In a massive real estate hub like New York city, it’s expected that its abundant number of homes and properties experience continuing market value growth. But, as the New York Times revealed in a recent article, some areas of “The Big Apple” receive higher price hikes compared to others. The names of these neighborhoods are revealed below:
10.) Flatiron, Manhattan (+43% YTD, $2,706,633 Median Sales Price)
9.) Queensboro Hill, Queens (+45% YTD, $850,000 Median Sales Price)
8.) Ditmas Park, Brooklyn (+55% YTD, $765,942 Median Sales Price)
7.) Upper East Side, Manhattan (+60% YTD, $1,400,000 Median Sales Price)
6.) Ocean Parkway, Brooklyn (+69% YTD, $802,500 Median Sales Price)
5.) Elmhurst, Queens (+70% YTD, $692,500 Median Sales Price)
4.) Midtown South, Manhattan (+107% YTD, $1,339,591 Median Sales Price)
3.) Little Neck, Queens (+117% YTD, $607,500 Median Sales Price)
2.) Clearview, Queens (+132% YTD, $650,000 Median Sales Price)
1.) Jamaica Estates, Queens (+186% YTD, $435,440 Median Sales Price)
The numbers and figures above were taken from data provided by StreetEasy along with records from the New York City Department of Finance. Price growth rates are year to date, comparing the third quarter of 2017 against the same period of 2016. The New York Times also claimed that in calculating these numbers, they only considered neighborhoods that had at least 25 sales in order to avoid skewed results.
Interestingly, half of the neighborhoods mentioned above are from Queens. Areas from that same borough also secured the top three. This can be caused by an increasing demand for properties there, especially given the more affordable prices compared to Manhattan and Brooklyn.
The Times also made a special mention of the Upper East Side which secured the #7 spot on the list. This can be attribute to its significant increase in prices over the year may have been caused by the opening of the Second Avenue subway.
Prices will continue to grow, but how much growth a market will obtain will depend on a number of factors. For now, the market value of Queens is rising, and for all market players in the area, this may be a piece of information that is worth taking note of.