The median sales price for new developments across Queens fell from the second quarter of 2023 to the second quarter of 2024, according to a report by the New York City real estate firm M.N.S. Real Estate.
Year-over-year, the median sales price for these developments in Queens dropped 7%, from $832,524 in 2023 to $773,870 in 2024. Over the same period of time, the median price per square foot followed a similar trend, decreasing 18.9%, from $1,298 last year to $1,053 this year, according to the report.
The number of new developments sold also took a big hit from last year. The amount was almost cut in half, plummeting from 277 units sold in the second quarter last year to 143 this year, according to M.N.S.
One trend that remained similar from last year is which units were the most popular. One-bedroom units accounted for the highest amount of sales in both cases, with 161 in 2023 and 60 in 2024. While there was a more significant drop-off from the number of sales of one-bedroom units to two-bedroom units last year compared to this year, they ranked second in both cases. There were 78 two-bedroom units sold last year and 57 this year. Next up were studios, with 30 sold last year and 17 this year. Lastly, there were units of three bedrooms or more, with eight last year and nine this year.
Out of the seven Queens neighborhoods — Astoria, Flushing, Forest Hills, Jackson Heights, Long Island City, Rego Park and Ridgewood — examined in this report, Flushing was responsible for the most new developments sold this quarter in Queens. Of the 143 new developments sold, 59 of them were in Flushing.
Flushing had the most sales of one-bedroom, two-bedroom and three-or-more-bedroom units in the second quarter of 2024. Out of the 60 new one-bedroom units sold this quarter, 25 were in Flushing. Additionally, 26 out of the 57 two-bedroom units were sold in Flushing, as well as six of the nine units of three or more bedrooms.
Astoria accounted for the most new studio developments sold in the second quarter of 2024. Out of the 17 studios sold this year, eight of them were in the Astoria neighborhood.
The neighborhood with the lowest median sales price this quarter was Jackson Heights, at $517,290. Jackson Heights also had the cheapest median price per square foot, at just $729. Forest Hills, meanwhile, had the highest median sales price, at $1,293,178. However, Long Island City posted the highest price per square foot, at $1,656.
