{"id":21080,"date":"2016-03-15T11:22:04","date_gmt":"2016-03-15T15:22:04","guid":{"rendered":"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=21080"},"modified":"2017-10-06T04:23:19","modified_gmt":"2017-10-06T08:23:19","slug":"queens-flying-too-close-to-the-sun","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/03\/15\/queens-flying-too-close-to-the-sun\/","title":{"rendered":"Queens Now One of the &#8216;Top 15 Most Expensive Housing Markets in North America&#8217;"},"content":{"rendered":"<p>According to a recent analysis made by Point2 Homes, as of December, 2015, three of the 15 most expensive housing markets in North America were\u00a0New York boroughs: Manhattan, Brooklyn, and Queens! While the first two entries aren\u2019t too surprising, the fact that Queens made the list at all warrants a few comments and reactions.\u00a0Here is Point2 Homes&#8217; full ranking:<\/p>\n<p><a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Most-expensive-north-american-housing-markets-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-21081\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Most-expensive-north-american-housing-markets-chart.png\" alt=\"Most Expensive Housing Markets in North America\" width=\"1200\" height=\"1701\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Most-expensive-north-american-housing-markets-chart.png 1200w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Most-expensive-north-american-housing-markets-chart.png?resize=212,300 212w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Most-expensive-north-american-housing-markets-chart.png?resize=768,1089 768w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Most-expensive-north-american-housing-markets-chart.png?resize=903,1280 903w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Most-expensive-north-american-housing-markets-chart.png?resize=1084,1536 1084w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n<p>Many have argued that Queens\u2019 gentrification process would be isolated and slow on account of the relatively high rate of ownership within the borough, and truthfully, till now, the neighborhoods that were affected the most were those in closest proximity to <a href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/2015\/10\/14\/a-decade-of-home-price-changes-in-nyc-reveals-a-very-divided-city\/\">Brooklyn and Manhattan<\/a>. Just take a look at the gentrification map for Queens between 2005 and 2015:<\/p>\n<p><a href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Queens-Gentrification-v2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21147 size-full\" src=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Queens-Gentrification-v2.png\" alt=\"Queens Gentrification Map\" width=\"760\" height=\"900\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Queens-Gentrification-v2.png 760w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Queens-Gentrification-v2.png?resize=253,300 253w\" sizes=\"auto, (max-width: 760px) 100vw, 760px\" \/><\/a><\/p>\n<p>However, as Brooklyn manages to assert itself as a luxury market more and more, it seems only a matter of time until Queens will have to deal with the pressure and heat of not one, but two of the hottest housing markets in North America.<\/p>\n<p>As seen in Point2 Homes&#8217; infographic,\u00a0Manhattan ranked second after San Francisco with a median sale price of $1,059,000; however, it was Brooklyn that had the most momentum as the borough managed to solidify its status as an expensive market. It ranked fourth in Point2Homes\u2019 list with a median sale price of $620,000 and even managed to outrank Vancouver, generally considered the third most expensive city in the world.\u00a0Granted, a weaker Canadian dollar\u00a0pushed cities such as Vancouver and Toronto further down the list as well.<\/p>\n<p>Taking into account Brooklyn&#8217;s new-found momentum, it\u2019s no wonder that buyers have started to flock towards other boroughs. While some have even opted <a href=\"http:\/\/www.nytimes.com\/2015\/05\/10\/realestate\/priced-out-of-brooklyn-try-manhattan.html\">to relocate from Brooklyn back into Manhattan<\/a>, a great deal more\u00a0are turning their eyes towards Queens.<\/p>\n<h3><strong>New Construction Permits Filed in Queens<\/strong><\/h3>\n<p>Investors and developers seem to have noticed the increase in demand for housing in the borough already and were quick on the uptake. As a result, the number of permits filed for new residential and mixed-use buildings skyrocketed over the past three years. The permits amounted to:<\/p>\n<ul>\n<li>3,903,625\u00a0square feet proposed in 2013.<\/li>\n<li>6,709,328 square feet proposed in 2014.<\/li>\n<li>8,906,937 square feet proposed in 2015.<\/li>\n<\/ul>\n<p>At the same time, despite\u00a0the new inventory added to the market, prices have continued to rise with the median price per square foot reaching $359 in 2015, an increase of 9.8% since 2013.\u00a0If these numbers are anything to go by, it seems that Queens is indeed\u00a0flying a bit too close to Manhattan and Brooklyn&#8217;s bright sun, which in turn would explain the presence of the borough alongside some\u00a0of the most expensive housing markets in North America.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a recent analysis made by Point2 Homes, as of December, 2015, three of the 15 most expensive housing markets in North America were\u00a0New York boroughs: Manhattan, Brooklyn, and Queens! While the first two entries aren\u2019t too surprising, the fact that Queens made the list at all warrants a few comments and reactions.\u00a0Here is&hellip;<\/p>\n","protected":false},"author":67,"featured_media":21116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[349,89,328,373],"tags":[691,493],"class_list":["post-21080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brooklyn-real-estate","category-manhattan-real-estate","category-new-york-real-estate","category-queens-real-estate","tag-gentrified-neighborhoods","tag-queens-real-estate-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Queens Now One of the &#039;Top 15 Most Expensive Housing Markets in North America&#039; - PropertyShark Real Estate Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/03\/15\/queens-flying-too-close-to-the-sun\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Queens Now One of the &#039;Top 15 Most Expensive Housing Markets in North America&#039;\" \/>\n<meta property=\"og:description\" content=\"According to a recent analysis made by Point2 Homes, as of December, 2015, three of the 15 most expensive housing markets in North America were\u00a0New York boroughs: Manhattan, Brooklyn, and Queens! While the first two entries aren\u2019t too surprising, the fact that Queens made the list at all warrants a few comments and reactions.\u00a0Here is&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/03\/15\/queens-flying-too-close-to-the-sun\/\" \/>\n<meta property=\"og:site_name\" content=\"PropertyShark Real Estate Blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-15T15:22:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-10-06T08:23:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Chart-FB-image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"314\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"PropertyShark Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PropertyShark Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Queens Now One of the 'Top 15 Most Expensive Housing Markets in North America' - PropertyShark Real Estate Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/03\/15\/queens-flying-too-close-to-the-sun\/","og_locale":"en_US","og_type":"article","og_title":"Queens Now One of the 'Top 15 Most Expensive Housing Markets in North America'","og_description":"According to a recent analysis made by Point2 Homes, as of December, 2015, three of the 15 most expensive housing markets in North America were\u00a0New York boroughs: Manhattan, Brooklyn, and Queens! While the first two entries aren\u2019t too surprising, the fact that Queens made the list at all warrants a few comments and reactions.\u00a0Here is&hellip;","og_url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/03\/15\/queens-flying-too-close-to-the-sun\/","og_site_name":"PropertyShark Real Estate Blog","article_published_time":"2016-03-15T15:22:04+00:00","article_modified_time":"2017-10-06T08:23:19+00:00","og_image":[{"width":600,"height":314,"url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/03\/Chart-FB-image.png","type":"image\/png"}],"author":"PropertyShark Staff","twitter_card":"summary_large_image","twitter_misc":{"Written by":"PropertyShark Staff","Est. reading time":"2 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