Property values in Queens are steadily on the rise thanks to house flipping.
According to a study conducted by the Center for NYC Neighborhoods, the flipping of small houses have caused an enormous increase in the price of homes within residential neighborhoods, and reduced the number of available, affordable homes.
The study defined “home flip” as a home that is bought and sold within a 12‐month period.
As of 2015, the study showed that Queens neighborhoods such as South Jamaica, St. Albans and Springfield Gardens saw some of the most dramatic increases in property value. These neighborhoods experienced a total of 246 flips over the course of the year.
It was also found that resale profit of homes in New York City as a whole has come to produce an approximate $200,000 payout, more than double the national average.
Currently, house flipping is more profitable than it was at the peak of the housing bubble.