AgentMarkets & Economy

Queens homes now among the priciest in North America

Manhattan and Brooklyn effortlessly rank in the top 10
  • The median sale price in Queens based on data from December 2015 was $369,000 – just surpassing Denver with $350,000.
  • Brooklyn -- ranked the most inflated market in the U.S. based on income-to-housing ratio -- placed fourth in costliest cities on the continent with a median price of $620,000.
  • Queens neighborhoods South Astoria, Ridgewood, Hunters Point and Long Island City featured 48 percent, 61 percent, 95 percent and 132 percent increases between 2005 and 2015.
  • In yet another surprising finding, Brooklyn beat out Vancouver – a city notorious for unaffordability.

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New York City is expensive, no doubt, with neighborhoods in Manhattan and Brooklyn typically making headlines as steepest markets in the nation. But according to a recent analysis from Point2 Homes, sister company of reporting tool PropertyShark, Queens is keeping up with its neighboring boroughs as the twelfth most expensive market in North America. The median sale price in Queens based on data from December 2015 was $369,000 -- just surpassing Denver with $350,000. Manhattan ranked no. 2 with a median price of $1.059 million, while San Francisco stole the no. 1 spot with a massive median sales price of $1.085 million. Because the wealthy-to-middle class cannot afford Manhattan, residents flock elsewhere. But Brooklyn -- ranked the most inflated market in the U.S. based on income-to-housing ratio and placing fourth in costliest cities on the continent with a median price of $620,000 -- isn’t much easier on the budget. Queens’ real estate on the rise As PropertyShark...