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]
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

Long Island City teen sentenced in fatal shooting of ‘beloved’ school teacher at Queensbridge Houses in 2020: DA

A Long Island City man on Friday, Jan. 28, was sentenced to 19 years in prison for the 2020 fatal shooting of a public school social studies teacher who was out walking his dog when he was caught in the crossfire during a confrontation between gang rivals in broad daylight, just blocks from his home, according to Queens District Attorney’s office.

Ike Ford, 19, of 12th Street, in Long Island City, pleaded guilty to manslaughter in the first degree before Queens Supreme Court Justice Kenneth Holder. The teacher, George Rosa, 53, was shot in his abdomen by a stray bullet fired by Ford, who was just 17 years old at the time of the shooting but was sentenced as an adult given the severity of the crime, according to Queens District Attorney Melinda Katz.

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

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.

LaGuardia Community College President Kenneth Adams explained that the school lost nearly a quarter of its students at the height of the pandemic due to the economic effects of the lockdown on low-income Queens households.

BP launches new advisory panel for youth to become civically engaged in the future of Queens

In an effort to get more young people involved in civics, Queens Borough President Donovan Richards has created a new advisory panel known as the Youth and Young Adult Council to introduce the “youngest and fiercest” community advocates to both community service and organization.

Members of the advisory body will advocate concerns through means of community engagement by participating in one of two cohorts. The first will be made up of high school representatives between the ages of 13 and 17, while the second cohort will be comprised of young adults between the ages of 18 and 25.

These Queens eateries are participating in the upcoming NYC Restaurant Week

NYC Restaurant Week is underway, so nix that skillet and bring family and friends to your favorite neighborhood spot, or get inspired and break bread somewhere new and different. During this special citywide culinary event, food-lovers will enjoy curated menus and prix-fixe prices that are easy on the wallet.

Bookings began on Jan. 17 and are available until Feb. 12, and you can reserve a table at 30 participating Queens restaurants, along with hundreds more across the five boroughs.