Unemployment Improves, Jackson Heights Real Estate Market Soars
Unemployment Improves, Jackson Heights Real Estate Market Soars: National Unemployment Rate has been on a steady decline since the beginning of this year, and as an agency we experienced the most active winter in the past several years. Jackson Heights properties have been getting scooped up in record time as the buyer pool began outweighing the number of available properties in the area. Renovated units have commanded the highest prices and bidding wars have been witnessed on units with two or more bedrooms.
What does this mean for Jackson Heights Real Estate? This means HOUSING IS BACK and those owners hesitant to bring their units to market are likely to do so, giving truly motivated buyers the opportunity to find what they have been looking for.
This means healthy prices for sellers and healthy appreciation projections for buyers.
At this rate we predict that median price for renovated Jackson Heights one bedroom units will reach $300,000 + in the coming year and two bedroom units will trade in the area of $450,000.
Enjoy the Summer everyone! In combination with the weather and the new real estate market, IT’S GOING TO BE A HOT ONE!