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Prices for Queens rentals and homes see double-digit increase since last year, reports say – QNS.com

Prices for Queens rentals and homes see double-digit increase since last year, reports say

Photo via Flickr/Wally Gobetz

Two reports by real estate company Douglas Elliman found that the median sales price for the Queens sales and rental market increased by double digits since last year.

Compared to June of last year, the median sales price for a home in Queens jumped 20.8 percent, from $385,001 to $465,000. An increase was seen across all property types including co-ops, condos and one-, two- and three-family homes, according to the report, which was prepared with data from Miller Samuel Real Estate.

In terms of region, west Queens experienced the largest increase in sales prices. This includes Corona, East Elmhurst, Glendale, Jackson Heights, Maspeth, Middle Village and Ridgewood. The median sales price jumped 37 percent, from $400,000 to $548,000.

Central Queens, which encompasses 14 neighborhoods including Forest Hills, Rego Park, Floral Park, Fresh Meadows, Queens Village, Hollis Hills and Bellerose, saw the second largest increase in median sales price with 35 percent, from $311,670 to $420,750.

The Rockaways saw a modest 5.4 percent decrease in median sales price, with homes costing $366,020 compared to $387,038 in June of last year.

Though the housing market in Astoria and Long Island City has seen upward trends in price, the report found that the median sales price decreased in these neighborhoods since last year.

The median sales price for condos in Astoria decreased 11.1 percent, while co-op prices decreased 39.9 percent to $230,000.

Long Island City condos experienced a 5.8 percent decrease and the median sales price for co-ops decreased 33.6 percent.

“Led by one-bedrooms and a 28.2 percent share of new luxury rentals, rents during the spring market were higher than the prior spring,” said Jonathan Miller, president and CEO of Miller Samuel Real Estate. “Although the city economy remains strong, the northwest region has a lot of new development coming online. As a result, rental prices since the beginning of the year have decreased as much as they have increased.”

Neighboring Sunnyside and Woodside seem to be gaining traction and experiencing double-digit increases in condos and one-, two- and three-bedroom houses.

A second report analyzed the rental market, but only for northwest Queens, which includes Long Island City, Astoria, Sunnyside and Woodside. The area experienced a 10.2 percent increase in median rental price since last year, from $2,528 to $2,787.

The median rental price for one-bedroom apartments in this area jumped 31.1 percent, while two-bedroom apartments decreased 14.3 percent to $3,400 from $3,996 last year.

Luxury and new developments saw a decrease in median rental price with a 1.5 percent and 2.2 percent decrease, respectively.

 

 

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