You are reading

Real estate sales report shows drop in prices in Queens for third quarter of 2023

Oct. 27, 2023 By Ethan Marshall

There was a drop in the median price and sales across Queens during the third quarter of 2023 when compared to the previous quarter, according to a report from the MNS Real Estate firm.

Quarter-over-quarter, the median price per square foot of units in Queens dropped 1.7%, from $1,298 to $1,276. Additionally, the median price paid decreased 7.5%, from $832,524 to $770,000.

Over this same period of time, the total sales volume of units in Queens dipped 13.35%, from $257,170,075 to $222,843,811. To go along with this drop in sales volume, the amount of sales decreased 10.83% compared last quarter, from 277 to 247.

Despite the fact that median prices for units in Queens went down compared to earlier this year, this quarter stacks up differently compared to the third quarter of 2022. There was actually a year-over-year increase of 6.1% for the median price per square foot, from $1,203 to $1,276. However, the median price paid still managed to get lower this year, dropping 12%, from $875,302 to $770,000. M.N.S. Real Estate credits this drop resulting from less sales from higher priced areas in Queens.

The most significant quarterly market upswing was in Rego Park, where the median price per square foot rocketed up 27%, from $692 to $879 and the median sales price increased 11.6%, from $478,000 to $533,264. At the same time, Astoria suffered the most significant downswing in the borough, with the median price per square foot decreasing 14.8%, from $1,128 to $961. The median sales price there decreased 5.8%, from $674,591 to $635,749.

Of the 247 units sold in Queens this quarter, 33 were studios, 125 were one-bedroom, 88 were two-bedroom and 6 were at least three-bedroom. Long Island City had the most sales of units out of all the neighborhoods in Queens, accounting for 119 of them. Flushing finished at a distant second with 84 units sold in that neighborhood. Astoria accounted for 23 units sold. Rego Park had 14 units sold. Just seven units were sold in Forest Hills this quarter. Both Jackson Heights and Ridgewood failed to account for a single sale during the third quarter of 2023.

The data for this report was compiled from the Automated City Register Information System (ACRIS) for sponsor sales (transactions where the seller is considered a “sponsor) that traded during the third quarter of 2023, which ran from July 1 to Sept. 30. All data is summarized on a median basis.

Recent News

Arsenal of ghost guns and thousands of rounds seized during Rockaway Park raid: DA

A Rockaway Park man was criminally charged with a slew of crimes after an arsenal of more than 30 firearms, including ghost guns and assault weapons, was uncovered along with thousands of rounds of ammunition and other weapons-related paraphernalia were seized during a raid at his home on Beach 117th Street on Wednesday.

Ryszard Materna, 51, was arraigned Thursday before Queens Criminal Court Judge Germaine Auguste on a 281-count complaint after a long-term investigation into his purchase of polymer-based firearm components that can easily be assembled into operable weapons, known as ghost guns.

Armed robber hits 7-Eleven stores in three Queens neighborhoods in just over an hour Wednesday morning: NYPD

Police from two Queens NYPD precincts are looking for an armed robber who targeted 7-Eleven stores in three different neighborhoods in just over an hour during the early morning of Wednesday, Apr. 17.

Police from the 106th Precinct in Ozone Park reported that the first heist went down just before 2:25 a.m. at the 7-Eleven located at 112-11 Liberty Ave. in South Richmond Hill. The perpetrator allegedly pulled out a handgun and demanded money from the 23-year-old man behind the counter, who complied, handing over $400 in cash from the register, police said.

Jamaica Estates man beaten, robbed by bat-wielding thugs near Cunningham Park: NYPD

A 22-year-old Jamaica Estates man was beaten and robbed in broad daylight three blocks west of Cunningham Park on Saturday, and police from the 107th Precinct in Fresh Meadows are looking for the suspects who attacked him with a baseball bat.

The incident occurred just after 7 p.m., as the victim was walking home in the vicinity of 189th Street and Aberdeen Avenue when he was set upon by the two assailants who struck him in the face and head with the baseball bat, police said. They forcibly removed his cell phone and fled in a black Pontiac Grand Am, heading northbound on 109th Street toward Union Turnpike.