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Home Values

That is a big increase, but the property is in New York City which even this Brit knows is a very expensive area. Property prices near here have increased by maybe 4 or 500% over a similar period.
 
There is no context.

Is the home improved?

Did the neighborhood gentrify?

23 years is a long time to calculate increase.
 
Yes, that neighborhood has definitely gentrified over the past 23 years.
 
^
Out of curiosity, what caused the gentrification? It can only happen if higher incomes move into the area. Did more high paying jobs come into the area. Venice/Culver City area in CA has had gentrification, primarily because of tech companies and entertainment companies moving in.
 
It's probably demand.
People want to live in Brooklyn now. They didn't before...but urban amenities are more valued now.
I was in rhe Fishtown neighborhood in Philadelphia yesterday. It's one big construction site! The neighborhood was old small rowhouses. They're being replaced by new apartments, some quite tall.
 
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