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.