Depending on Location, Queens is experiencing mixed real estate price growth, from rentals to condo sales, according to Modern Spaces’s Orange Report, a quarterly market report on New York City real estate. Prices have remained the same in all neighborhoods with the exception of Long Island City, which decreased by 3.5 percent, according to the Orange Report.
Its findings correspond with other reports released this week from Douglas Ellison on Queens rentals and homes sales prices, including condos.
Here are highlights of the Modern Spaces New York City Orange Report:
1. Queens rental prices fell slightly in the fourth quarter of 2015 and are expected to level out in 2016 due to an increase in inventory. The average rent was $3,031, down from $3,123. The average price-per-square-foot for condos went down to $1,039 from $1,088.
2. Condo inventory is on the rise in Queens and so is demand, especially in the luxury condo space. Modern Spaces New York predicts that demand will outweigh supply in 2016 and prices will surpass the $1,300-square-foot level of last year’s fourth quarter.
3. Astoria is experiencing rental price increases far above other locations in the borough. Rents have been increasing about $200 a month, from $2,700 to $2,962.
4. Prices have remained the same in all neighborhoods with the exception of Long Island City, which decreased by 3.5 percent.
