Median sale price at an all-time-high and the luxury market is flourishing!
The Long Island City area* has for a while now been center stage in New York real estate and our latest market report shows that things are not changing. On the contrary, the median sale price per property hit an all-time high at $610,750 and over 60 properties changed owners for over $1M!
*Long Island City area includes LIC and Hunters Point, as shown on this map:
This area of Queens is in a way unsurprisingly poised for this amazing evolution through its proximity to Manhattan, excellent subway connections and a series of rezoning projects that have changed the face of the neighborhood in the past 10 years. It is certainly appealing for both residential developments and commercial expansion thanks to its mixed use character allowing for a huge variety of new projects.
Now, let’s see how LIC and Hunters Point fared individually:
LIC Median Sale Price: $409,000
LIC is still more affordable than Hunters Point but the median sale price per property has almost doubled in the past 10 years, while the price per sqft peaked at $804 in 2015, a dramatic 183% increase compared to 2005:
Hunters Point Median Sale Price: $812,500
Hunters Point was the 4th most expensive Queens neighborhood in 2015 but what really caught our attention is the increase in median sale price per sqft, jumping from $440 in 2005 to a staggering $1,050 in 2015. What’s even more impressive, the median sale price was only $669 in Forest Hills Gardens (most expensive by median sale price per property in Queens.)
Queens’s median sale price at $360,000
The median sale price in the borough was $360,000, hitting an 8-year high and is now getting close to the levels recorded before the market fell during the financial crisis, attracting more luxury buyers than ever.
The highest median sale price was recorded in Forest Hills Gardens, an impressive $1,250,000, the only neighborhood to cross the $1M mark and the 15th most expensive neighborhood in New York City!
Hunters Point came in 4th, however, with a considerably larger sales volume recorded in 2015 compared to all the other neighborhoods that made it into the top 5.
Most expensive properties in Long Island City
All the top 5 most expensive properties sold in 2015 were condo units located in Hunters Point, which speaks a lot for the accelerated growth of condo developments, most of them luxury high-rise buildings.
Boasting top notch luxury amenities and breathtaking views of Manhattan, the building is also home to the most expensive condo sale recorded in Queens, a unit bought in 2014 for $3.35M.
Here’s the top 5 most expensive homes sold in 2015:
Want to check what’s currently available on the market? Take a look at properties for sale in Long Island City on real estate listings website Point2Homes.
* Data is based only on sold residential properties between January 1, 2005 and December 15, 2015
* The building classes counted are single family homes, condo and coop units
* The final number of Long Island City home sales in 2015 was adjusted up by 7% (not all 2015 Long Island City sales are recorded)