Queens residents have increasingly witnessed their neighborhoods make headlines for become the next “it” place for renters and buyers, and three borough neighborhoods are on a new list.
PropertyShark interviewed real estate professionals to gauge which neighborhoods would see an influx of interest from buyers and investors and compiled a list of the 12 hottest neighborhoods in New York City this year. There were 203 respondents who are residential brokers, investors and appraisers.
Long Island City and Astoria were numbers 8 and 9 on the list, respectively. 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.
In Astoria, the median sales price in 2016 for a home was $620,000. Astoria made another list of hottest neighborhoods in NYC in 2017. StreetEasy featured Astoria 10th on its list of top 10 neighborhoods this year.
Real Estate professionals also recommended that first-time home buyers head to Jamaica. According to Trulia, the median sales price for a home in Jamaica in 2016 was $418,500. At a real estate conference hosted by QNS in 2016, Queens Borough President Melinda Katz cited the neighborhood as one of the areas that has seen an influx of development in the last few years.
About 74 percent of responders said it’s a smarter choice to purchase a home rather than rent in 2017.
“The market is poised for another record-breaking year for buyers – investors as well as first-timers,” said Dennis Cotto, salesperson at Keller Williams NYC.