Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 1,385 people, 491 houses or apartments, and a median cost of homes of $228,617, house prices in Brooklyn are solidly below the national average.
Single-family detached homes are the single most common housing type in Brooklyn, accounting for 58.28% of the village's housing units. Other types of housing that are prevalent in Brooklyn include large apartment complexes or high rise apartments ( 25.34%), duplexes, homes converted to apartments or other small apartment buildings ( 12.93%), and a few row houses and other attached homes ( 3.45%).
Dwellings in Brooklyn tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 55.34% of the homes in Brooklyn have two or fewer bedrooms.
There is a lot of housing in Brooklyn built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Brooklyn built before 1939 ( 25.69%). A lesser amount of the housing stock also hails from between 1940-1969 ( 23.45%). There's also some housing in Brooklyn built between 2000 and later ( 15.00%).
Vacant housing appears to be an issue in Brooklyn. Fully 15.34% of the housing stock is classified as vacant. Left unchecked, vacant Brooklyn homes and apartments can be a drag on the real estate market, holding Brooklyn real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Brooklyn's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.90% during the period.
Appreciation rates are so strong in Brooklyn that despite a nationwide downturn in the housing market, Brooklyn real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Brooklyn appreciation rates continue to be some of the highest in America, at 7.99%, which is higher than appreciation rates in 70.08% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Brooklyn. Brooklyn appreciation rates in the latest quarter were at 3.84%, which equates to an annual appreciation rate of 16.27%.
Importantly, this makes Brooklyn one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.
Relative to Michigan, our data show that Brooklyn's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.
$228,617
for Michigan
for nation
491
$1,096 / per month