Forget Brooklyn, Queens is king
City real estate is hot, but the hottest properties are not in Midtown Manhattan and Brooklyn — neighborhoods that normally heat the sector.
Many young professionals, with prime earnings years ahead of them, are moving to upper Manhattan and nabes in Queens.
The hot metroarea neighborhoods for these upandcomers are Manhattan’s central Harlem and Lincoln Center, along with Astoria and Middle Village in Queens, according to a study conducted by a realestate Web site.
These areas have many people checking out properties, and the properties are turning over at a faster pace and at higher prices than in the rest of the region.
“Each locale on this list is emblematic of the key trends driving housing this year — healthy local economics, job opportunities and affordability,” said Jonathan Smoke, chief economist for Realtor.com, which conducted the study.
He says these communities are attracting those with substantial household incomes, often $100,000 or more. Those moving there value demographic diversity as well as reasonable prices.
“For firsttime homebuyers,” Smoke said, “these communities provide great opportunities to enter the housing market, build a career, and raise a family; older generations are able to build wealth and enjoy a variety of lifestyles.”
l Middle Village, Queens: Some 269 average listing views per month. That’s 2.1 times the market average. Properties listed 48 days on the market, or 28 days fewer than the market average. Median price $658,000.
l Astoria, Queens: 365 average views per month. That’s 2.8 times the market average. 63 days for the average property to be sold, 13 days faster than the market average. Median price $374,000
l Central Harlem: 245 average views per month, 1.9 times the market average. Number of days a property is listed is 65, or 11 days fewer than the market average. Median price $990,000.
lLincoln Square: 189 average views per month, 1.5 times the market average. Number of days a property is listed is 55 days, which is 21 days fewer than the market average. Median price $1.85 million.