Is Queens the next Brooklyn?
Just like in Brooklyn, in Queens we can also talk about “A Tale of Two
Cities.” As you can see in the map, the borough appears to be strikingly divided into two parts when it comes to the housing market:
• North (look for the lighter green color on the map showing which neighborhoods are seeing increases in median home price bigger than 10 percent);
• South (look for the dark red color on the map showing the neighborhoods where home prices have decreased the most)
The biggest price increases can be seen in the neighborhoods at the border with Manhattan;
• Hunters Point has seen an increase in median home price/sqft. of 132 percent. The median in 2014 was $924 (from $399 in 2004), which makes it similar now to Park Slope and other rich neighborhoods in Brooklyn;
• LIC has also seen an impressive 110 percent jump in median home price/sqft (from $326 to $685);
• Sunnyside and South Astoria, which were considered upper-middle-class even back in 2004, have maintained their status in 2014. Median home prices are in the lower $600 per square feet.
One can hardly talk about a Williamsburg phenomenon happening in Queens – LIC hasn’t yet reached that increase in home prices seen in Williamsburg. The most significant increases in median home price/sqft. took place in areas which, albeit industrial, were still considered middle class even in 2004.
Conclusion: The gentrification phenomenon which has started in Queens a while back is still much more localized than in Brooklyn and it is still debatable if Queens will become the next Brooklyn soon.
This map is part of a bigger project meant to illustrate how home prices have changed in NYC in the last decade and, indirectly, the impact gentrification has had on several areas in the city.
The median home price per square feet was calculated based on all home sales closed in each neighborhood between 2004 and 2014.