You are reading

Report: Median Sales Price in Queens Rises in 2Q 2020, Number of Transactions Plunges

Sunnyside Coop Building (Photo: Queens Post)

Aug, 12 2020 By Michael Dorgan

A new report has revealed that the number of residential real estate sales in Queens plunged during the second quarter although sales prices in the borough increased.

The report, conducted by real-estate data provider PropertyShark, analyzed all residential sales that closed in Manhattan, Brooklyn, Queens, and the Bronx between April 1 and June 30. The three month period marked the height of the city’s coronavirus shutdown.

The study found that residential property sales in the World’s Borough declined by 42 percent compared to the same period last year. There were 1,365 sales in the period this year compared to 2,340 sales during the second quarter in 2019.

However, while the number of transactions fell, the median sales price of a dwelling in the borough increased by 12.3 percent. The median sales price in Queens for the second quarter was $520,000, according to the report.

In fact, there were eight Queens communities in the report’s top 50 most expensive neighborhoods among the four boroughs.

Fresh Meadows came in as the most expensive neighborhood in Queens with a median sales price of $930,000. The price tag was a 9 percent jump from the same period last year and made Fresh Meadows the 27th most expensive neighborhood on the Top 50 list.

Queensboro Hill, an area south of downtown Flushing, ranked as the second most expensive neighborhood in Queens with a median sale price of $893,000. Hunters Point, an area within Long Island City, was just behind in third with a median sale price of $890,000. (to learn more about the Hunters Point market, click here)

On the other end of the scale, Briarwood was found to be the least expensive neighborhood in Queens with a median sales price of $213,000–representing a 34 percent decline from a year ago.

Corona, a neighborhood hit hard by COVID-19, was the second most affordable neighborhood in the borough with a median sales price of $260,000. Lindenwood came in third with a median selling price of $270,000.

Queens condos outperformed every other residential type in terms of pricing. The median sales price for a condo in the second quarter was $644,000 — a 13 percent increase from the same period a year ago.

However, condos only made up a little more than 20 percent of the total sales. Single-family homes in Queens represented the largest share at 41 percent, with co-ops making up about 37 percent of sales.

Manhattan was the worst-performing of the four boroughs for the second quarter. Its sales activity was half that of a year ago and the median sales price dropped 22 percent, from $1.27 million to $990,000.

The report was conducted using only neighborhoods that recorded at least five closed sales in the second quarter, according to PropertyShark.

The report was based on data pertaining to the closed sales of single-family homes, condos, and co-ops. Package deals were excluded.

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

Queens Public Library celebrates Black History Month with nearly 150 programs highlighting Black resistance, culture

Feb. 2, 2023 By Carlotta Mohamed

Throughout February, Queens Public Library will celebrate “Black Resistance” — the theme of its 2023 Black History Month observance — with nearly 150 comprehensive programs and initiatives, including theater performances, author talks and art workshops for all ages, spotlighting various aspects of Black heritage, culture and resilience. 

Popular places where you can watch the big game 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 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. 

‘Limitless possibility’: BP Richards announces community visioning workshops on redevelopment of Creedmoor Psychiatric Center campus in Queens Village

Queens Borough President Donovan Richards Jr. and Empire State Development on Tuesday, Jan. 31, announced the launch of a series of community visioning workshops that will be held to hear input from eastern Queens residents about the redevelopment of the 50-acre Creedmoor Psychiatric Center campus in Queens Village. 

The first community visioning workshop will be held on Thursday, Feb. 2, at 7 p.m. at P.S./I.S. 208 located at 74-30 Commonwealth Blvd. in Glen Oaks.

‘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.