You are reading

House Prices in Queens Grew at Highest Rate Among Five Boroughs in Third Quarter: Report

A 7 bedroom, 4 bathroom house currently listed in Belle Harbor for $1,500,000 (listing: Rockaway Properties)

Oct. 14, 2021 By Allie Griffin

Residential sales prices across Queens grew at the highest rate among the five boroughs over the past year, according to a new report.

The median sales price in Queens was $580,000 in the third quarter of 2021, a 17 percent increase from the third quarter of 2020 — representing a steeper rise than any other borough, according to a recently published Property Shark report.

The borough’s median sale price is also 15 percent higher than the $504,000 median recorded in the third quarter of 2019, before the pandemic.

The percentage increase in Queens over the past year was highest among the five boroughs, with Brooklyn following behind at 16 percent and the Bronx at 15 percent, the report states.

The number of residential sales across the borough also significantly increased year-over-year. There were 2,928 sales in Queens in the third quarter of 2021 — an increase of 89 percent from the third quarter of 2020, according to the report.

The uptick was not limited to the market bouncing back from the pandemic. The borough closed 14 percent more transactions in the third quarter of 2021 than in the third quarter of 2019 as well.

The most expensive neighborhood in Queens, according to the report, was Belle Harbor on the Rockaway Peninsula with a median sales price of $1.15 million — rising 22 percent year-over-year.

However, the area only ranked number 23 in terms of the most expensive neighborhoods citywide. The number one spot was taken by Hudson Yards, where the median sale price was $4.35 million, followed by Tribeca at $3.35 million and then Soho at $2.85 million, according to the report.

Hunters Point, meanwhile, had the second-highest median sale price in Queens at $1,064,000, with prices rising 19 percent year-over-year. The neighborhood ranked 29th citywide.

Fresh Meadows ranked third in Queens with a median sale price of $978,000, followed by Malba in fourth at $975,000 and Ditmars-Steinway at $960,000. The neighborhoods ranked 34th through 36th citywide, according to the report.

Overall, New York City’s real estate market has bounced back. The number of sales increased 145 percent in the third quarter of 2021 compared to the same quarter in 2020. The sales number is also up 35 percent pre-pandemic, from the third quarter of 2019.

email the author: [email protected]

19 Comments

Click for Comments 
Julie

Cops actually do their jobs in li. Nyc cops are afraid to. Nassau County is one of the best places to raise a family.

1
1
Reply
rikki

This is exactly why you need to have an illegal basement apartment or 2, to pay for the million dollar mortgage. Brick in the garage for another room or a studio apt. if houses were $400K there would be no need for this.

4
7
Reply
Live within your means

When you need to illegally rent your home to make the mortgage, you had absolutely no business applying for that mortgage and the bank had absolutely no business giving you that mortgage. You’re engaging in criminal activity.

Reply
ABoondy

yeah, and? crime is legal now. there’s no bail, and violent criminals are re-released at a record rate the next day. nobody is going to bat an eye at an extra wall in your home.

Reply
Henry

While it seems to me that the LIC home prices ( overall, some of the highest in NYC ) are pushing up the average for Queens…If you need to illegally rent out part of a home to cover it’s mortgage, then you can’t afford the property and need to learn to live within your means. Perhaps, wait until you can afford the market in your area of choice…or go somewhere affordable for you. Renting is also an option while you wait, since a recent report shows rents in Queens are slightly down.

2
1
Reply
ABoondy

hilarious! waiting for prices to go down? that’s never happened nor will it ever happen. the billionaires that control this city will make sure their investments always gain value. nyc real estate is the most sought after investment.

Reply
Henry

I never said wait until prices go down…that rarely happens anywhere in NYC – one of the biggest cities in the world. I said – Perhaps, wait until you can afford the market in your area of choice…or go somewhere affordable for you. in other words – either wait until you make more money or go somewhere else. You are not entitled to an affordable house in NYC just because you’ve always lived here. Perhaps you can work on your reading comprehension while you wait.

