affordability guidelines suggest that no more than 30% of household income be spent servicing a home loan. For the median Brooklyn household, this would have meant that a monthly mortgage payment should not have exceeded $1,024 using the 2007 average mortgage rate of 6.34%3. Combining this with 2007 property sales records, we can calculate that the median income household could have potentially afforded approximately 7.91% of the homes and apartments sold in 11231 in all of 2007.

1. All sales metrics are calculated from NYC Rolling and NYC Annual property sales. Metrics derived from rolling data are preliminary as some sales take months to report.

2. Affordability data, including median income by borough, are calculated from metrics in the NYC Datamine Economic and Housing Profile datasets.

3. Average mortgage rates are from Freddie Mac Primary Mortgage Market Survey Archives and do not include points.