As home prices in Brooklyn are breaking new records every quarter, Queens has been welcoming waves of home buyers searching for more affordable housing options.
The offer is indeed attractive: at $380,000, the median home price recorded in October in Queens is still fairly low compared to the median price paid for a Brooklyn home over the same period — $585,000.
However, the trend in home prices is slowly going upwards even in Queens. The median price calculated for the first 10 months of this year, $362,000, is the highest since 2007.
Although we’re not seeing a significant ascent yet and home prices might still be unstable at this point, the phenomenon we’re seeing in Brooklyn may pick up even in Queens.
*For calculating the median home sale price, only the transactions closed in the first 10 months of each year were taken into account.
Luxury home buyers come to Queens
Luxury buyers have also been taking an interest into the borough’s upper-end market segment.
According to real estate data provider PropertyShark, the number of Queens homes that sold for over $1 million in the first ten months of 2015 has just registered an all-time-high. There were 287 luxury homes which were sold across Queens from January to October 2015.*
*To be able to draw a fair comparison between 2015 and the previous years, when calculating the total number of luxury sales only the transactions closed in the first 10 months of each year were counted.
What neighborhoods are luxury buyers targeting?
Hunters Point is the neighborhood which registered the biggest number of luxury home sales this year. There have been 48 properties with price tags of $1 million and up which found new owners in Hunters Point, and most of them were condos.
According to PropertyShark, Hunters Point is also the area which registered the most impressive increase in median home price per square foot between 2004 and 2014 –a 132 percent growth, from $399 to $924.
The other neighborhoods where a good number of pricey homes was sold this year were: Forrest Hills (33 luxury home sales), Forest Hills Gardens (22 luxury home sales), Bayside (19 luxury homes sales), and Whitestone (16 luxury home sales).
According to the New York Daily News, many buyers of luxury properties in Queens are foreign, coming from China, Greece, Brazil, India, and even Tibet and Nepal.