2016 Year End Review and 2017 Projection
Holding true to all our predictions, 2016 proved to be a phenomenal year for Jackson Heights Real Estate. We witnessed several price point spikes and yet the new market averages showed a steady 8% climb from the previous year. New 2016 pricing averages have emerged:
3 Bedroom 2 Bath: $900,000
2 Bedroom 2 Bath: $725,000
2 Bedroom 1 Bath: $600,000
1 Bedroom 1 Bath: $385,000
Studio 1 Bath: $200,000
What should we expect to see in 2017? While many make speculations based on factors like political climate, national unemployment rate, interest rate increase predictions, national housing stock figures etc., we like to draw conclusions from the practical observations of buyer demand and existing housing supply in Jackson Heights. As of now we have not seen any slowing of sales or decrease in showings at our properties. It is a clear indication of a healthy, thriving marketplace. For us here on the ground, there is no better indicator. It only stands to reason that we will see further appreciation in 2017.