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Queens Home Sales Prices Hit 8-Year High in 2015

Queens: median sale price is back to levels seen before 2008

Residential Market Highlights

  • The median Queens home sales price hits an 8-year high: $360,000.
  • The total number of transactions was 11,500 (-5% Y-o-Y).
  • The luxury market record for number of sales was broken: 323 sales recorded over $1M.
  • The most expensive neighborhood: Forest Hills Gardens with a median home sale price of $1.25 million.
  • The neighborhood with biggest median home price increase Y-o-Y: Rockaway Park at 64%.
  • Most expensive property sold: $3.7M for a single-family home in Malba.
  • Most expensive condo: $2.2M for a unit in Hunters Point.

Steady growth for the real estate market

The real estate market in Queens has been steadily growing for the past 5 years and is now back to the values recorded before the market fell. The growth is rather slow and the number of Queens sales recorded in 2015 is still considerably lower than the numbers recorded before 2008, but these could still be signs of a healthy recovery.

Here’s the evolution of median sale prices and sales volumes since 2007:

 

Luxury market breaks records

Queens Sales- LuxuryWith all the attention given to Queens in the past years, and growing interest from buyers that have been priced out of Brooklyn, homes for sale in Queens have been in high demand, the luxury market reaching an all-time-high. The number of homes sold for over $1M in Queens was 323 in 2015, which is more than double the number recorded in 2011 when only 135 properties sold in this range.

Queens’s neighborhoods: a mix of luxury and affordability

In 2015, there was a huge variation across individual neighborhoods in Queens with median sale prices covering a wide range.

Forest Hills Gardens was the most expensive neighborhood in Queens, its median sale price reaching $1,250,000. At this value, it ranked as the 15th most expensive neighborhood in NYC; Dumbo in Brooklyn was the only neighborhood outside Manhattan that ranked higher:

At the other end of the spectrum, a good number of Queens neighborhoods were well below the borough’s median. Here are the ones with the lowest median sale prices in 2015: Holliswood ($137,000), Jamaica Hills ($141,065) or Lindenwood ($155,000)

As far as Y-o-Y variations in median sale prices go, Rockaway Park saw the biggest increase in median sale price, 64%, from $252,500 in 2014 to $415,000 in 2015. Whitestone, on the other hand, recorded the biggest Y-o-Y decrease, from $480,825 in 2014 to $328,500 in 2015 (-32%).

Most expensive properties

The title of most expensive home sold in Queens in 2015 goes to the single-family property at 6 Boulevard in Malba which closed for $3,700,000, while the most expensive condo sale was recorded in The View at EastCoast building in Hunters Point. Unit 1001 sold for $2,200,000 in September 2015.

Top 10 most expensive single family home sales in Queens

In terms of single-family homes, 3 properties crossed the $3M mark in 2015 and homes in Malba and Forest Hills Gardens dominate the top 10:

#Address Sale priceSale dateNeighborhood
16 Boulevard$3,700,000
July 15, 2015
Malba
2126 Beach 135 Street$3,075,000
September 21, 2015
Belle Harbor
33110 28 Road$3,000,000
March 20, 2015
South Astoria
4122 Malba Drive$2,900,000
July 24, 2015
Malba
511002 68 Drive$2,860,000
March 6, 2015
Forest Hills
656 Groton Street$2,700,000
July 31, 2015
Forest Hills Gardens
730 Markwood Place$2,600,000
April 10, 2015
Forest Hills Gardens
87166 Parsons Boulevard$2,550,000
October 9, 2015
Kew Gardens Hills
944 Seasongood Road$2,325,000
September 17, 2015
Forest Hills Gardens
105 Point Crescent$2,250,000
August 31, 2015
Malba

Top 10 most expensive apartment sales in Queens

Condos in Hunters Point dominated the top 10 apartment sales together with apartments from Forest Hills:

#AddressSale priceSale dateNeighborhood
14630 Center Boulevard #1001$2,200,000
September 10, 2015
Hunters Point
22728 Thomson Avenue #717$2,150,000
May 28, 2015
Hunters Point
3541 47 Road #1A$2,138,325
July 9, 2015
Hunters Point
4108-20 71St Avenue #PH1C$1,995,770
June 29, 2015
Forest Hills
55009 2 Street #1114$1,988,000
November 17, 2015
Hunters Point
61102 49 Avenue #10A$1,820,000
April 30, 2015
Hunters Point
7541 47 Road #2A$1,802,303
February 15, 2015
Hunters Point
810724 71 Road #18B$1,800,000
August 20, 2015
Forest Hills
9108-20 71 St Avenue #PH2C$1,725,934
July 6, 2015
Forest Hills
10108-20 71St Avenue #PH1B$1,664,839
June 23, 2015
Forest Hills

Check out our report on Brooklyn’ real estate market in 2015 and compare it to Queens!

Methodology:
* 2015 sales data is based only on residential properties sold between January 1, 2005 and December 15, 2015
* The building classes counted are single family homes, condo and coop units
* The final number of properties sold in 2015 was adjusted
*Luxury sales were considered all properties priced over $1 million

 

Andra Rus

Andra Rus

With 10+ years of experience at PropertyShark, Andra covers the latest product updates and market reports for our blog. Her work has been featured in The Real Deal, Curbed, TimeOut, The Daily Mail, Business Insider, Crain’s New York.

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