While some real estate prices across Queens dropped in May, when compared to the rest of the city, the borough’s real estate market fared relatively well during the past month of the COVID-19 crisis, according to a new report.
Some neighborhoods in Queens, however, saw a high number of home listings drop in price, according to the report from RealtyHop. The neighborhoods that were home some of the highest home median prices in the borough, were the neighborhoods that experienced the largest declines in price in May 2020.
In Long Island City, 24 listings saw their price drop, with the median drop at nearly $23,000. In Forest Hills, 17 listings saw a drop in price, with an average drop of $19,000, according to RealtyHop.
While neighborhoods like Jamaica and Jamaica Estates saw only a few listings drop in price, the median drops were high, the report says.
In Jamaica, only three listings dropped in price, but for a median drop of $81,000. The same is true in Jamaica Estates, where only four listings saw a price drop, but the median drop was $83,500, according to RealtyHop.
While the numbers may seem dramatic on their own, the drop in prices in Queens were small compared to some neighborhoods in Manhattan and Brooklyn.
Lincoln Square in Manhattan was the neighborhood that experienced the highest number of price drops on current listings, at 47, according to the report. Sunset Park in Brooklyn saw the most significant drop in median dollar price drop, at $805,000, according to RealtyHop.