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
I fell in love with Jackson Heights while helping a buyer find an apartment in the neighborhood. She just closed at Linden Court. Compared to Brownstone Brooklyn or the Upper West Side, Jackson Heights is so much more affordable, apartments are of a similar stock of prewar grandeur and the gardens are amazing. You can get so much more for much less. Jackson Heights is going to keep on going up, which I’m sure is a blessing and a curse for residents.
Gloria you must have been something before electricity.
Prices escalate because the ,our government allowed the safeguards keeping rents affordable to expire. Now only the wealthy can afford a place to live. Shelters are seeing many more people that need a bed & a small locker. These very greedy individuals that keep playing games with purchasing homes are in for a shock as upward rents rarely come down as their games expire also.
The developments in Flushing and Long Island City is bring up the real estate value of all other real estate properties in Queens c
The real estates are the most thieves, I wanted to buy a house and unfortunately the owner gave authority to a real state and they put $ 100,000 thousand more than the owner asked ????
Buy it anyway. If it’s what you want what’s another $400 a month. You can drive a taxi to make up the 400. Man some people.
They make money for them to have a nice house when they leave the country and the rest have to struggle because of their numbers……
This is true
When people buy.properties with Cash, Like happenned in these neignorhood,no mortgages involved,prices went up
True…that practice must be stopped
That’s because most of the real estate agents in the area, specially those of South Asian descent, artificially inflate the price of properties. I have seen countless examples where two agents get together and sell the same house back and forth to each other, hiking up the price each time. When they can’t milk the properties anymore, they then sell it. It makes complete sense that prices would go up 20% in one year. These agents are the ones reaping all the benefits!
Prices go up because of supply and demand…The more people want to live in Jackson Heights the higher prices will go
Let me guess. You are a real estate agent! Lol
you my dear are a MORON!