New Luxury Listings In Forest Hills Drive Up Average Sales Price

FOREST HILLS, QUEENS — A new batch of luxury developments in Forest Hills is driving up the neighborhood's average rent and sales price, real estate data shows.

The median sales price for a Forest Hills home skyrocketed from $430,000 in the first quarter of the year to $948,195 in the second quarter, according to a new report from MNS Real Estate.

The nearly 121-percent jump is a side effect of homeowners closing on one-bedroom and two-bedroom apartments in new luxury condo development The Sunrise Forest Hills on 72nd Road, the MNS report says.

The median sales price at the same time last year was just over half a million, data shows.

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Average rents in Forest Hills have also been increasing, prompted by a flood of new listings in luxury rental developments, according to the report.

But Forest Hills also has the cheapest studios in Queens, renting for an average of $1,680 a month as of July, MNS found.