PropertyShark, a site known for covering the real estate market and compiling reports on the state of the market, released its report on the top 50 most expensive NYC neighborhoods, which includes 10 in Queens.
The report, released last week, includes an overview of New York City’s residential market performance in the second quarter of 2022.
The report highlights that NYC’s property market is beginning to show early signs of a decline in price trends after almost two years of surging prices. However, sales activity has continued to rise, with an 11% year-over-year increase.
In order to reach these conclusions, PropertyShark analyzed closed residential property sales in ACRIS (Automated City Register Information System) between April 1 and June 30, 2022. Queens has 10 neighborhoods that rank in the city’s top 50 most expensive. The most expensive neighborhood in Queens is Belle Harbor, ranked 28, with a median price of $1.1 million.
The other nine neighborhoods ranked on the list are Hunters Point (31), Hollis Hills (33), Ditmars-Steinway (34), Fresh Meadows (38), Malba (42), Jamaica Estates (44), Rockwood Park (47), Auburndale (48) and Douglaston (49).
Overall, 38 neighborhoods in NYC have crossed the $1 million median sales price, rising from 31 in Q2 of 2021, an increase of 23% year-over-year, as the citywide median decreased to $755,000. Of these, 19 were located in Manhattan, 16 were located in Brooklyn and three were located in Queens: Belle Harbor, Hunters Point and Hollis Hills.
According to the report, the median sales price in Queens remains stagnant at $550,000 year-over-year, but sales activity has increased 20% in this year’s second quarter.
The neighborhood of Ditmars-Steinway had the fourth highest increase in sales activity among NYC’s top neighborhoods, rising to 138%. In addition, Jamaica Estates recorded price surges of more than 100%.
For more information, view PropertyShark’s report here.