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Median sales price for new condos increased in Queens during final quarter of 2023: report

Feb. 7, 2024 By Ethan Marshall

The median sales price for a unit in a brand-new Queens condo development increased in the fourth quarter of 2023 compared to the third quarter, according to a report by the real estate firm M.N.S. Real Estate.

Over this span, the median price jumped 15.5% to $889,516 in the fourth quarter, up from $770,000 in the prior quarter. The rise came despite the fact that the median price per square foot decreased 1.3% over the same period, from $1,276 to $1,260.

Long Island City had the most significant upswing in the fourth quarter among the Queens neighborhoods included in the study. The median sales price rose 43.7%, from $857,980 to $1,233,203. This was also the highest median sales price among the Queens neighborhoods.

The total number of sales that closed for brand new units in the fourth quarter of 2023 dropped 12.96%, from 247 in the third quarter to 215 in the fourth quarter, according to the report. At the same time, the total sales volume decreased 6.41%, from $222,843,811 to $208,565,512.

Flushing ended up having the most sales in the fourth quarter, with 108. Long Island City had the second-most, with 66. Rounding out the list were Astoria with 26, Rego Park with eight, Forest Hills with six and Ridgewood with one.

Of the 215 units sold, 27 were studio units, 72 were one-bedroom, 110 were two-bedroom and six were three or more bedroom units. Long Island City had the most sales of studio units with 11. Flushing had the most sales for one-bedroom (38), two-bedroom (58) and three or more bedroom units (six).

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