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Soaring Prices in Some of Queens’ Top 25 Neighborhoods

Reflecting the residential market’s city-wide growth in the first quarter of 2016, Queens too has registered high transaction numbers (a total of 2,805), 5% more than in the beginning of 2015 . Greater Y-o-Y median price increases occurred with condo and co-op sales (8-9%), but single-family houses still sold for 5% more than they did in Q1 last year.

When it comes to which neighborhoods made the top 25 most expensive list, there is only one real shocker: the absence of Forest Hills Gardens, the priciest neighborhood in Queens last year, which is due to the fact that less than the minimum of 4 sales needed to make it onto our list were recorded here last quarter.

At a glance, the vast majority of neighborhoods on this list were on an upward trend in home prices, and staggering price hikes and high transaction numbers were seen in a handful of rankings. Only 4 neighborhoods recorded drops in median home prices and they were all rather modest (below 10%).

Below are the most noteworthy highlights from our priciest neighborhoods in Queens list. For the full top 25, make sure you scroll down to the end of the article.

#1. Malba

Median sale price: $975,000

Malba

#1 on our top 25 priciest neighborhoods in Queens this last quarter, the small, upper-middle class Malba offers larger lot sizes and square footage than the adjacent College Point and Whitestone, especially along the waterfront. Sales here are rare and only 5 were recorded in Q1, yet the median home price has gone up a shocking 50% in the course of a year. A similar evolution was seen in Kissena Park, at #2 on the list, a regular among the most expensive neighborhoods in Queens.

#3. Hunters Point

Median sale price: $960,188

Hunters Point

As was seen in 2015, expensive condos are becoming a trademark of the Hunters Point residential market, now that major new development projects are taking off across the neighborhood. A high percentage of these units will be kept affordable (as reported by Curbed), yet for the ones at market rate, the proximity to Midtown Manhattan and the high demand outpacing new construction will likely continue to drive prices upwards. For last quarter, the Y-o-Y increase in the median home price stood at 15% across the 52 recorded transactions.

#4. Jamaica Estates

Median sale price: $798,500

175-40 Henley Rd, Jamaica estates optimizata(1)

Former home to a young Donald Trump, this neighborhood has always been wealthy and suburban, so there’s no surprise that it keeps popping-up among the priciest places to buy a home in Queens. Last quarter, 12 homes were sold in the relatively small Jamaica Estates, for a median price close to $800K, 51% more expensive than in the first quarter of 2015.

#13. Douglaston

Median sale price: $642,500

104 Grosvenor St, Douglaston

For those who appreciate the suburban lifestyle, Douglaston is a great choice for one of the least urban experiences one can get in New York City. Made up mostly of large single-family homes set against the backdrop of leafy yards and plenty of green outdoor spaces, the neighborhood saw by far the most spectacular surge in prices since the first quarter in 2015, a whopping 80%, and 32 closed deals.

#20. Whitestone

Median sale price: $514,000

149-31 Powells Cove Blvd, Whitestone

Cheaper and more readily accessible for commuters than Douglaston, Whitestone was the Queens sales champion in Q1 2016, recording 90 transactions, at a median sale price that was 41% higher than in the first quarter of 2015. All this was in spite of the community’s push-back against high-density new developments, meaning the market is mostly driven by re-sale houses in this family-oriented suburb.

Here are the stats for all 25 most expensive neighborhoods last quarter in Queens:

NoNEIGHBORHOODMEDIAN SALE PRICETRANSACTIONSΔYoY MEDIAN PRICE
1Malba$975,000
550%
2Kissena Park$965,000
636%
3Hunters Point$960,188
5215%
4Jamaica Estates$798,500
1251%
5Broadway - Flushing$775,000
5-5%
6Hollis Hills

$770,000
98%
7Queensboro Hill

$751,500
1014%
8Belle Harbor

$750,000
52%
9Ditmars - Steinway

$733,497
10-1%
10Fresh Meadows

$727,500
349%
11Auburndale

$700,000
196%
12Rockwood Park$679,000
1310%
13Douglaston$642,500
3281%
14Middle Village$601,500
361%
15Bayside$577,500
70-2%
16Glendale$550,000
217%
17College Point$546,500
209%
18South Astoria$535,000
311%
19Old Howard Beach$515,000
920%
20Whitestone$514,000
9041%
21Floral Park$504,000
234%
22Maspeth$480,000
230%
23Ridgewood$472,500
4-9%
24Pomonok$470,000
89%
25LIC$445,000
749%

Methodology:

The median sale prices were calculated based on residential property sales closed between January 1, 2016 and March 31, 2016. The residential properties included in the stats are single-family homes, condos and coops.

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