A new report by StreetEasy indicates that home prices in Queens are increasing the most that any borough in New York City. Of the 10 neighborhoods identified where prices are soaring throughout the city, 5 are in Queens with Jamaica Estates leading the way with 186% from the same period in 2016. StreetEasy looked at its listings data and at records from the New York City Department of Finance. Median sales prices from the third quarter of 2017 were compared with those during the same period in 2016, and only neighborhoods with at least 25 sales were considered, to avoid artificial spikes.
The report indicates that although median sales prices have gone up it doesn’t necessarily mean that the values of such houses in the area have increased. StreetEasy Senior Economist Grant Long states “The price of homes in a neighborhood can go up for many reasons. For example, the value of existing homes in the area may have gone up; bigger homes may be for sale in the area; or newer, more upscale homes may be on the market.”
The areas of Queens that have been identified are Jamaica Estates (186% increase/ $435,440 median sales price), Clearview (132% increase /$650,000 median sales price), Little Neck (117% increase/$607,500 median sales price), Elmhurst (70% increase/$692,500 median sales price ) and Queensboro Hill (45% increase/$850,000 median sales price). The rest of the top 10 areas where there has been an increase in home prices are Midtown South- Manhattan (107% increase/$1,339,591 median sales price), Ocean Parkway- Brooklyn (69% increase/$802,500 median sales price), Upper East Side- Manhattan (60% increase/ $1,400,000 median sales price), Ditmas Park- Brooklyn ( 55% increase/ $765,942 median sales price) and Flatiron- Manhattan (43% increase/ $2,706,633).
If you are purchasing a new property or already have a property and looking for professional property management Blue Harbour Property Management may be right for you. We are a full service NYC property management company servicing Queens, Brooklyn, Manhattan and the Bronx.