Higher Home Values In R’wood; Maspeth, Woodhaven Drop
Residential real estate values ticked upward in Bushwick, Long Island City and Rego Park but plummeted in Maspeth and Woodhaven last year, according to an analysis by market research website Streeteasy.com.
Considered one of the hottest neighborhoods in the city, the area of Bushwick within the 11237 ZIP code-which also includes the Brooklyn portion of Ridgewood- saw a 40 percent increase in median home values for homes, condominiums and co-operative apartments to $475,000. Even so, there were 14 closings completed, down 66 percent from 2012.
Values were relatively flat in the ZIP code of 11221, which Bushwick shares with Bedford-Stuyvesant. The median value in 2013 was $289,198, down just 0.3 percent, with 148 closings completed.
Prices also surged in the Hunters Point section of Long Island City, where the 2013 median value for homes was $781,250, up 17 percent. Approximately 246 closings took place last year, down 17 percent from the number recorded in 2012.
Homes were also worth more in Rego Park last year, as the median value for residences increased by 14 percent to $230,000. There were 427 sales completed last year, up by nearly 50 percent from the previous year .
The portion of Ozone Park within the 11417 ZIP code also saw a spike in median home values, which jumped 16 percent in a year to $366,000. Approximately 92 closings took place in the neighborhood, up 42 percent.
In all, median values held steady across Queens at $309,000 in 2013, a $6,000 increase from the median value calculated the previous year. The two-percent rise was the largest of all five boroughs.
Even so, it seems the real estate market struggled in Maspeth and Woodhaven last year. According to Streeteasy, Maspeth’s median home value fell by 17 percent to $382,000 last year. There were, however, 103 sales completed, a seven percent increase.
Woodhaven median values dropped by 14 percent in 2013 to $268,000. Fewer sales were also completed, as there were 106 closings reported, a 27 percent dropoff compared to 2012.
Howard Beach home values were also down in 2013, though some analysts point to Hurricane Sandy in October 2012 as a contributing factor to the decrease. The median price for residences in Howard Beach was $150,000, 12 percent less than in 2012. The neighborhood saw a two percent increase in sales completed, with 238 closings reported.
Glendale and the Queens section of Ridgewood saw a five-percent increase in median home value, which was listed at $404,000. Approximately 110 closings took place in the 11385 ZIP code last year, up 10 percent from 2012.
The Streeteasy.com figures were published in a map on the New York Daily News website last Friday, Jan. 24, with the city broken down and analyzed by ZIP code. The report concluded that the median home price in New York City was $475,000, a two-percent increase from 2012.
