With 2,278,906 people, 777,904 houses or apartments, and a median cost of homes of $642,106, Queens house prices are not only among the most expensive in New York, Queens real estate also is some of the most expensive in all of America.
Large apartment complexes or high rise apartments are the single most common housing type in Queens, accounting for 40.57% of the borough’s housing units. Other types of housing that are prevalent in Queens include duplexes, homes converted to apartments or other small apartment buildings ( 31.63%), single-family detached homes ( 18.98%), and a few row houses and other attached homes ( 8.63%). Boroughs with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact boroughs that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
People in Queens primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Queens has a mixture of owner-occupied and renter-occupied housing.
QUEENS HOME APPRECIATION RATES
In the last 10 years, Queens has experienced some of the highest home appreciation rates of any community in the nation. Queens real estate appreciated 54.79% over the last ten years, which is an average annual home appreciation rate of 4.47%, putting Queens in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Queens definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout’s data show that during the latest twelve months, Queens’s appreciation rate, at 3.11%, has been at or slightly above the national average. In the latest quarter, Queens’s appreciation rate has been 0.47%, which annualizes to a rate of 1.87%.
Notably, Queens’s appreciation rate in the latest quarter is one of the lowest in America.
Relative to New York, our data show that Queens’s latest annual appreciation rate is higher than 80% of the other cities and towns in New York.
One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Queens differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Queens – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Queens real estate investment or home purchase decisions.
Information and data from Neighborhoodscout.com