The Queens real estate market has increasingly made headlines for new developments and ever-increasing growth. Long Island City and Astoria were numbers 8 and 9 on the list of hottest New York City neighborhoods, according to PropertyShark. The median sales price for a home in Long Island City in 2016 was $825,000, making it the second most expensive neighborhood on the list next to the Upper East Side. StreetEasy featured Astoria 10th on its list of top 10 neighborhoods this year. And the Queens market doesn’t show any signs of slowing down in the coming year.
Trends in Queens
According to the Queens Courier, two neighborhoods in the borough ranked among hottest neighborhoods in New York City according to recent surveys which looked ahead to emerging trends. Both neighborhoods, Astoria and Long Island City are a stone’s throw away from Manhattan. Queens is known for its transportation access, including highways and public transportation –and is also home to both of New York City’s major airports.
Real Estate agents are increasingly recommending that first-time home buyers head to Jamaica and eastern Queens. According to Trulia, the median sales price for a home in Jamaica in 2016 was $418,500. Queens Borough President, Melinda Katz cited Jamaica as an area which is seeing an increase in development, according to the Courier.
“The borough’s housing market is exploding,” Katz said. “People are seeking to live here.”
“Queens’ real estate market is strong, says Andrew Latos, of Latos, Latos & Associates PC, a law firm in Astoria. “The demand for multi family, warehouse space and residential 1-2 families is propelling this market. A lot of new rentals will be coming on line in 2018, with more new construction taking place, however with the strong economy and strong employment, the supply of rental units will be absorbed.”
A New Spike in Home Prices
Housing prices were on the rise in Queens in the second quarter of 2017, according to Douglas Elliman. The average sales price in the borough over the second quarter of 2017 was just over $592,000. That represents a 6.1 percent rise over the first quarter of the year and a 12.4 percent increase in prices from the same period in 2016.
The median sales price for the second quarter was $510,000 a 5.2 percent increase over the first quarter median sales price of $485,000. That was a 9.7 percent boost from 2016.Queens saw a 47 percent increase in closed sales from 2016. Homes averaged 31 days on the market in the second quarter and they moved at a slower rate than they had a year earlier.
“There is no question that real estate in Queens has appreciated tremendously in the last several years,” said Edith O’ Donnell, CEO of Lyons Mortgage. “It is an exceptional borough with diverse neighborhoods and desirable amenities.”
Lyons Mortgage Can Help You with a Loan For Queens Property
Queens has a little bit of everything and it is emerging as a hot real estate market. If you’re interested in finding out what your home loan options are to buy Queens property, or if you’re in the market for a home loan anywhere, Lyons can help.
To find out what may be available for you, contact a Lyons Loan Expert: https://www.elyons.com/concierge/
To learn more about Lyons: https://www.elyons.com/videos/meet-people-lyons-mortgage/