Reply
Angela

It was easier to sell my second home in Queens by accepting a lower offer than it was to buy a home in the suburbs of LI. In LI potential buyers are offering above asking and most homes sell within weeks on the market. It was worth it though. People are so friendly and there is a sense of community and safety. Its also so peaceful and quiet. Queens sounds like a war zone.

7
4
Reply
Zoe

@Radgie…Most people that live on long Island come from one of the boroughs especially queens. Ask any realtor. They move to get out of the city life and stress opting for better places to raise children.

Reply
Hashtagger needs to grow up

Angela- War zone….Douglaston, Doug Manor, Little Neck, Fresh Meadows, Malba, Whitestone, Kew Gardens, Forest Hills Gardens, Belle Harbor, Breezy Point..war zones. You don’t know Queens and you had no house.

Reply
Sara

So many homes on my block are for sale because a lot of older homeowners died during the pandemic.

2
2
Reply
Joanna

A lot of people are back to buying and renting in NYC because we have such a high vaccination rate thanks to our mayor, governor and president.

5
9
Reply
Exactly

Yes.. I totally agree…thank god President Trump got us those vaccines in record time with his warp speed program…we all owe 45 a debt of gratitude.

9
9
Reply
Sean

Thank goodness. I am looking to sell my home soon. I do not care if a developer wants to buy it and turn it into luxury apartments or affordable housing for the homeless.

4
4
Reply

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Popular places where you can watch the Super Bowl in Queens

Feb. 2, 2023 By Tammy Scileppi

Hey, football fans! Game time is fast approaching, and across the city and here in Queens, you can feel the excitement brewing as the two teams prepare to take the field on Super Bowl Sunday, Feb. 12. So, kick back and watch the big game, and don’t miss Rihanna’s exciting performance during halftime. 

Borough president hears from community members on budget needs throughout Queens

During a two-day public hearing on the mayor’s 2024 preliminary budget, Queens Borough President Donovan Richards Jr. listened to testimonies from 14 community board representatives, community stakeholders and members of the public on where the money should be spent in Queens. 

The public hearings were held both in-person and via Zoom on Monday, Jan. 30, and Tuesday, Jan. 31, at Queens Borough Hall. The testimonials will be used to develop the Queens Borough Board’s FY24 preliminary budget priorities in the coming weeks. 

‘He didn’t deserve to die’: Borough President Richards leads emotional candlelight vigil for Tyre Nichols

Queens Borough President Donovan Richards held a candlelight vigil for Tyre Nichols outside Queens Borough Hall Monday, Jan. 30 after Nichols’ death at the hands of police officers in Memphis, Tenn., made national headlines for the brutality in which the officers beat him.

Almost immediately after news broke about Nichols’ death, the Memphis police officers who beat him to death were fired and charged with murder. The police department released the body cam footage of the fatal beating on Jan. 27, but many people, including some at the vigil, have refused to watch it due to its extremely graphic nature.

Op-Ed: This Year’s State Budget Must Prioritize Climate, Jobs, and Justice for New York

Op-Ed, Jan. 30, By Assemblymember Jessica González-Rojas

In a time of rampant economic inequality and environmental injustice, it is easy to feel defeated.  Here in Queens and across New York State, however, communities are organizing for a better future. New Yorkers from different backgrounds and with different lived experiences are proving that we can build community, organize, and create a future that reflects our shared values.

LaGuardia Community College receives federal funding to expand vocational training for the unemployed

Jan. 27, 2023 By Bill Parry

LaGuardia Community College recently received more than $400,000 in federal funding to enhance and expand vocational training for underemployed New Yorkers in a city that is still working to recover from COVID-19 pandemic-induced job loss. The support was secured by U.S. Senators Charles Schumer and Kirsten Gillibrand, Congresswoman Nydia Velázquez and former Congresswoman Carolyn B. Maloney.