Oct. 18, 2023 By Ethan Marshall
PropertyShark compiled a report that shows how the prices and sales of homes across New York City are impacted by flood zones. According to the report, flood zones have had a large effect in Queens since Superstorm Sandy hit the borough in 2012.
In 2023, there were a total of 430 sales of Queens homes that were in flood zones. The median sales price was determined to be $543,000 and there was a price increase of 49% since 2012. Conversely, there were 6,388 sales of homes outside flood zones in Queens this year. The median sales price for this was calculated at $550,000. The price increase, however, was much larger, at 72%.
Prior to Superstorm Sandy hitting New York City in 2012, the median sales prices in most flood zones in Queens and across the city were higher than in areas of low risk. Price trends have since reversed, with flood zones now having lower median prices.
Far Rockaway, which was hit heavily by Superstorm Sandy, experienced the largest price increase of all the Queens neighborhoods since 2012, at 113%. This is a significant contrast to the 30% increase seen in areas outside the flood zone in the neighborhood. With a 109% increase, Arverne is the only other Queens neighborhood to experience an increase over 100%. The price increase outside flood zones there was just 14%.
Despite outliers like Far Rockaway and Arverne, New York City as a whole has experienced a slower home price growth in flood zones than outside flood zones. There was a 33% increase within flood zones and a 53% increase outside them. When it came to sales within flood zones, most of those within Queens were slow-paced. This follows a similar trend seen throughout most of the other boroughs.