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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.

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