The pandemic affected real estate traffic and prices but only momentarily. It seems prices in Jackson Heights Queens are not only holding steady but, in some instances, prices continue to go up and inventory is at an all-time low, adding to the equation the historically low mortgage rates.
Jackson Heights a famous district due to its large apartments in the historic district is not longer an up-and-coming area, it is now the place to be.
Well priced condos, co-ops and houses in Jackson Heights seem to go into contract within weeks of being listed. In some instances, even if the unit is overpriced but in desirable building, it gets sold just as fast.
They say real estate is all about location and this so true in the case of Jackson Heights. If some of these units were in a different area of Queens, I am sure they would not attract the same kind of attention. One of the main reasons why Jackson Heights is so desirable for buyers is the 74th street Roosevelt Avenue hub, where there are several trains taking you to Manhattan in a matter of minutes.
How many areas in Queens do you find where you find huge apartments with great features and also so many subway lines available in the same area? Not many! Some of the pre-war buildings in Jackson heights are unique and can only be found here. If you travel to Astoria or Long Island city, you will probably never see another building like the ones in Jackson heights.
Lack of new construction, low mortgage interest rates and few open houses due to fears of Covid 19, have pushed this market into the stratosphere, however the main reason is the uniqueness of the buildings in the historic district of Jackson Heights and the easy access to express trains.
Whichever the case, this market can only go one way and that is upwards.