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: news@queenspost.com
No comments yet

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

Burglar sought for stealing property, cash from employee locker room in Glendale: NYPD

Police from the 104th Precinct in Ridgewood are looking for a burglar who stole property and cash from an employee locker room at a warehouse in Glendale that is home to the Finback Brewery factory and other businesses on the night of Thursday, July 18.

The perpetrator entered the building at 76-01 77th Ave., near Edsall Avenue and the Long Island Rail Road tracks, just before 8 p.m. and proceeded to remove more than $1,340 in cash, a watch worth $140 and a wallet containing debit cards that belonged to one of the workers, according to an NYPD spokeswoman. The unidentified man fled the location on foot westbound on Edsall Avenue toward Cooper Avenue.

AG James announces dismantling of Queens-based ghost gun trafficking operation

New York Attorney General Letitia James announced Wednesday the takedown of a prolific Queens-based gun trafficking crew accused of selling firearms and ammo at an East Elmhurst playground, the Queens Center Mall and other locations around the borough.

James secured a 625-count indictment charging five men for participating in the gun smuggling ring, which involved selling dozens of ghost guns, assault weapons, high-capacity magazines and hundreds of rounds of ammunition.