The Cambridge, a co-op building on 43rd Avenue in Sunnyside (Photo: Welcome Home Real Estate)
Dec. 28, 2023 By Christian Murray
The Sunnyside and Woodside residential real estate market has remained resilient over the past year despite a significant uptick in interest rates, according to a new report released by a western Queens real estate firm.
The report, put out by Sunnyside-based Welcome Home Real Estate, indicates that both house and co-op prices in both neighborhoods have held their value in 2023, although there have been slight price declines in co-ops in both Sunnyside and Woodside.
Amy Fitzgerald, the owner of Welcome Home, said the two neighborhoods continue to be in demand, given their close proximity to Manhattan, their bustling business districts and family atmosphere.
“It’s a haven for foodies, dog owners, and commuters,” Fitzgerald said. “It offers lush green spaces and family-friendly hangouts and is an escape for families and professionals.”
Sunnyside
House prices were mixed in both Sunnyside and Sunnyside Gardens in 2023, although the number of transactions were small making comparisons difficult—particularly in Sunnyside Gardens.
The 2023 data is based on transactions recorded with New York City for the Jan. 1-Aug. 31 period. The 2022 data is for the entire year.
There were only four one-family homes that sold in Sunnyside (excluding Sunnyside Gardens) from Jan. 1 through Aug. 31, which went for an average price of $946,000. The average price in 2022 was $921,000, when just three transactions took place.
The report revealed that 11 two-family houses sold in Sunnyside (excluding Sunnyside Gardens) from Jan. 1 through Aug. 31, which went for an average price of $1,199,988. This figure represented a slight increase from the average price paid for all of 2022, when there were 23 transactions at an average price of $1,187,909.
Meanwhile, in Sunnyside Gardens, there were only five one-family houses that sold between Jan. 1 and Aug. 31 and they went at an average price of $1,199,000. For the entire 2022 year, there were seven one-family transactions that averaged $1,358,000. For the 2023 year through Aug. 31, only one 2-family house sold in the Gardens and that went for $1,475,000.
Co-op prices in Sunnyside have been a little bumpy, although Fitzgerald said that “sellers typically receive up to 96% of their asking price, occasional going over the ask.”
However, she said the co-op market is showing signs of cooling. “For 2024, we expect to see the prices start to stabilize and we may see a slight decrease in prices as some buyers sit on the sidelines waiting for a shift in interest rates.”
The average price of a 1-bedroom co-op in Sunnyside fetched $354,000 between Jan. 1 and Aug. 31, based on 21 transactions, according to the report. The average price paid during the eight-month period was down 8% compared to sales data for the entire 2022 year, when the average 1 bedroom sold for $385,000 based on 57 transactions.
Meanwhile, only three 2-bedroom co-ops sold during the Jan. 1-Aug. 31 period, which sold at an average price of $513,000. The price dipped from 2022, when there were 22 transactions that closed for an average price of $586,000.
A spring day on 39th Avenue in Sunnyside Gardens (Photo: Welcome Home Real Estate)
Woodside
House prices in Woodside have also been mixed, with an increase in prices in 2023 for one-family homes, while a decrease for two-family houses.
The average price paid for a one-family was $890,000 (based on 11 sales) during the Jan. 1 through Aug. 31 period, up nearly 8% from the average price paid in 2022, which was $825,000, according to the report. The average two family sold for the 2023 period for $866,000 (based on 7 sales), down from $1,128,000 (based on 32 sales) for all of 2022.
Co-op prices saw modest price declines in 2023 compared to 2022. A one-bedroom co-op in Woodside sold for $333,000 in 2022, based on 77 sales, compared to $325,000 in 2023, based on 47 sales, for the Jan 1- Aug. 31 period in 2023.
The amount paid for studios and two-bedrooms also experienced slight declines over the past year, with the average price paid for a studio in Woodside in 2023 being $211,000, with the average two bedroom selling for $505,000.
Fitzgerald said that prices in both Sunnyside and Woodside are likely to remain firm in 2024, noting the stabilization of interest rates and moderating inflation.
“A housing market crash in the area is unlikely,” she said. “New York’s economic strength further bolsters its stability as New York currently boasts a thriving job market.”
For the full report, click here
Illustrations provided by Welcome Home
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