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Little Neck Home Prices

The data below shows median sales prices for Little Neck Queens homes, co-ops and condos as determined from New York City property records in December 2010. For the 3 months ending December 2010, the median sales price for all Little Neck homes and apartments was $305,0001. A history of quarterly median sales prices is below. For a less volatile look at pricing, see the 12 month rolling median price data. Affordability based on income and recorded home sales is also calculated.

Quarterly Rolling Home Price History for Little Neck

Compared to the 3 months ending December 2009, the combined median price for the 3 month period ending December 2010 is 24.46% lower.

The quarterly rolling median price for all homes and apartments in queens reached its most recent peak of $680,000 in November 2005. At $305,000, the current quarterly rolling median price is now 55.15% lower. When the quarterly rolling median price hit its lowest point (to date) of $242,500 in July 2010 it was 64.34% off the most recent peak. It has since climbed 25.77% from that post peak low.

Quarterly Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

quarterly median sales prices in Little Neck for houses, co-ops, condos and combined properties

History of Quarterly Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $737,500 § $185,000 § — § $305,000 §
November 2010 $725,000 § $218,000 — § $275,000
October 2010 $750,000 $225,000 — § $316,000
September 2010 $778,000 $222,500 — § $383,500
August 2010 $728,000 $179,000 — § $260,000
July 2010 $717,000 $192,500 — § $242,500
June 2010 $661,862 $192,500 — § $245,000
May 2010 $600,000 $205,000 — § $479,500
April 2010 $572,812 $205,000 — § $275,000
March 2010 $600,000 $187,000 — § $377,000
February 2010 $600,000 $196,000 — § $269,700
January 2010 $643,000 $202,500 — § $395,000
December 2009 $660,000 $207,500 — § $403,750

12 Month Rolling Home Price History for Little Neck

The 12 month rolling median price for all homes and apartments in queens reached its most recent peak of $610,000 in September 2006. At $277,500, the current 12 month rolling median price is now 54.51% lower. This is the lowest value for the 12 month rolling median price since the September 2006 peak.

12 Month Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

12 month rolling median sales prices in Little Neck for houses, co-ops, condos and combined properties

History of Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $660,931 $196,000 — § $277,500
November 2010 — § — § — § — §
October 2010 $660,000 $206,500 — § $280,000
September 2010 $657,500 $205,000 — § $300,000
August 2010 $660,000 $205,000 — § $300,000
July 2010 $655,000 $205,000 — § $375,000
June 2010 $647,500 $205,000 — § $337,500
May 2010 $647,500 $205,000 — § $439,000
April 2010 $633,000 $205,000 — § $439,000
March 2010 $650,000 $205,000 — § $456,700
February 2010 $652,500 $210,000 — § $400,000
January 2010 $652,500 $210,000 — § $453,400
December 2009 $658,000 $215,000 — § $400,000

Little Neck Home Affordability

In 2007, the median household income in Queens was $52,2992. Home affordability guidelines suggest that no more than 30% of household income be spent servicing a home loan. For the median Queens household, this would have meant that a monthly mortgage payment should not have exceeded $1,307 using the 2007 average mortgage rate of 6.34%3. Combining this with 2007 property sales records, we can calculate that the median income household could have potentially afforded approximately 19.01% of the homes and apartments sold in Little Neck in all of 2007.

1. All sales metrics are calculated from NYC Rolling and NYC Annual property sales. Metrics derived from rolling data are preliminary as some sales take months to report. ↩

2. Affordability data, including median income by borough, are calculated from metrics in the NYC Datamine Economic and Housing Profile datasets. ↩

3. Average mortgage rates are from Freddie Mac Primary Mortgage Market Survey Archives and do not include points. ↩

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