Queens neighborhoods dominated a list of the top five New York City neighborhoods that saw the sharpest uptick in home sales prices.
Taking the No. 1 spot on the report compiled by StreetEasy was Jamaica Estates. In this neighborhood, median home sale prices rose “an astronomical 186 percent” in the third quarter of 2017 when compared with the market at the same time last year.
The eastern Queens locale — which may have seen a boost in part to its connection to President Trump — had a median sales price of $435,440 last quarter. The community also appeared on StreetEasy’s list of the city’s top 10 neighborhoods to watch in 2016 due to its healthy population growth, low prices and access to transportation networks.
“Clearview” (a section encompassing Bayside/Bay Terrace) came in at No. 2. The neighborhood saw a 132 percent change in median sales prices. Homes sold for an average of $650,000 in this eastern Queens locale.
No. 3 on the list was Little Neck. With more than 80 homes sold last quarter at a median sales price of $607,500, the neighborhood bordering with Nassau County has homes spanning a wide range of price points.
Finally, Elmhurst clocked in at No. 5. The first western Queens neighborhood on the list, Elmhurst saw a less dramatic median sales price increase (69.7 percent) but saw the most recorded sales last quarter with 126. The area’s mixed housing stock and proximity to subways make it an appealing option.
According to StreetEasy, the rising prices are not necessarily an indication that the value of all homes in the area has gone up, but rather there’s a “changing landscape” when it comes to the area’s real estate scene.
StreetEasy Senior Economist Grant Long said the spikes could be caused by a number of different factors.
“The price of homes in a neighborhood can go up for many reasons,” Long said. “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.”
For the report, the real estate site looked at areas in New York City where closing prices rose the most compared to last year, or from the third quarter of 2016 to the same period in 2017.
View the full report here.
