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.
Wow, when housing prices in Queens NY will go down?
Cops actually do their jobs in li. Nyc cops are afraid to. Nassau County is one of the best places to raise a family.
My comment above was in response to radgie.
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.
Rikki- If you need to do all that than you’re in way over your head.
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.
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.
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.
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.
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.
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.
The problem with Long Island is all of the Long Islanders.
@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.
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.
So many homes on my block are for sale because a lot of older homeowners died during the pandemic.
They were dropping like flies
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.
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.
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.