Residential real estate prices continue to climb in the northeast Queens neighborhood of Flushing, according to Donna Reardon, branch manager at Douglas Elliman Real Estate’s Bayside office.
“I think there’s a demand all over Queens right now, but there is a huge demand in Flushing,” Reardon said. “I think its proximity to Manhattan, its transportation options and its restaurants make it a place that’s a destination. Flushing has become a destination.”
In Flushing, home prices have steadily risen while inventory has seen a decrease in recent years, the real estate professional noted.
“We’re seeing that, when a listing comes in and it’s priced right in Flushing, it’s sold, with multiple offers,” Reardon said.
A recent report from real estate website PropertyShark mirror these findings. Three sub-neighborhoods of Flushing — Queensboro Hill, Auburndale and East Flushing — made the list of New York City’s top 50 most expensive neighborhoods in the first quarter of 2018.
Flushing was also flagged as the city’s No. 1 seller’s market for 2018 in StreetEasy’s Trends & Data report, published on March 8.
Numbers being recorded for the neighborhood today are a far cry from numbers posted during the 2008 housing bubble, Reardon said.
“Ten years ago, in ’08, prices were dropping,” she said. “Inventory was coming out like crazy and prices were dropping, but that has turned around. All of Queens in ’08, across the board, was dropping in prices and in listings.”
The Queens market as a whole also continues to see rising home closing prices. The second quarter of 2018 was the ninth consecutive quarter with a year-over-year rise in prices along with new records set, according to Douglas Elliman data.
For Flushing, the future is bright, Reardon said.
“[Flushing] has so much to offer,” she said. “You’re near baseball stadiums, the tennis stadiums, great parks, dining and restaurants, shopping; I think that it offers everything that somebody would want. They can have everything at their fingertips.”