It’s New York City’s most diverse borough and it’s an area where you can find just about every type of property imaginable. From Flushing to Far Rockaway, there are plenty of opportunities to find your dream home or investment property in Queens. And there are indications that the hot real estate market in neighboring Brooklyn is impacting Queens.
Cliffco Mortgage Bankers wants you to know what the latest trends and prices are in this dynamic real estate market. With its subways and commuter trains we know that Queens is one of the most desirable places to own property and our mission is to help our clients achieve the dream of home ownership. So we want to let you know what’s going on in the Queens real estate market.
An Upward 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.
Trends in Queens
Douglas Elliman credited the Brooklyn spillover effect as being a major factor in the 47 percent jump in sales. The neighboring borough has had a red hot real estate market for several quarters now. Queens is also heating up. The 47 percent jump is the largest second quarter in seven years. It was also the fifth consecutive quarter that has shown an increase in sales over the previous year.
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 and is also home to both of New York City’s major airports. Another neighborhood that’s becoming hot, especially for first time home-buyers is Jamaica. 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.” She also cited downtown Flushing and Long Island City as areas that have seen a growth in development at a 2016 real estate conference.
Cliffco 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, Cliffco can help. To find out what may be available for you, contact us today.