Six of the city’s 10 friendliest residential markets for 2018 are located in Queens, according to a new real estate report.
Flushing was reported as the # 1 seller’s market for 2018 in StreetEasy Trends & Data report, published March 8. In this neighborhood, residential properties spent an average of 52 days on the market in 2017. About 11.4% of properties saw their prices drop in the market.
Woodhaven came in at # 2, where 6.9% of properties on the market saw their prices drop. Properties in this neighborhood spent an average of 56 days on the market and there was a 100% ask-to-list price ratio, indicating that buyers are buying at the original asking price.
The third neighborhood on the list was another neighborhood in Queens: Kew Gardens Hills. About 20% of listings in this neighborhood saw their prices drop in the market, and properties spent an average of 61 days on the market.
The following neighborhoods in Queens are also on the Top 10 list:
- # 6: Glendale
- N ° 7: South of Jamaica
- N ° 10: Heather
Seller markets are those with “a lower index value, where homes are less likely to fall in price, sell faster, and have sell / list price ratios close to or greater than. 100 ”, according to the StreetEasy methodology.
When it comes to New York City’s best buyer’s markets, however, only one neighborhood in Queens made the list.
According to StreetEasy, Long Island City, one of the top 10 “established and higher priced neighborhoods”, tends to favor shoppers. Arriving at # 9, West Queens was the cheapest neighborhood on the list, which included neighborhoods such as Midtown Manhattan and DUMBO Brooklyn.
Buyer’s markets are identified by StreetEasy as those “with a higher index value, driven by more price declines, homes staying on the market longer, and lower sale / list price ratios.”
Read the full report here.