July 28, 2017 By Nathaly Pesantez
Jackson Heights and Elmhurst co-ops prices have gone up significantly in the last year, surpassing 20 percent on average, a recent real estate report reveals.
The average sale price was $341,000 in the second quarter of 2017, up 22 percent from average price of $279,000 in 2Q16, according to the latest Real Estate Board of New York (REBNY) Residential Sales Report. The median price paid for a Jackson Heights/Elmhurst coop during the most recent quarter was up 18 percent, to $300,000, from $255,000 for the same quarter last year.
Prices for one-to-3 family houses in Jackson Heights and Elmhurst were also up, but did not increase to the same degree as coops.
The median price paid for a one-to-three family home in 2Q17 was $790,000, up just 2 percent from $774,000 in 2Q16. The average price rose to $817,000, up 6 percent from $771,000.
The median and average sale price for condominiums in the area did not change over the past year.
Residential real estate prices were up throughout Queens in 2Q17, according to the report. The average price for a home in Queens (one-to-3 family houses, condos, coops) jumped 9 percent from the year prior, with the average price at $561,000 in the second quarter of 2017, up from $514,000 for 2Q16.
The number of sales that took place in Queens during the quarter was also up, with 3,984 homes sold (one-to-3 family houses, condos, coops), a 17 percent rise from 3,395 in 2Q16, according to the REBNY.
The full report can be accessed here